The completed worksheet for JT's Accounting Services for the month ended December 31, 2013, appears on pages

Question:

The completed worksheet for JT's Accounting Services for the month ended December 31, 2013, appears on pages 150-151.

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 balance sheet.

Analyze:

By what total amount did the value of assets reported on the balance sheet 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...