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To complete this portion of the exam, you will need to produce financial statements for the firm below. When completing the transaction ledger, make
To complete this portion of the exam, you will need to produce financial statements for the firm below. When completing the transaction ledger, make sure to write the name of the account affected, the amount for the transaction, and if it is a positive or negative. Also, make sure to enter your answers into the correct row for that transaction and clearly label the specific account affected. Each transaction is worth 1 point. After recording your transactions, you will need to construct an income statement (6 points) and a balance sheet (6 points) based on the transactions below. This portion of the exam is worth a total of 25 points.
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