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AC1220 Accounting I Lab 2.2

A continuation of AC 1220 Accounting I Lab, focusing on advanced accounting practices.

Benjamin Clark
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AC1220 ACCOUNTING ILab2.21AC1220Accounting ILab 2.2Using the information provided for Jake's Computer Repair Service in March 20x1, please complete the following tasks:1.Journalizethe transactions that occurred during March 20x1. Ensure that each transaction is recorded correctly, including references and properdebits and credits. (Word Count: 150-200 words)2.Postthe journal entries made on March 31, 20x1 to the appropriate T-accounts. Use the journal entries from Requirement 2 for March 31. (WordCount: 200-250 words)3.Preparean adjusted trial balance, taking into account the adjusting entries for March 31, 20x1. Provide the final adjusted balancesand ensure theyalign with the income statement and balance sheet. (Word Count: 250-300 words)4.Completethe Income Statement and Statement of Owner's Equity for Jake's Computer Repair Service for the month ended March 31, 20x1. Use theadjusted trial balance from Requirement 3. (Word Count: 150-200 words)5.Preparethe closing entries for the period ending March 31, 20x1. Close all revenue and expense accounts to the Income Summary and transfer thenet income to the capital account. (Word Count: 100-150 words)6.Calculatethe current ratio for Jake’s Computer Repair Service as of March 31, 20x1. Show all your work, including the formula used. Briefly interpretthe result. (Word Count: 150-200 words)Total Word Count Requirement:1,100-1,400 words

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Document Details

University
ITT Technical Institute Chantilly
Course
AC 1220
Subject
Accounting

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