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Comprehensive Problem 8 (CP8) Posada Corporation’s balance sheet at December 31, 2009, is presented below

Comprehensive Problem 8 (CP8) Posada Corporation’s balance sheet at December 31, 2009, is presented below
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Solution Guide / Answer Key:

ACCOUNTING

ACCT 100 : Introduction to Financial Accounting
San Francisco State University (SFSU)

Financial Accounting
Jerry J. Weygandt

Decision Making Across The Organization

Comprehensive Problem 8 (CP8) Posada Corporation’s balance sheet at December 31, 2009, is presented below

POSADA CORPORATION
Balance Sheet
December 31, 2009
Cash $13,100 Accounts payable $ 8,750
Accounts receivable 19,780 Common stock 20,000
Allowance for doubtful accounts (1,000) Retained earnings 12,530
Merchandise inventory 9,400
$41,280 $41,280

During January 2010, the following transactions occurred. Posada uses the perpetual inventory method.

AND SO ON

Instructions
(You may want to set up T accounts to determine ending balances.)
(a) Prepare journal entries for the transactions listed above and adjusting entries.
(b) Prepare an adjusted trial balance at January 31, 2010.
(c) Prepare an income statement and a retained earnings statement for the month ending January 31, 2010, and a classified balance sheet as of January 31, 2010.

 

FILE: MS WORD

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