A partial adjusted trial balance is shown as follows for Sparks Electricity: Required a. Prepare Sparks' income

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A partial adjusted trial balance is shown as follows for Sparks Electricity:

Required
a. Prepare Sparks' income statement and statement of retained earnings for the month of June.
b. Prepare the appropriate closing entries at June 30.
c. What is the purpose of "closing the books" at the end of an accounting period?

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Financial ACCT2

ISBN: 978-1111530761

2nd edition

Authors: Norman H. Godwin, C. Wayne Alderman

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Question Posted: Jul 16, 2015 02:17 AM

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A partial adjusted trial balance is shown as follows for Sparks Electricity: Required a. Prepare Sparks' income

Question:

Sparks Electricity Partial Adjusted Trial Balance June 30 Debit Credit S17,150 30,500 Retained Earnings Service Revenue Advertising Expense Depreciation Expense Interest Expense Salaries Expense Supplies Expense Utilities Expense Dividends 1,200 10,750 560 5,000 2,500 2,080 1,000

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a SPARKS ELECTRICITY INCOME STATEMENT FOR THE MONTH ENDING JUNE 30 Service revenue 30500 Expenses Ad...View the full answer

Financial ACCT2

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