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The Adjusted Trial Balance for Molina Company Is Presented Below

Question 220

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The adjusted trial balance for Molina Company is presented below.
The adjusted trial balance for Molina Company is presented below. Molina made an error during year when they debited Utilities Expense for $2,000 instead of Equipment for a cash purchase of equipment. In addition, Molina failed to accrue $4,000 of Service Revenue. Instructions (a) Prepare an income statement and a retained earnings statement for the year. (b) Prepare a classified balance sheet at July 31. Molina made an error during year when they debited Utilities Expense for $2,000 instead of Equipment for a cash purchase of equipment. In addition, Molina failed to accrue $4,000 of Service Revenue.
Instructions
(a) Prepare an income statement and a retained earnings statement for the year.
(b) Prepare a classified balance sheet at July 31.

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