The adjusted trial balance columns of the worksheet for Rick Pool Company, owned by Rick Pool, are

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The adjusted trial balance columns of the worksheet for Rick Pool Company, owned by Rick Pool, are as follows.image

Instructionsa. Prepare an income statement, owner?s equity statement, and a classified balance sheet (Note: $10,000 of the notes payable become due in 2023.) Rick Pool did not make any additional investments in the business during the year.b.?Prepare the closing entries. Use J14 for the journal page.c.?Post the closing entries. Use the three-column form of account. Income Summary is No. 350.d. Prepare a post-closing trial balance.

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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Accounting Tools For Business Decision Making

ISBN: 9781119571056

7th Edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

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