Concept explainers
Concept Introduction:
Requirement -1:
To prepare:
We have to prepare Income statement, Statement of Owner’s equity and Balance sheet for the year 2017 from the adjusted trial balance given in question.
Requirement-2:
To prepare:
We have to prepare the six columns table for adjusted trial balance.
Requirement-3:
To prepare:
We have to prepare closing journal entries and have to post in the six-column table.
Requirement-4:
To determine:
We have to explain the impact of two assumption given in question in financial statements.
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Loose Leaf for Fundamental Accounting Principles
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