(Solution Download) The pre closing balances in the T accounts of Hook M Horns

The pre-closing balances in the T-accounts of Hook M Horns Company at the end of the third year of operations, December 31, 2010, follow. The 2010 adjusting entries are identified by letters.

1. Develop three 2010 trial balances for Hook M Horns Company using the following format:

2. Write an explanation for each adjusting entry for 2010.
3. Record the closing journal entry.
4. What was the average income tax rate for 2010?
5. What was the average issue (sale) price per share of the capitalstock?


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