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Calculate and record the net income or net loss

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Reference no: EM131537164

Question: Completing a work sheet On April 30 of the current year, Bonita Bubbles has the following general ledger accounts and balances. The business uses a monthly fiscal period. A work sheet is given in the Working Papers.

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Instructions: 1. Prepare the heading and trial balance on a work sheet. Total and rule the Trial Balance columns.

2. Analyze the following adjustment information into debit and credit parts. Record the adjustments on the work sheet

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3. Total and rule the Adjustments columns.

4. Extend the up-to-date balances to the Balance Sheet or Income Statement columns.

5. Rule a single line across the Income Statement and Balance Sheet columns. Total each column. Calculate and record the net income or net loss. Label the amount in the Account Title column.

6. Total and rule the Income Statement and Balance Sheet columns.

Reference no: EM131537164

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