The following is an alphabetical list of accounts and balances for the J. Nikko proprietorship at November

Question:

The following is an alphabetical list of accounts and balances for the J. Nikko proprietorship at November 30, 2021:

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Instructions

a. Prepare a trial balance at November 30, sorting each account into the debit or the credit column.

b. Prepare an income statement for the year.

c. Prepare a statement of owner?s equity for the year.

d. Prepare a balance sheet.

Taking it further

J. Nikko believes that accounting would be more efficient if transactions were recorded directly in the ledger accounts. Explain to him the advantages of first recording transactions in the journal, and then posting them to the ledger.

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Related Book For  book-img-for-question

Accounting Principles Volume 1

ISBN: 978-1119502425

8th Canadian Edition

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak

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