The Accounting Equation and Business

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Bill Smith opened Smith Construction on April 1, 2010. Review the transactions and financial position of Smith Construction for April in the Excel Template.

Requirements:

  1. Enter the transactions for May into the accounting equation, calculating new balances after each entry.
  2. Prepare the Income Statement for the month of May.
  3. Prepare the Statement of Retained Earnings for the Month of May.
  4. Prepare the Balance Sheet as of May 31, 2010.