Preparing financial statements from a trial balance Required Using the trial balance provided above, prepare an income

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Preparing financial statements from a trial balance
Preparing financial statements from a trial balanceRequired Using the trial

Required
Using the trial balance provided above, prepare an income statement and statement of changes in equity for the first year ended July 31, 2014, and a balance sheet at July 31, 2014.
Analysis Component: Prepare two different journal entries, including explanations that might have created the July 31, 2014, balance in Fees Earned of $117,000. Use July 31 2014, as the date for your entries.

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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Fundamental Accounting Principles

ISBN: 978-0071051507

Volume I, 14th Canadian Edition

Authors: Larson Kermit, Tilly Jensen

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