Question

Troy Reece established Reece Services, P.C., a professional corporation, in July of the current year. Reece Services offers financial planning advice to its clients. The effect of each transaction on the balance sheet and the balances after each transaction for July are as follows. Each increase or decrease in stockholders’ equity, except transaction (h), affects net income.


a. Describe each transaction.
b. What is the amount of the net income forJuly?


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  • CreatedMarch 11, 2014
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