Question

Fairfield Services Company is a financial planning services firm owned and operated by John Fairfield. As at December 31, 2015, the accountant for Fairfield Services Company prepared the following adjusted trial balance.
Instructions
1. Prepare an income statement, a statement of owner’s equity (no additional investments were made during the year), and a balance sheet.
2. Journalize the entries that were required to close the accounts at December 31.
3. If the balance of John Fairfield, Capital increased $60,000 after the closing entries were posted and the withdrawals remained the same, what was the amount of net income or net loss?


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  • CreatedSeptember 15, 2015
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