See attached file.
The following trial balance existed at 12/31/2250 for Picard and Company, a consulting company...
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.
The solution prepares all the necessary journal entries and posts them to the document provided in the attachment. The column are extended and balanced.