Question: Prepare an income statement, an owner's equity statement, a balance sheet, prepare closing entries post them to the ledger, and prepare a post-closing trial balance
Prepare an income statement, an owner's equity statement, a balance sheet, prepare closing entries post them to the ledger, and prepare a post-closing trial balance for the year ending December 31, 2021, based on the following information: Opening Owner's equity is $0. Owner's Equity = Contributions Adjusted Trial Balance Polly's Painting Company CR DR 100,000 50,000 300,000 Account Title Cash Accounts Receivable Building Accounts Payable Owner's Equity Revenue Salary Expense Rent Expense 140,000 100,000 300,000 50,000 40,000 Total 540,000 540,000
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