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Unformatted text preview: 1. For the company you selected (e.g. Car, Hat or Dog), prepare a journal entry for each transaction in year 1 using the following account names as needed: Cash Rental Revenue Buildings Miscellaneous Revenue Property Rent Expense Mortgage Payable Miscellaneous Expense Capital Dividends Retained Earnings 2. Prepare ledger accounts (i.e. T-accounts) using the names above and post your journal entries to the ledger for year 1. 3. Prepare an income statement, statement of owners’ equity and balance sheet for year 1. 4. Prepare closing entries for year 1 and post those to the appropriate ledger accounts. 5. Prepare journal entries for year 2. 6. Post your year 2 journal entries to the ledger accounts. 7. Prepare an income statement, statement of owners’ equity and balance sheet for year 2. 8. Prepare closing entries for year 2 and post those to the appropriate ledger accounts. 9. Review your company’s financial statements and briefly comment on your results....
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- Fall '07
- Accounting, Generally Accepted Accounting Principles, Prepare closing entries, appropriate ledger accounts, J. Scott Company