The accounts and their balances in the ledger of Stones Co. on December 31, 2008, are as

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The accounts and their balances in the ledger of Stones Co. on December 31, 2008, are as follows:


The accounts and their balances in the ledger of Stones


The data needed for year-end adjustments on December 31 are as follows:

The accounts and their balances in the ledger of Stones


Instructions
1. Prepare an end-of-period spreadsheet (work sheet) for the fiscal year ended December 31, 2008. List all accounts in the order given.
2. Prepare a multiple-step income statement.
3. Prepare a statement of owner's equity.
4. Prepare a report form of balance sheet, assuming that the current portion of the note payable is $25,000.
5. Journalize the adjusting entries.
6. Journalize the closingentries.

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Accounting

ISBN: 978-0324401844

22nd Edition

Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac

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