In the partial work sheet for L. Wung Company that follows, the Trial Balance and Income Statement
Question:
In the partial work sheet for L. Wung Company that follows, the Trial Balance and Income Statement columns have been completed. All amounts are in dollars.
1. Show the adjustments that have been made in journal form without giving an explanation.
2. Prepare a balance sheet for December 31,2010.
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...
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Trial Balance Income Statement Debit Credit Debit Credit Accouns Receivable 24 Prepaid Insurance Depreciation-Building Accoines Pavable L Wung, Capital 180 o xpensc Depreciation Expense-
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A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
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