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Tom’s Catering Services prepared the following work sheet for the year ended December 31, 20--. Required 1. Complete the work sheet. (Skip this step if using CLGL.) 2. Prepare an income statement. 3. Prepare a statement of owner’s equity. Assume that there was an additional investment of $2,500 on December 1. 4. Prepare a balance sheet 5. Journalize the closing entries with the four steps in the correct sequence. 6. Prepare a post-closing trial balance. Check Figure Post-closing trial balance total, $31,665

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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 5PB
Textbook Problem

Tom’s Catering Services prepared the following work sheet for the year ended December 31, 20--.

Chapter 5, Problem 5PB, Toms Catering Services prepared the following work sheet for the year ended December 31, 20--.

Required

  1. 1. Complete the work sheet. (Skip this step if using CLGL.)
  2. 2. Prepare an income statement.
  3. 3. Prepare a statement of owner’s equity. Assume that there was an additional investment of $2,500 on December 1.
  4. 4. Prepare a balance sheet
  5. 5. Journalize the closing entries with the four steps in the correct sequence.
  6. 6. Prepare a post-closing trial balance.

Check Figure

Post-closing trial balance total, $31,665

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Chapter 5 Solutions

College Accounting (Book Only): A Career Approach
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