Use the information provided in Problem P3-14 about Paul's Dogs to do the following: a. Prepare all

Question:

Use the information provided in Problem P3-14 about Paul's Dogs to do the following:

a. Prepare all necessary journal entries until September 10. Provide an explanation for each journal entry.

b. Prepare T-accounts and post each journal entry to the appropriate T-account.

c. Prepare and post adjusting journal entries to their appropriate T-accounts. Adjusting entries are needed for the cart and the license.

d. Prepare a trial balance as of September 10.

e. Prepare a balance sheet for Paul's Dogs as of September 10 and an income statement covering the period until September 10.

f. Prepare the closing journal entry and post the closing entry to the appropriate T-accounts.

g. Prepare a trial balance as of September 10 after the closing entry has been prepared.

h. Explain why the financial statements you have prepared would be useful to Paul.

i. If Paul asked you for some feedback on his business from examining the financial statements, what would you be able to tell him?

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial... 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...