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Picard and Company: Prepare journal entries and complete the adjusted trial balance

See attached file.

PROBLEM #4

The following trial balance existed at 12/31/2250 for Picard and Company, a consulting company...

Required:

1. Prepare the journal entries for the above adjustments, record them in the appropriate columns and calculate the new balances in the adjusted trial balance.

2. What is the net income for the period?

Please see attachment for full question.

Attachments

Solution Summary

The solution prepares all the necessary journal entries and posts them to the document provided in the attachment. The column are extended and balanced.

$2.19