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Determining Adjusting Entries and Tracing Their Effects to Financial Statements
Kitz Limo Service, Inc., was organized to provide limousine service between the airport and various suburban locations. It has just completed its second year of business. Its trial balance follows.
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1. Determine adjusting entries and enter them in the general journal (Page 14). Enter the adjusting entries in the order shown above (a through h) in the additional information section. Include the Post. Ref. column and fill in using the account numbers listed in the question.
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