Peyton approved trial balance 2018

Instructions

Chart of Accounts

Asset Accounts Liability Accounts Equity Accounts

Acct # Acct # Acct #

Cash 101 Notes Payable 201 Common Stock 301

Baking Supplies 102 Accounts Payable 202 Dividends 302

Prepaid Rent 103 Wages Payable 203

Prepaid Insurance 104 Interest Payable 204

Baking Equipment 105

Misc. Supplies 106

Accounts Receivable 107

Accumulated Depreciation 108

Merchandise Inventory 109 Revenue Accounts

This chart of accounts should help you identify the appropriate accounts to record to as you are analyzing and journaling transactions for this workbook. There is nothing to complete on this page; this is simply a resource for you. Acct #

Bakery Sales 401

Merchandise Sales 402

Expense Accounts

Acct #

Baking Supplies Expense 501

Rent Expense 502

Insurance Expense 503

Misc. Expense 504

Business License Expense 505

Advertising Expense 506

Wages Expense 507

Telephone Expense 508

Interest Expense 509

Depreciation Expense 510

Misc. Supplies Expense 511

Cost of Goods Sold 512

Step 1 July Journal

Peyton Approved

General Journal Entries

Jul-14

Date Accounts Debit Credit

1-Jul Cash 15,000.00

Common Stock 15,000.00

Contributed cash for common stock

Step 2 August Journal

Peyton Approved

General Journal Entries

Aug-14

Date Accounts Debit Credit

Step 3 September Journal

Peyton Approved

General Journal Entries

Sep-14

Date Accounts Debit Credit

Inventory Valuation

FIFO Purchases

Date Purchases Sales Ending Inventory Dr Cr 9/7: 10 bottles purchased at $6

7-Sep 10 $ 6.00 $ 60.00 10 $ 6.00 $ 60.00 7-Sep Merchandise Inventory (10 x $6) 60.00 9/20: 20 bottles purchased at $6.10

Cash 60.00 9/30: 25 bottles purchased at $6.05

15-Sep 8 $ 6.00 $ 48.00 2 $ 6.00 $ 12.00 Purchased inventory Sales – selling price, $8.50 a bottle

9/15: 8 bottles

20-Sep 20 $ 6.10 $ 122.00 2 $ 6.00 $ 12.00 15-Sep Cash (8 x $8.50) 68.00 9/24: 18 bottles

20 $ 6.10 $ 122.00 Merchandise Sales Revenue 68.00

22 $ 134.00 Record sale of inventory

24-Sep 2 $ 6.00 $ 12.00 15-Sep Cost of Goods Sold (8 X $6) 48.00

16 $ 6.10 $ 97.60 4 $ 6.10 $ 24.40 Merchandise Inventory 48.00

$ 109.60 Recorded the cost of goods sold

30-Sep 25 $ 6.05 $ 151.25 4 $ 6.10 $ 24.40 20-Sep Merchandise Inventory (20 x $6.10 ) 122.00

25 $ 6.05 $ 151.25 Cash 122.00

29 $ 175.65

55 $ 333.25 26 $ 157.60 29 $ 175.65 24-Sep Cash (18 x 8.50) 153.00

Merchandise Sales Revenue 153.00

Record sale of inventory

24-Sep Cost of Goods Sold (2 x $6)+(16 x $6.10) 109.60

Merchandise Inventory 109.60

Recorded the cost of goods sold

30-Sep Merchandise Inventory (25 x $6.05) 151.25

Cash 151.25

LIFO Purchases Sales Ending Inventory 7-Sep Merchandise Inventory (10 x $6) 60.00

7-Sep 10 $ 6.00 $ 60.00 10 $ 6.00 $ 60.00 Cash 60.00

Purchased inventory

15-Sep 8 $ 6.00 $ 48.00 2 $ 6.00 $ 12.00

15-Sep Cash (8 x $8.50) 68.00

20-Sep 20 $ 6.10 $ 122.00 2 $ 6.00 $ 12.00 Merchandise Sales Revenue 68.00

20 $ 6.10 $ 122.00 Record sale of inventory

22 $ 134.00

15-Sep Cost of Goods Sold (8 X $6) 48.00

24-Sep 18 $ 6.10 $ 109.80 2 $ 6.00 $ 12.00 Merchandise Inventory 48.00

2 $ 6.10 $ 12.20 Record inventory reduction due to sale

4 $ 24.20

20-Sep Merchandise Inventory (20 x $6.10) 122.00

30-Sep 25 $ 6.05 $ 151.25 2 $ 6.00 $ 12.00 Cash 122.00

2 $ 6.10 $ 12.20

25 $ 6.05 $ 151.25 24-Sep Cash (18 x 8.50) 153.00

29 $ 175.45 Merchandise Sales Revenue 153.00

55 $ 333.25 26 $ 157.80 29 $ 175.45 Record sale of inventory

24-Sep Cost of Goods Sold (18 x $6.10) 109.80

Merchandise Inventory 109.80

Record inventory reduction due to sale

30-Sep Merchandise Inventory (25 x $6.05) 151.25

Cash 151.25

weighted average Purchases Sales Ending Inventory 7-Sep Merchandise Inventory (10 x $6) 60.00

