REQUIRED
1. Prepare in good form a classified comparative balance sheet, and a multi-step single year income statement and statement of stockholders' equity for Oxcom Enterprises for the 2013 year.
In order to achieve this you must perform this exercise in an excel spreadsheet formatted and linked as you wish. The following is a
suggestion:
(a)Enter the opening balances for 2013 into a multi-column Excel spread sheet (work sheet) using the following column headings:
1. Account
2. Opening Trial Balance)
3. Adjustments (with columns for Dr and Cr)
4. Corrected Trial Balance
(b) Post the necessary entries to the work sheet to record the cash transactions for the year (adjustments column). Keep a separate record of the journal entries posted with a brief explanation in a general journal.
(c) Post the necessary entries to the work sheet to record the adjustments to the accounts needed to prepare the financial statements (adjustments column). Keep a separate record of the journal entries posted with a brief explanation in general journal.
Prepare the financial statements from the worksheet