Accounting Cycle and Doing Financial Statements (easy)

Oct 4th, 2015
Business Finance
Price: $20 USD

Question description


1.  Create T accounts (or other form of ledger) for each account in the chart of accounts. Enter the balances of April’s post closing trial balance in the T accounts.

2.  Journalize the May transactions.

3.  Post the transactions to the T accounts.

4.  Prepare an unadjusted trial balance for May.

5.  At the end of May, the following adjustment data were assembled. Analyze and use these data to complete parts 6 and 7.

a.  Insurance expired during May is $300

b.  Supplies on hand on May 31 are $1,050.

c.  Depreciation of office equipment for May is $330.

d.  Accrued receptionist salary on May 31 is $250.

e.  Rent expired during May is $1,600.

f.  Unearned fees on May 31 are $1,600.

6.  Journalize and post the adjusting entries.

7.  Prepare an adjusted trial balance

8.  Prepare an income statement, a statement of shareholders’ equity, and a balance sheet.

9.  Prepare and post the closing entries.

10.  Prepare a post-closing trial balance. 

Tutor Answer

(Top Tutor) Doctor Gabler
School: UT Austin

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