Accounting in Business: Financial Statement Preparation & Analysis
VerifiedAdded on 2023/06/11
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Practical Assignment
AI Summary
This assignment demonstrates the accounting cycle for Paul Services, covering the period ended June 30, 2016. It includes journal entries for adjustments such as accrued interest, supplies used, prepaid insurance amortization, and depreciation expenses for various assets. A worksheet is prepared after these adjustments, followed by the creation of an income statement, which calculates a net profit of $71,062. The assignment also details the journalizing of closing entries and presents a statement of changes in equity, showing a closing balance of $117,302. Finally, a balance sheet is constructed, displaying assets, liabilities, and equity, with total liabilities and equity balancing at $319,102.
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