Johnson Corporation is completing the accounting information processing cycle at the end of the fiscal year,June 30,2019.Johnson has provided the following trial balances as of June 30,2019:
A.Reconstruct the adjusting entries and prepare a brief explanation of each.
B.What is the amount of net income?
C.Calculate earnings per share (EPS)assuming 1,000 shares of common stock are outstanding.

Accounting Information Processing Cycle

The series of steps followed in the accounting process to record, classify, summarize, and report a business's financial transactions.

Adjusting Entries

Journal entries made at the end of an accounting period to allocate income and expenditure to the appropriate period for a more accurate financial statement.

Earnings Per Share

A financial metric that measures the net income earned per share of a company's outstanding stock.