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The following adjusted trial balance is for Wayne Company as of December 31, Year 1: Required: Using this information: a) Record the closing entries in
The following adjusted trial balance is for Wayne Company as of December 31, Year 1:
Required:
Using this information:
a) Record the closing entries in journal entry format.
b) Prepare an income statement
c) Prepare a balance sheet
Wayne Company Adjusted Trial Balan ce December 31. Year 1 |Debit Credit Cash Accounts receivable Supplies |Land Accounts payable Common stock Retained earnings Dividends Consulting revenue Salaries expense Supplies expense Insurance expense |Rent expense |Totals 16,350 37,050 1,650 120,000 27,000 60,000 35,400 7,500 292,500 180,000 5,850 10,500 36,000 414,900 414,900Step by Step Solution
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