Problem 3-3B


Ortega Co., Inc. was organized on July 1, 2008. Quarterly financial statements are prepared. The unadjusted and adjusted trial balances as of September 30 are shown below



Instructions 
(a) Journalize the adjusting entries that were made. 
(b) Prepare an income statement and a retained earnings statement for the 3 months ending September 30 and a balance sheet at September 30. 
(c) If the note bears interest at 12%, how many months has it been outstanding?


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