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PART I GIVEN: Picking up from the output of our midterms is the trial balance as of Oct 3 1 . See below. At the
PART I
GIVEN: Picking up from the output of our midterms is the trial balance as of Oct See below.
At the end of the month, the following adjustments were noted by the company's accountant:
a At the end of the month, supplies left is
b Equipment depreciates at a rate of per month.
c Due to an earlier cutoff, accrued salaries amounted to at the end of the month.
INSTRUCTIONS:
Produce an adjusted trial balance and prepare both the Income Statement and Balance Sheet afterwards.
Assuming Oct is the last day of the fiscal year, close the temporary accounts to permanent accounts via a
general journal and ledger and produce a postclose trial balance. NO NEED TO PREPARE THE INCOME
STATEMENT AND BALANCE SHEET AGAIN.
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