Giddeon Company's Accounts and Their Balances as of December 31,2016

question 72

Essay

Giddeon Company's accounts and their balances as of December 31,2016 are listed in alphabetical order below,after having posted the year-end adjusting entries.
Required:
a)Prepare the adjusted trial balance for Giddeon Company as of December 31,2016.
b)Prepare Giddeon's 2016 income statement and balance sheet.

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Definitions:

Jewelry Store

A retail business establishment specialized in selling jewelry, including rings, necklaces, earrings, and bracelets.

Insurable Interest

A requirement in insurance policies that the policyholder must stand to suffer a financial loss from the insured event, giving them a legitimate interest in seeking coverage.

Buyers

Individuals or entities that purchase goods or services.

Sellers

Individuals or entities that offer goods or services for sale to buyers.