A completed worksheet tor I he Best Group is given below. Required: 1. Record the...
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Accounting
A completed worksheet tor I he Best Group is given below. Required: 1. Record the adjusting entries in the general journal (transactions 1-3). 2. Record the closing entries in the general journal (transactions 4-7). 3. Post the adjusting entries and the closing entries to the general ledger accounts. Hint: Be sure to enter beginning balances. 4. Prepare a postclosing trial balance. Record the adjusting entries and the closing entries in the general journal. 1 Record the adjusting entry for supplies. 2 Record the adjusting entry for advertising. 3 Record the adjusting entry for depreciation. 4 Record the closing entry for revenue. 5 Record the closing entry for expense. 6 Record the closing entry for the balance of income summary. 7 Record the closing entry for the drawing account. Post the adjusting entries and the closing entries to the general ledger accounts. Hint: Be sure to enter beginning balances. Prepare a postclosing trial balance. How many accounts are listed in the adjusted and postclosing trial balance
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