(L.OBJ. 1, 3, 7) Journalizing, posting, and reporting liabilities [35—45 min]
The general ledger of Seal-N-Ship at June 30, the end of the company’s fiscal year, includes the following account balances before adjusting entries.
Requirements
1. Using four-column format, open the listed accounts, inserting the unadjusted June 30 balances.
2. Journalize and post the June 30 adjusting entries to the accounts that you opened. Key adjusting entries by letter.
3. Prepare the liabilities section of the balance sheet at June 30, 2012. Show total current liabilities and total liabilities.
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