Read the requirements. (Do not round interim calculations, then round to the nearest cent.) Requirement 1. Determine which 12/31/08 account balances (Exhibit TN 1.1) require adjustment and prepare the entries. Referring back to the case narrative as needed, please prepare any 2008 adjusting journal entries as necessary using the order as presented in Exhibit 1.3, with any additional adjusting journal entries to follow. Record debits first, then credits. Exp cell blank.) Journal Entry Date Accounts and Explanations Debit Credit Dec 31 Adj (Jan 11) puting net income. (Exclude any accounts with a zero balance. Use a minus sign or parentheses to identify other expenses or losses.) 0 Requirements Assume the role of accountant Justin Phillips and complete the following: 1. Using good form, prepare the following December 31, 2008 financial statements: a. The Balance Sheet. b. The Income Statement C. The Statement of Shareholder's Equity 2. Prepare all necessary closing entries. 3. Prepare a post-closing trial balance (in good form). 4. Please answer the questions below. a. Why are closing entries necessary? b. Why should the income summary account never appear on a financial statement? Print Done Requirements which con bormor proteek het recetas de toute proper sodbe francis Autoring back to scope 200 metry nation and wederode tres educa O Das Du that et les ante Dom weer te Presente por 1. Poleg test ME wewe het OT Winterbro en compty prin 6 to the 20 propediend to be wa mwanangu 120100 meter per te recorded Eny of 100th of the chart, Assume the role of accountant Justin Phillips and complete the following: 1. Using good form, prepare the following December 31, 2008 financial statements: a. The Balance Sheet b. The Income Statement c. The Statement of Shareholder's Equity 2. Prepare all necessary closing entries. 3. Prepare a post-closing trial balance (in good form). 4. Please answer the questions below. a. Why are closing entries necessary? b. Why should the income summary account never appear on a financial statement? Read the requirements. (Do not round interim calculations, then round to the nearest cent.) Requirement 1. Determine which 12/31/08 account balances (Exhibit TN 1.1) require adjustment and prepare the entries. Referring back to the case narrative as needed, please prepare any 2008 adjusting journal entries as necessary using the order as presented in Exhibit 1.3, with any additional adjusting journal entries to follow. Record debits first, then credits. Exp cell blank.) Journal Entry Date Accounts and Explanations Debit Credit Dec 31 Adj (Jan 11) puting net income. (Exclude any accounts with a zero balance. Use a minus sign or parentheses to identify other expenses or losses.) 0 Requirements Assume the role of accountant Justin Phillips and complete the following: 1. Using good form, prepare the following December 31, 2008 financial statements: a. The Balance Sheet. b. The Income Statement C. The Statement of Shareholder's Equity 2. Prepare all necessary closing entries. 3. Prepare a post-closing trial balance (in good form). 4. Please answer the questions below. a. Why are closing entries necessary? b. Why should the income summary account never appear on a financial statement? Print Done Requirements which con bormor proteek het recetas de toute proper sodbe francis Autoring back to scope 200 metry nation and wederode tres educa O Das Du that et les ante Dom weer te Presente por 1. Poleg test ME wewe het OT Winterbro en compty prin 6 to the 20 propediend to be wa mwanangu 120100 meter per te recorded Eny of 100th of the chart, Assume the role of accountant Justin Phillips and complete the following: 1. Using good form, prepare the following December 31, 2008 financial statements: a. The Balance Sheet b. The Income Statement c. The Statement of Shareholder's Equity 2. Prepare all necessary closing entries. 3. Prepare a post-closing trial balance (in good form). 4. Please answer the questions below. a. Why are closing entries necessary? b. Why should the income summary account never appear on a financial statement
