Preparing financial statements and preparing closing entries [35-45 min]Aspen Publishers C...

Preparing financial statements and preparing closing entries [35-45 min]

Aspen Publishers Company’s selected accounts as of November 30, 2012, follow:

Requirements

1. Prepare the multi-step income statement, statement of retained earnings, and balance sheet for its first year of operations.

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2. Prepare closing entries for the first year of operations.