The financial statements of Shoppers Drug Mart are presented in Appendix A at the end of this
Question:
The financial statements of Shoppers Drug Mart are presented in Appendix A at the end of this book.
Instructions
(a) Review Shoppers Drug Mart's balance sheet at December 29, 2012.
1. Identify two accounts presented on this statement that may have been used in an adjusting entry for prepayments. Identify the statement of earnings account most likely involved in each adjusting entry.
2. Identify two accounts presented on this statement that may have been used in an adjusting entry for accruals. Identify the statement of earnings account most likely involved in each adjusting entry.
(b) Using Shoppers Drug Mart's statement of earnings, reconstruct the summary closing journal entries for revenues and expenses for the year ended December 29, 2012.
Financial StatementsFinancial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial... 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...
Step by Step Answer:
a 1 Accounts appearing on Shoppers balance sheet which may have been used in an adjusting entry for ...View the full answer
Financial Accounting Tools for Business Decision Making
ISBN: 978-1118644942
6th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
