Explain why you have to do the income statement first, then the statement of changes in owner’s equity, and then the statement of financial position (balance sheet). 10 Explain why closing journal entries are needed

Explain why you have to do the income statement first, then the statement of changes in owner’s equity, and then the statement of financial position (balance sheet). 10 Explain why closing journal entries are needed. [ad_1]

Financial Accounting 1 Project
Required: 1 Set up T accounts for the chart of accounts. 2 Prepare journal entries in proper format to record the transactions for July and post them to the T accounts. 3 Prepare an unadjusted trial balance.
Additional information: – A count of the office supplies has determined there is 1,000 worth of supplies on hand on July 31. – Depreciation on the building is estimated at 18,000 per year. – The employee has earned 500 of unpaid and unrecorded salary. – The company has earned 2,100 of storage revenue that has not yet been billed.
4 Prepare any adjusting journal entries required for month end in proper format and post them to the T account 5 Prepare an adjusted trial balance. 5 Complete an income statement, a statement of changes in owner’s equity and a classified balance sheet. 7 Prepare closing journal entries in proper format and post them to the T accounts. 8 Prepare a post-closing trial balance. 9 Explain why you have to do the income statement first, then the statement of changes in owner’s equity, and then the statement of financial position (balance sheet). 10 Explain why closing journal entries are needed.
Round all numbers to the nearest dollar!
This project has a total of 85 marks and is worth 20% of your final mark. This is an individual project. No group work allowed. Due at 6:00 pm on Tuesday, November 3rd, 2020 in the dropbox in LEARN If it’s not handed in on Tuesday, November 3, you will be docked 25%. If it’s not handed in on Thursday November 5th, you will receive a 0. They’ll be marked and returned by Tuesday November 10th.

 

“WE’VE HAD A GOOD SUCCESS RATE ON THIS ASSIGNMENT.PLACE THIS ORDER OR A SIMILAR ORDER WITH PRO DESK WRITERS AND GET AN AMAZING DISCOUNT”

Explain why you have to do the income statement first, then the statement of changes in owner’s equity, and then the statement of financial position (balance sheet). 10 Explain why closing journal entries are needed

“WE’VE HAD A GOOD SUCCESS RATE ON THIS ASSIGNMENT. PLACE THIS ORDER OR A SIMILAR ORDER WITH ESSAYS MARKET AND GET AN AMAZING DISCOUNT”

 

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