(Solution) - The unadjusted and adjusted trial balances for McWay Services Co -(2025 Original AI-Free Solution)

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Academic Level: Undergrad. (yrs 3-4)

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The unadjusted and adjusted trial balances for McWay Services Co. on December 31, 2015, are shown below.

a. Journalize the five entries that adjusted the accounts at December 31, 2015. None of the accounts was affected by more than one adjusting entry.
b. Prepare the income statement, statement of owner?s equity, and balance sheet, assuming no new investment by Chad.