Preparing the financial statementsRefer to the adjusted trial balance in Exercise for the...

Preparing the financial statements

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 owner’s equity.

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3. Prepare the balance sheet.

Exercise

Using the adjusted trial balance to determine the adjusting journal entries

The adjusted trial balance of Jobs–4–U Employment Service 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