Solution-Prepare a table to summarize the preceding

Prepare a table to summarize the preceding transactions

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Reference no: EM13486837

1. Prepare a table to summarize the preceding transactions as they affect the accounting equation. Use the following format. Identify each transaction with the date.

		Assets =			Liabilities +	Stock. Equity I

Date	Cash	Accts. ¹ Rec.	Equipment	Supplies	Accts. Pay.	Cap. Stock	Ret. Earn.

2. Prepare an income statement for the month ended May 31, 2010.

3. Prepare a classified balance sheet at May 31, 2010.

4. Why do you think the two students decided to incorporate their business rather than operate it as a partnership?

Reference no: EM13486837

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Prepare a table to summarize the preceding transactions

Reference no: EM13486837

Reference no: EM13486837

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