Refer to the adjusted trial balance in M4-8. Prepare the

Refer to the adjusted trial balance in M4-8. Prepare the closing entries on December 31, 2018.


M 4-8

Romney's Marketing Company has the following adjusted trial balance at December 31, 2018. No dividends were declared. However, 500 shares ($0.10 par value per share) issued at the end of the year for $3,000 are included below:
Credit Debit Cash 1,500 Accounts receivable 2,200 100 Interest receivable Prepaid insurance Notes receivable (long-term)

Prepare a multi-step statement of earnings in good fonn for 2018. Include earnings per share.

Par Value
Par value is the face value of a bond. Par value is important for a bond or fixed-income instrument because it determines its maturity value as well as the dollar value of coupon payments. The market price of a bond may be above or below par,...

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