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The post-closing trial balance submitted to you by the bookkeeper of Tafoya Consulting Company is shown below. Assume that the debit total ($41,048) is correct. a. Analyze the work and prepare a response to what you have reviewed. b. Journalize the closing entries. c. What is the net income or net loss? d. Is there an increase or a decrease in Capital? e. What would be the ending amount of Capital? f. What is the new balance of the post-closing trial balance?

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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
Publisher: South-Western College Pub
ISBN: 9781337280570
BuyFind

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
Publisher: South-Western College Pub
ISBN: 9781337280570

Solutions

Chapter
Section
Chapter 5, Problem 3A
Textbook Problem

The post-closing trial balance submitted to you by the bookkeeper of Tafoya Consulting Company is shown below. Assume that the debit total ($41,048) is correct.

  1. a. Analyze the work and prepare a response to what you have reviewed.
  2. b. Journalize the closing entries.
  3. c. What is the net income or net loss?
  4. d. Is there an increase or a decrease in Capital?
  5. e. What would be the ending amount of Capital?
  6. f. What is the new balance of the post-closing trial balance?

Chapter 5, Problem 3A, The post-closing trial balance submitted to you by the bookkeeper of Tafoya Consulting Company is

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Chapter 5 Solutions

College Accounting (Book Only): A Career Approach
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