You have been given the following information for RPE Consulting for the year ended July 31, 2020.

Question:

You have been given the following information for RPE Consulting for the year ended July 31, 2020.


Required

1. Prepare the company’s income statement, statement of changes in equity, and balance sheet. Assume that  the owner, Ray Edds, invested $20,000 during the year ended July 31, 2020.


Analysis Component:

2. Analyze the unadjusted and adjusted trial balances and identify the adjustments that must have been made by inserting them in the two middle columns. Label each entry with a letter.

3. If the adjustments had not been recorded, identify the net overstatement/understatement of each component  of the accounting equation.

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Related Book For  book-img-for-question

Fundamental Accounting Principles Volume I

ISBN: 978-1260305821

16th Canadian edition

Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann

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