COMPREHENSIVE PROBLEM 2 (CP2): Guitar Universe, Inc
Guitar Universe, Inc., is a popular source of musical instruments for
professional and amateur musicians. The company's accountants make
necessary adjusting entries monthly, and they make all closing entries
annually. Guitar Universe is growing rapidly and prides itself on having
no long-term liabilities.
The company has provided the following trial balance dated December 31, 2009:
AND SO ON
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