The adjusted trial balance columns of the work sheet for Sherrick Company are as follows. Instructions (a)
Question:
The adjusted trial balance columns of the work sheet for Sherrick Company are as follows.
Instructions
(a) Prepare an income statement, owner’s equity statement, and a classified balance sheet. $10,000 of the notes payable become due in 2013. B. Sherrick did not make any additional investments in the business during 2012.
(b) Prepare the closing entries.
(c) Post the closing entries. Use the three-column form of account. Income summary is No. 350.
(d) Prepare a post-closing trial balance.
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ANSWER a SHERRICK COMPANY Income Statement For the Year Ended December 31 2012 Service Revenue 44000 Less Advertising Expense 6000 Supplies Expense 80...View the full answer
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ISBN: 978-0470095461
4th Edition
Authors: kimmel, weygandt, kieso
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