Preparing the financial statements [20 min]Refer to the adjusted trial balance in Exercise...

Preparing the financial statements [20 min]

Refer to the adjusted trial balance in Exercise for the month ended April 30, 2012.

Requirements

1. Prepare the income statement.

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2. Prepare the statement of retained earnings.

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3. Prepare the balance sheet.

Using the adjusted trial balance to determine the adjusting journal entries [10-15 min]

The adjusted trial balance of Jobs-4-U Employment Service, Inc., follows but is incomplete.

Requirements

1. Calculate and enter the adjustment amounts directly in the missing Adjustments columns.

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2. Prepare each adjusting journal entry calculated in Requirement 1. Date the entries and include explanations.