Velor Ltd. showed the following adjusted information on August 31, 2014, its second year-end: a. Prepare the
Question:
a. Prepare the appropriate closing entries.
b. Prepare a statement of changes in equity for the year ended August 31, 2014. No shares were issued during the secondyear.
Transcribed Image Text:
Assets Liabilities Preferred Shares 75,000 23,000 10,000 Common Shares Retained Earnings Cash Dividends 48,000 12,000 Revenues Expenses 94,000 Income Summary 76,000
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a 2014 Aug 31 Revenues 76000 Income Summary 76000 To close ...View the full answer
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Related Book For
Fundamental Accounting Principles Volume II
ISBN: 978-1259066511
14th Canadian Edition
Authors: Larson Kermit, Jensen Tilly
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