Exercise 05.21 – 3D Family Fireworks

Financial Accounting

Spiceland, Thomas, and Herrman

05th Edition

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Difficulty – Hard

Seven-Part Problem: Given account balances and a list of transactions - record the transactions, record adjusting entries, prepare an adjusted trial balance, prepare an income statement, and prepare a balance sheet. Then, record closing entries while calculating receivables turnover and the ratio of allowance for uncollectible accounts.

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