This Tutorial contains an Excel File which can be used for any values
ACC 290 Week 4 Apply Connect Assignment
Note: You have only 1 attempt available to complete assignments
There are 2 Questions in this Tutorial (details given below, our excel sheet can be used for any values)
Question 1
The trial balance of Neal Company as of January 31, 2019, after the company completed the first month of operations, is shown in the partial worksheet below.
2.     Complete the worksheet by making the following adjustments: supplies on hand at the end of the month, $7,000; expired insurance, $6,900; depreciation expense for the period, $3,000.
How does the insurance adjustment affect Prepaid Insurance?
Question 2
The completed worksheet for Cantu Corporation as of December 31, 2019, after the company had completed the first month of operation, appears below.
Prepare an income statement.
Prepare a statement of owner’s equity. The owner made no additional investments during the month.
Prepare a balance sheet.
If the adjustment to Prepaid Advertising had been $6,800 instead of $3,400, what net income would have resulted?


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