Requirement 1. Prepare a worksheet for

FuzzyFuzzy

Investment Advisers at

DecemberDecember

3131,

20182018.

The unadjusted balances have been entered for you in the trial balance columns of the worksheet. Complete the worksheet one section at a time beginning with the Adjustments section. Enter the adjustments along with the adjustment letter

referenceslong dash(a),

(b), (c),

etc.long dashinto

the columns as appropriate. In the following step, complete the Adjusted Trial Balance. Lastly, complete the worksheet by preparing the Income Statement and Balance Sheet columns. Be sure to calculate the total debits and credits in each step.

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(Click the icon to view the abbreviations used.)

Fuzzy Investment Advisers

Worksheet

December 31, 2018

	Unadjusted
	Trial Balance		Adjustments
Acct. Title	Debit	Credit		Debit	Credit
Cash	33,000
A/R	44,000
Office Supp.	5,000
Equipment	25,000
A/D-Equip.		18,000
A/P		17,000
Salaries Pay.
Unearn. Rev.		3,000
N/P (l/t)		18,000
Fuzzy, Cap.		41,000
Fuzzy, W/D	34,000
Service Rev.		96,000
Ins. Exp.	2,000
Salaries Exp.	36,000
Supplies Exp.
Interest Exp.	7,000
Rent Exp.	7,000
Depr. Exp.
Total	193,000	193,000
Net income or loss

Adjusted
Trial Balance
Debit	Credit

Income		Balance
Statement		Sheet
Debit	Credit	Debit	Credit

Requirement 2. Prepare the income statement, the statement of owner's equity, and the classified balance sheet in account format. Assume there were no contributions made by the owner during the year.

Begin by preparing the income statement.

Review the Income Statement columns of the worksheet completed in Requirement 1.

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		Fuzzy Investment Advisers
		Income Statement
		Year Ended December 31, 2018
Net Income (Loss)

Prepare the statement of owner's equity. Assume that there were no contributions made by the owner during the year. Enter any increases in capital prior to the subtotal and any decreases to capital below the subtotal. (Exclude any zero-balance events for the period from the statement of owner's equity.)

Review the Balance Sheet columns of the worksheet completed in Requirement 1.

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	Fuzzy Investment Advisers
	Statement of Owner's Equity
	Year Ended December 31, 2018
Fuzzy, Capital, January 1, 2018
Fuzzy, Capital, December 31, 2018

Prepare the classified balance sheet in account format on

DecemberDecember

3131,

20182018.

(If a box is not used in the balance sheet, leave the box empty; do not select a label or enter a zero. Abbreviations used: Depr.= Depreciation; Equip.=Equipment.)

Review the Balance Sheet columns of the worksheet completed in Requirement 1.

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Review the Statement of Owner's Equity completed above.

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Fuzzy Investment Advisers
Balance Sheet
December 31, 2018
Assets				Liabilities
Less:				Owner's Equity

Requirement 3. Prepare closing entries. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)

Start by closing revenues.

Review the Income Statement columns of the worksheet completed in Requirement 1.

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Date			Accounts and Explanation	Debit	Credit
Dec. 31
Clos. (1)

Close expenses for the period.

Review the Income Statement columns of the worksheet completed in Requirement 1.

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Date			Accounts and Explanation	Debit	Credit
Dec. 31
Clos. (2)

Close Income Summary.

Review the Income Statement columns of the worksheet completed in Requirement 1.

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Date			Accounts and Explanation	Debit	Credit
Dec. 31
Clos. (3)

Close withdrawals.

Review the Balance Sheet columns of the worksheet completed in Requirement 1.

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Date			Accounts and Explanation	Debit	Credit
Dec. 31
Clos. (4)