The completed worksheet for JP's Accounting Services for the month ended December 31, 2019, appears on pages

Question:

The completed worksheet for JP's Accounting Services for the month ended December 31, 2019, appears on pages 156-157.
INSTRUCTIONS
1. Prepare an income statement.
2. Prepare a statement of owner's equity. The owner made no additional investments during the month.
3. Prepare a By what total amount did the value of assets reported on the decrease due to the adjusting entries?
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...