P3-3B 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.
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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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