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The following general ledger accounts are taken from the books of Collins Corporation at June 30, 2015, the end of the first month of operation.
Required:
- Prepare journal entries to record the June transactions, including likely descriptions of the transactions.
- Total the T-accounts and prepare a trial balance at June 30.
- Prepare an income statement and statement of changes in equity for the month ended June 30, 2015 and a balance sheet at June 30, 2015.
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