7-Sep 10 $ 6.00 $ 60.00 10 $ 6.00 $60 Cash 60.00

Purchased inventory

15-Sep 8 $ 6.00 $ 48.00 2 $ 6.00 $ 12.00

15-Sep Cash (8 x $8.50) 68.00

20-Sep 20 $ 6.10 $ 122.00 2 $ 6.00 $ 12.00 Merchandise Sales Revenue 68.00

20 $ 6.10 $ 122.00 per unit Record sale of inventory

22 $ 134.00 $6.09

15-Sep Cost of Goods Sold (8 X $6) 48.00

24-Sep 18 $ 6.09 $ 109.62 4 $ 24.38 Merchandise Inventory 48.00

Record inventory reduction due to sale

30-Sep 25 $ 6.05 $ 151.25 4 $ - 0

25 $ 6.05 $ 151.25 20-Sep Merchandise Inventory (20 x $6.10) 122.00

55 $ 333.25 26 157.62 29 $ 151.25 $5.22 Cash 122.00

24-Sep Cash (18 x 8.50) 153.00

Merchandise Sales Revenue 153.00

Record sale of inventory

24-Sep Cost of Goods Sold (18 x $6.09) 109.62

Merchandise Inventory 109.62

Record inventory reduction due to sale

30-Sep Merchandise Inventory (25 x $6.05) 151.25

Cash 151.25

Step 4 T accounts

date Cash date date Notes Payable date Business License exp Common Stock

1-Jul 15,000.00 15,000 1-Jul

0 0 15,000

Accounts Rec. Insurance expense

COMPLETION OF STEPS 1- 4 DELIVERABLE:

CONGRATULATIONS! YOU ARE NOW READY TO SUBMIT YOUR

WORKBOOK TO COMPLETE THE 3-3 CHECKPOINT REQUIREMENT

0 0

15,000.00 - 0

15,000.00

Misc. expense Baking equipment Advertising expense

0

0

0

Baking supplies Misc. supplies Rent expense

0 0

- 0

Prepaid rent Prepaid insurance Bakery Sales

0

0

- 0

Accounts payable Salary and wages expense Salaries and wages payable

- 0

Telephone expense

- 0

0

Dividends depreciation expense acc dep

- 0

- 0

0 0

baking supplies expense Interest expense Interest payable

adj adj adj

0 0 0

misc supplies expense COGS LIF0 COGS FIFO

adj

0

Merchandise Sales Revenue - 0 - 0

- 0

COGS Weighted Avg. Merch. Inv. FIFO Merch. Inv. LIFO Merch. Inv. Avg.

- 0 - 0 - 0 - 0

Steps 5 and 7 Trial Balance

Peyton Approved

Trial Balance

2014

Unadjusted trial balance Adjusting entries Adjusted trial balance

Account Debit Credit Debit Credit Debit Credit

Cash

Baking Supplies

Merchandise Inventory

Prepaid Rent

Prepaid Insurance

Baking Equipment

Misc. Supplies

Accounts Receivable

Notes Payable

Accounts Payable

Wages Payable

Common Stock

Dividends

Bakery Sales

Merchandise Sales

Baking Supplies Expense

Rent Expense

Insurance Expense COMPLETION OF STEPS 5-7 DELIVERABLE:

Misc. Expense CONGRATULATIONS! YOU ARE NOW READY TO SUBMIT YOUR

Business License Expense WORKBOOK TO COMPLETE THE 4-3 CHECKPOINT REQUIREMENT

Advertising Expense

Wages Expense

Telephone Expense

COGS

Depreciation Expense 208.33 208.33

Accumulated Depreciation 208.33 208.33

Misc Supplies Expense*

Interest Expense*

Interest Payable*

- 0 - 0 208.33 208.33 208.33 208.33

- 0

*These accounts will not be utilized before the adjusting process. They should have zero balance in the unadjusted trial balance.

