Completing a worksheet and preparing closing entries, Accounting Basics

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Completing a worksheet and preparing closing entries

Question: Completing a Worksheet and Preparing Closing Entries (Chapter Supplement) Anderson Plumbing Supply has partially completed the following worksheet for the year ended December 31, 2010:

Required: 1. Use additional columns for Adjusted Trial Balance, Income Statement, Owner's Equity, and Balance Sheet to complete the worksheet.

2. Explain each of the adjustments.

3. Give the closing entries.

4. Why are the adjusting and closing entries journalized and posted?

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Accounting Basics: Completing a worksheet and preparing closing entries

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Accounting Basics: Completing a worksheet and preparing closing entries

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