Preparing the work sheet and journalizing closing entries [10-15 min] The trial balance...

Preparing the work sheet and journalizing closing entries [10-15 min]

The trial balance and adjustments columns of the work sheet of Long Pond Business Systems Co. at January 31, 2011, follow:

Requirement

1. Complete the accounting work sheer for Long Pond Business Systems Co. Prepare the multi-step income statement, statement of owner’s equity, and balance sheet for the year.