The accounts and their balances in the ledger of Stones Co. on December 31, 2008, are as
Question:
The accounts and their balances in the ledger of Stones Co. on December 31, 2008, are as follows:
The data needed for year-end adjustments on December 31 are as follows:
Instructions
1. Prepare an end-of-period spreadsheet (work sheet) for the fiscal year ended December 31, 2008. List all accounts in the order given.
2. Prepare a multiple-step income statement.
3. Prepare a statement of owner's equity.
4. Prepare a report form of balance sheet, assuming that the current portion of the note payable is $25,000.
5. Journalize the adjusting entries.
6. Journalize the closingentries.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Accounting
ISBN: 978-0324401844
22nd Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
Question Posted: