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Required: Part A – Prepare journal entries for the December transactions.
Jeremy records adjustments monthly. Adjustment data for the month of December is as follows:
Accrual of interest on bank loan (calculate on 31 days and round to nearest dollar)
Adjustment of prepaid rent
Computer equipment depreciation, using the straight-line method of depreciation
Supplies were counted on December 31and there was $540 of supplies remaining.
Salary for the Admin Assistant to the end of the month (5 days)
Required: Part B – Prepare all adjusting journal entries.
Required: Part C – Post all journal entries to T accounts
Required: Part D – Prepare an adjusted trial balance as at December 31 2017.
Required: Part E – Prepare an Income Statement, Statement of Changes in Equity and classified Statement of Financial Position for the Company’s bank to review.
Required Part F – Prepare the closing journal entries and post to T accounts.
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