Step 1 The Chart of Accounts includes all of the accounts that y...

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Step 1

The Chart of Accounts includes all of the accounts that you can use to solve your case. You may want to print the chart of accounts and use it as an easy reference guide.

Step 2
Journalizing the Transactions. Using your unique transactions record the corresponding general journal entry, rounding to two decimal places, =Round(value,2).

Step 3
Using the Worksheet for the Period Ending December 31st as a reference, prepare the Income Statement, Statement of Changes in retained Earnings and the Balance Sheet.

Step 4
Record the closing entries to Retained Earnings in the general journal.

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