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The T balance sheet is given below. Questions: Create the journal entries and adjusting journal entries to reflect the above events. If no entry is
The T balance sheet is given below.
Questions:
- Create the journal entries and adjusting journal entries to reflect the above events. If no entry is required, document this and explain why.
- Create T-accounts, post the opening balances from the July 31 trial balance, post all of the transactions to the appropriate T-account, making new T-accounts if needed. Be sure to calculate the total for each T-account. (You can use the template below.)
- Prepare the adjusted trial balance, showing the opening trial balance, a net adjustment column and the closing balances. (You can use the template below.)
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