Question

Kilda Recreational Club’s adjusted trial balance at the end of its fiscal year follows.


Required
1. Prepare T accounts and enter the balances for M. Kilda, Capital; M. Kilda, Withdrawals; Income Summary, and all revenue and expense accounts.
2. Enter the four required closing entries in the T accounts, labeling the components a (credit balances), b (debit balances), c (Income Summary), and d (withdrawals), as appropriate.
3. Prepare an income statement, a statement of owner’s equity, and a balance sheet for Kilda Recreational Club.
4. Explain why it is necessary to make closing entries at the end of an accountingperiod.


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  • CreatedMarch 26, 2014
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