Chapter 3, Problem 3SP

To determine

Prepare journal entries to record each of the given December transaction:

Introduction:

A journal entry is the recording of a transaction in journal items. The journal entry comprise of several recordings, each of which is either a debit or a credit. The total of the debits must equal the total of the credits.
To calculate:

Journal Entries:

To determine

Prepare adjusting entries to reflect a to f. And post those entries in ledger.

Introduction:

Adjusting entries are journal entries made at the end of an accounting period to allocate income or expenditure to the period in which they actually occurred.

To calculate:

Adjusting Entries for month end December.

To determine

Prepare Adjusted Trial Balance as of December 31, 2019

Introduction:

An adjusted trial balance is a list of all the account balances contained in the general ledger after the adjusting entries for a period have been posted in the accounts

To calculate:

Adjust Trial Balance as on December 31, 2019

To determine

Prepare Income Statement for three months ended as of December 31, 2019

Introduction:

An Income statement is the summary of all the income and expenses of a company over a period

To calculate:

Income Statement as on December 31, 2019

To determine

Prepare statement of owners equity for three months ended as of December 31, 2019

Introduction:

A statement of owners equity summarizes changes in the capital balance of a business over a defined period

To calculate:

Owners Equity as on December 31, 2019

To determine

Prepare balance sheet ended as of December 31, 2019

Introduction:

Balance sheet is a statement of assets and liabilities and capital of a business at a particular point of time

To calculate:

Balance Sheet as on December 31, 2019