Step 6 Adjusting Entries

Peyton Approved

Adjusting Journal Entries

2014

Date Accounts Debit Credit

30-Sep Depreciation Expense 208.33

accumulated depreciation 208.33

Step 8 Income Statement

Peyton Approved

Income Statement

For Qtr. Ending 9/30/2014

Step 8 Statement of Retained Ea

Peyton Approved

Statement of Retained Earnings

For Qtr. Ending 9/30/2014

Step 8 Balance Sheet

Peyton Approved

Balance Sheet

As of September 30, 2014

Assets Liabilities and Owners' Equity

Step 9 Closing Entries

Peyton Approved

Closing Entries

9/30/14

Date Accounts Debit Credit

Step 10 Post Closing Trial Bala

Peyton Approved

Post Closing Trial Balance

9/30/14

Unadjusted Trial Balance

Account Debit Credit

Step 11 Reversing Entries

Peyton Approved

Reversing Entries

9/30/14

Date Accounts Debit Credit

COMPLETION OF STEPS 8-11 DELIVERABLE:

CONGRATULATIONS! YOU ARE NOW READY TO SUBMIT YOUR

COMPLETED WORKBOOK (STEPS 1 - 11)TO COMPLETE THE 6-2 CHECKPOINT

REQUIREMENT

Sheet1

ACC 201 Final Project Peyton Approved Instructions

For this deliverable, you will complete the accounting cycle and prepare financial statements that will provide the result you need to assess the success of business operations.

Below you will find the data required to make entries in your accounting workbook. Remember that you are following the business transactions for a three-month period from the initial stage of analysis and recording, through the reporting process. These transactions will include:

· the initial setup of the business

· cash and credit sales

· making payments to vendors

· paying store employees

· managing debt

It will help you to print this document as you are making your entries in your workbook. Your textbook prepares you and can be used as a reference to assist you in completing this assignment. You should begin this project in Module Two.

ACC 201 Final Project Peyton Approved Instructions

For this deliverable, you will complete the accounting cycle and prepare financial statements that will provide the result you need to assess the success of business operations.

Below you will find the data required to make entries in your accounting work book. Remember that you are following the business transactions for a three-month period from the initial stage of analysis and

recording, through the reporting process. These transactions will include:

 the initial setup of the business

 cash and credit sales

 making payments to vendors

 paying store employees

 managing debt

It will help you to print this document as you are making your entries in your workbook. Your textbook prepare s you and can be used as a reference to assist you in completing this assignment. You should begin

this project in Module Two.

Step 1:

Complete the following in the “July Journal Entries” tab in your workbook (be sure to look for the July Journal Entries tab at the bottom of the Peyton Approved Student Workbook).

The following events occur in July 2014:

July 1 – You take $15,000 from your personal savings account and buy common stock in Peyton

Approved.

July 1-Purchase $8500 in baking supplies from vendor, on account

July 3 – Your parents lend the company $10,000 cash, in exchange for a two-year, 6% note payable. Interest and the principal are repayable at maturity.

July 7 – Pay $3000 toward lease agreement for bakery space. The agreement is for 1 year. The rent is $1,500 per month, last month’s rent was required at time of lease agreement. Lease period is effective July 1st 2014 through June 30th, 2015.

July 10 – Pay $375 to the county for a business license.

July 11 – Purchase a cash register for $250 (deemed to be not material enough to qualify as depreciable equipment—use misc. exp.).

July 13 – You have baking equipment, including an oven and mixer, which you have been using for your home-based business and will now start using in the bakery. You estimate that the equipment is currently worth $5,000, and you transfer the equipment into the business in exchange for additional common stock. The equipment has a 5-year useful life.

July 13 – Pay $200 for business cards/flyers/posters/ads to use for advertising.

July 14 – Pay $300 for miscellaneous (use misc. supplies).

July 15 – Hire part-time helper to be paid $12 per hour. Pay periods are the 1st through the 15th and 16th through the end of the month with paydays being the 20th for the first pay period and the 5th of the following month for the second pay period. (No entry required on this date; for informational purposes only)

July 30- Received telephone bill for July in amount of $45. Payment is due on August 10th

July 31 – Pay $1,200 for a 12-month insurance policy. Policy effective dates August 1, 2014 through July 31st, 2015

July 31- Accrue wages earned for employee for period of 16th through 31st of July

(Wage calculations table is provided for you, below)

Total July bakery sales were $15,000. $5000 of these sales on accounts receivable

Step 1:

Complete the following in the “July Journal Entries” tab in your workbook (be sure to look for the July

Journal Entries tab at the bottom of the Peyton Approved Student Workbook).

The following events occur in July 2014:

July 1 – You take $15,000 from your personal savings account and buy common stock in Peyton

Approved.

July 1-Purchase $8500 in baking supplies from vendor, on account

July 3 – Your parents lend the company $10,000 cash, in exchange for a two-year, 6% note

payable. Interest and the principal are repayable at maturity.

