Preparing financial statements from the worksheet.
The completed worksheet for CJ’s Accounting Services for the month ended December 31, 2016, appears on pages 150–151.
INSTRUCTIONS
1. Prepare an income statement.
2. Prepare a statement of owner’s equity. The owner made no additional investments during the month.
3. Prepare a balance sheet.
Analyze: By what total amount did the value of assets reported on the balance sheet decrease due to the adjusting entries?
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