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DeeDee Double Entry, Incorporated creates accounting games and literature to enhance accounting education and financial literacy. Their business has been quite successful since their incorporation in January 1, 2020. DeeDee recently lost their accountant but luckily, they have arranged for a fine accounting student from Oakland University to assist in the closing process. They have provided you with the unadjusted trial balance for DeeDee Double Entry Incorporated as of 12/31/23. The previous accountant recorded all original entries involving cash, etc. during the year. However, at year-end the previous accountant would make all necessary adjusting/reclassification journal entries so that the principles of US GAAP were followed. Your task will be to create and record all necessary adjusting, correcting, and reclassification entries so that 2023 financial statements in accordance with US GAAP can be issued. The below information was discovered by reviewing contracts, agreements, correspondence and discussions with management. Your required tasks are as follows: 1. Read the below information and follow steps \#2 through \#9 2. On the "Adjusting Journal Entries" worksheet, prepare in journal entry form all adjusting and correcting journal entries based on the following information. All information was provided to you as of 12/31/2023. (Round all numbers to the nearest dollar). Label journal entries a through q. w. Prepare a Statement of Changes in Stockholder's Equity. You should use formulas in all cells, not constant numbers. (See class notes for an example.) x. Prepare a Classified Balance Sheet on the proper worksheet as of 12/31/23. Your Statement should be formatted. You should use formulas in all cells, not constant numbers. y. Prepare closing entries on the proper tab. You may close directly to Retained Earnings (if you wish). (Please remember, Retained Earnings is impacted by net income and dividends). DeeDee Double Entry, Incorporated creates accounting games and literature to enhance accounting education and financial literacy. Their business has been quite successful since their incorporation in January 1, 2020. DeeDee recently lost their accountant but luckily, they have arranged for a fine accounting student from Oakland University to assist in the closing process. They have provided you with the unadjusted trial balance for DeeDee Double Entry Incorporated as of 12/31/23. The previous accountant recorded all original entries involving cash, etc. during the year. However, at year-end the previous accountant would make all necessary adjusting/reclassification journal entries so that the principles of US GAAP were followed. Your task will be to create and record all necessary adjusting, correcting, and reclassification entries so that 2023 financial statements in accordance with US GAAP can be issued. The below information was discovered by reviewing contracts, agreements, correspondence and discussions with management. Your required tasks are as follows: 1. Read the below information and follow steps \#2 through \#9 2. On the "Adjusting Journal Entries" worksheet, prepare in journal entry form all adjusting and correcting journal entries based on the following information. All information was provided to you as of 12/31/2023. (Round all numbers to the nearest dollar). Label journal entries a through q. w. Prepare a Statement of Changes in Stockholder's Equity. You should use formulas in all cells, not constant numbers. (See class notes for an example.) x. Prepare a Classified Balance Sheet on the proper worksheet as of 12/31/23. Your Statement should be formatted. You should use formulas in all cells, not constant numbers. y. Prepare closing entries on the proper tab. You may close directly to Retained Earnings (if you wish). (Please remember, Retained Earnings is impacted by net income and dividends)Step by Step Solution
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