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On August 1 2018 The Beginning of Its Current Fiscal
On August 1 2018 The Beginning of Its Current Fiscal
On August 1 2018 The Beginning of Its Current Fiscal
fiscal
On August 1 2018 the beginning of its current fiscal
On August 1, 2018, the beginning of its current fiscal year, the following opening account
balances, listed in alp
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current-fiscal
On August 1 2018 the beginning of its current fiscal
On August 1, 2018, the beginning of its current fiscal year, the following opening account
balances, listed in alphabetical order, were reported by Tobique Ltd.
Aug. 1 Paid $400 cash for advertising in local newspapers. Advertising flyers will be included
with newspapers delivered during August and September. (Hint: Use the Prepaid Advertising
account.)
3 Paid August rent $380. (Hint: Use the Prepaid Rent account.)
10 Paid $3,120 for salaries due employees, of which $1,700 is for August and $1,420 is for July
salaries payable.
Tobique records adjustments monthly. Adjustment data for the month of August are as follows:
7. One month of interest revenue related to the $4,000 note receivable has accrued. The note
was issued on June 30 and is due October 31 and has a 6% annual interest rate. Interest is due
at maturity.
Instructions
(b) Set up T accounts, enter any opening balances, and post the general journal entries
prepared in part (a).
(f) Prepare (1) an income statement, (2) a statement of changes in equity, and (3) a statement
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of financial position.
(g) Prepare and post the closing journal entries, assuming Tobique closes its books monthly.
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