Question: Refer to the transactions for Never an error Inc. in Problem 3-7. Required 1. Prepare journal entries on the books of Never an error Inc.

Refer to the transactions for Never an error Inc. in Problem 3-7.

Required

1. Prepare journal entries on the books of Never an error Inc. to record the transactions entered into during the month. Ignore depreciation expense and interest expense.

2. Prepare a trial balance at June 30, 2012.

3. Prepare the following financial statements:

a. Income statement for the month ended June 30, 2012

b. Statement of retained earnings for the month ended June 30, 2012

c. Classified balance sheet at June 30, 2012

4. Assume that you have just graduated from college and have been approached to join this company as an accountant. From your reading of the financial statements for the first month, would you consider joining the company? Explain your answer. Limit your answer to financial considerations only.

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1 Journal entries 2 NEVERANERROR INC TRIAL BALANCE JUNE 30 2012 Debits Credits Cash 44580 Accounts Receivable 18400 Computer 12000 Accounts Payable 9500 Notes Payable 20000 Rent Payable 2200 Capital S... View full answer

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