Assignment 3 - using the following account names as needed:...

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The University of Texas at Austin McCombs School of Business ACC 310F: Foundations of Accounting Assignment 3 Once you have completed the assignment below, you must enter your answers on the answer sheet provided in Blackboard; not all answers will be turned in. Although you can “Save” your answers while working, you must “Submit” them to get credit for the assignment. Once submitted, your answers cannot be changed. Where appropriate, partial credit will be given. Your answer sheet is due by 8am on October 31; print or save your confirmation page to verify that your assignment was successfully submitted. Part A Use the information related to the J. Scott Company included in the class notes for chapter 3 and 4 to prepare journal entries for the company, post those to the appropriate ledger accounts then prepare an income statement, statement of owner’s equity and balance sheet for the company. Part B 1. For the company you selected (e.g. Car, Hat or Dog), prepare a journal entry for each transaction in year 1
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Unformatted text preview: 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 companys financial statements and briefly comment on your results....
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