Using the trial balance provided above, prepare an income statement and statement of changes in equity for

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Using the trial balance provided above, prepare an income statement and statement of changes in equity for the first month ended May 31, 2020, and a balance sheet at May 31, 2020.

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Analysis Component: Prepare two different journal entries, including explanations, that might have created the May 31, 2020, balance in Utilities Expense of $1,500. Use May 31, 2020, as the date for your 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...
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Fundamental Accounting Principles Volume I

ISBN: 978-1260305821

16th Canadian edition

Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann

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