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Accounting
Required: 1.  Prepare an income statement. 2. Prepare a statement of owner's equity (no additional investments were made during the year.) 3. Prepare a balance sheet.

Required: 1.  Prepare an income statement. 2. Prepare a statement of owner's equity (no additional investments were made during the year.) 3. Prepare a balance sheet.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Required:

1.  Prepare an income statement.

2. Prepare a statement of owner's equity (no additional investments were made during the year.)

3. Prepare a balance sheet.

4. Journalize the entries that were required to close the accounts at October 31. For a compound transaction, if an amount box does not require an entry, leave it blank.

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