Question
1. Why is it necessary to prepare formal financial statements if all of the data are in the statement columns of the worksheet? 2. What
1. Why is it necessary to prepare formal financial statements if all of the data are in the statement columns of the worksheet?
2. What are the content and purpose of a post-closing trial balance?
3. Describe the nature of the Income Summary account and identify the types of summary data that may be posted to this account.
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Accounting, Chapters 1-13
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
25th Edition
1285069625, 9781285069623
