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Prepare journal entries for each transaction. Enter the ending balances from December 31 as the respective beginning balances for January 1 of the current year.
- Prepare journal entries for each transaction.
- Enter the ending balances from December 31 as the respective beginning balances for January 1 of the current year. Record in the T-accounts the effects of each transaction. Label each using the letter of the transaction.
- Prepare an unadjusted income statement for the current year ended December 31.
- Compute the company's net profit margin ratio for the current year ended December 31.
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