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Prepare adjusting entries and financial statements for August 2007

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With the two trial balances presented in the Excel spreadsheet attached, make the required adjusting entries to reflect the changes from the first trial balance to the second trial balance (see attachment).

Using the adjusted trial balance, prepare a worksheet, income statement, balance sheet and statement of retained earnings.

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Solution Summary

The solution presents a 10 column worksheet to analyze the changes and to prepare the financial statements. There are also T-accounts to assist the student in understanding the accounting methods and entries (see attachment).