Its a question for one of my accounting assignments and it would really help me out if you guys could provide a good explanation for the question posted. Thank YouThe account balances in the ledger of the Jackson Company on January 31 (the end of its fiscal year) before adjustments were as follows:. The data for the adjustments are: 1. Cost of merchandise sold $315990. 2. Depreciation on store equipment $10750. 3. Supplies inventory January 31 $5250. (Purchases of supplies during the year were debited to the Supplies Inventory account.) 4. Interest accrued on notes payable $3730. 5. Sales salaries earned but not paid to employees $3575. 6. Interest earned on savings accounts but not recorded $410. Required: a. Set up T accounts with the balances given above. b. Post adjusting entries into T accounts as necessary. c. Journalize and post closing entries. d. Prepare an income statement for the fiscal year and a fiscal year-end balance sheet

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