Assignment

Use your trial balance from the completed problem in Chapter 3 and the above adjusting information to complete the worksheet for the three months ended July 31, 2022. From the worksheets, prepare the financial statements. Then journalize and post the adjusting entries. (Use the Excel templates on MyLab Accounting to complete this question.)

After speaking to his accountant, he found that a reasonable depreciation amount for each of his longterm-assetsis-asfollows: Tony uses the straight-ine method of depreciation ond declares no salvage value for any of the: ossets If any tong-term esset is purchased in the first 15 days of the month, he will chorge depreciation for the full month. If an asset is purchased on the 16 th of the month or tater he will not charge depreciation in the monthit was purchaseo Duly's renthas now explired