July 7 – Pay $3000 toward lease agreement for bakery space. The agreement is for 1 year . The

rent is $1,500 per month, last month’s rent was required at time of lease agreeme nt. Lease

period is effective July 1

st

2014 through June 30

th

, 2015.

July 10 – Pay $375 to the county for a business license.

July 11 – Purchase a cash register for $250 (deemed to be not material enough to qualify as

depreciable equipment—use misc. exp.).

July 13 – You have baking equipment, including an oven and mixer , which you have been using

for your home-based business and will now start using in the bakery. You estimate that the

equipment is currently worth $5,000, and you transfer the equipment into the business in

exchange for additional common stock. The equipment has a 5 -year useful life.

July 13 – Pay $200 for business cards/flyers/posters/ads to use for advertising.

July 14 – Pay $300 for miscellaneous (use misc. supplies).

July 15 – Hire part-time helper to be paid $12 per hour. Pay periods are the 1

st

through the 15

th

and 16

th

through the end of the month with paydays being the 20

th

for the first pay period and

the 5

th

of the following month for the second pay period. (No entry required on this date; for

informational purposes only )

July 30- Received telephone bill for July in amount of $45. Payment is due on August 10

th

July 31 – Pay $1,200 for a 12-month insurance policy. Policy effective dates August 1, 2014

through July 31

st

, 2015

July 31- Accrue wages earned for employee for period of 16

th

through 31st of July

(Wage calculations table is provided for you, below)

Total July bakery sales were $15,000. $5000 of these sales on accounts receivable

Wage calculation data:

Month

Hours

Rate

Pay

31-Jul

10

12

120

15-Aug

40

12

480

31-Aug

35

12

420

15-Sep

38

12

456

30-Sep

40

12

480

Wage calculation data:

Month Hours Rate Pay

31-Jul 10 12 120

15-Aug 40 12 480

31-Aug 35 12 420

15-Sep 38 12 456

30-Sep 40 12 480

Step 2:

Complete the following transactions in the August Journal Entries tab in your workbook

August 5- paid employee for period ending 7/31

August 8-Receive payments from customers towards accounts receivable in amount of $3200.

August 10 – paid July telephone bill

August 15- Purchase additional baking supplies in amount of $5000 from vendor, on account.

August 15 – Accrue wages earned for employee from period of 1st through 15th of August

(Wage calculations table provided below)

August 15-Pay rent on bakery space $1500

August 18-Receive payments from customers towards accounts receivable in amount of $1000

August 20- paid $8500 toward baking supplies vendor payable

August 20- pay employee for period ending 8/15

August 22- $300 in misc. supplies purchased

August 31- received telephone bill for August in amount of $45. Payment is due on September 10th.

August 31- Accrue wages earned for employee for period of August 16th through August 31st

(Wage calculations table provided below)

August bakery sales total $20,000. $7,500 of this total on accounts receivable.

Step 2:

Complete the following transactions in the August Journal Entries tab in your workbook

August 5-

paid employee for period ending 7/31

August 8-Receive payments from customers towards accounts receivable in amount of $3200.

August 10 – paid July telephone bill

August 15- Purchase additional baking supplies in amount of $5000 from vendor, on account.

August 15 – Accrue wages earned for employee from period of 1

st

through 15

th

of August

(Wage calculations table provided below )

August 15-Pay rent on bakery space $1500

August 18-Receive payments from customers towards accounts receivable in amount of $1000

August 20- paid $8500 toward baking supplies vendor payable

August 20- pay employee for period ending 8/15

August 22- $300 in misc. supplies purchased

August 31- received telephone bill for August in amount of $45. Payment is due on September

10

th

.

August 31- Accrue wages earned for employee for period of August 16

th

through August 31

st

(Wage calculations table provided below)

August bakery sales total $20,000. $7,500 of this total on accounts receivable.

Step 3:

Many customers have been asking for more hypo-allergenic products, so in September you start carrying a line of hypo-allergenic shampoos on a trial basis. The following information relates to the purchase and sales of the shampoo:

You use the perpetual inventory method. You are uncertain as to which valuation method to use—FIFO, LIFO, or weighted average, so you calculate inventory using all three and then decide which one you would like to choose.

Please see the Inventory Valuation tab in your workbook, to review application of costs using the FIFO, LIFO, and average methods based on purchase and sales information. You will choose the method you feel most appropriate, and bring the journal entries from the inventory valuation page into your journal for the month of September, to ensure the impact of merchandising is reflected in your reporting.

Step 3:

Many customers have been asking for more hypo -allergenic products, so in September you start

carrying a line of hypo-allergenic shampoos on a trial basis. The following information relates to the

purchase and sales of the shampoo:

You use the perpetual inventory method. You are uncertain as to which valuation method to use —FIFO,

LIFO, or weighted average, so you calculate inventory using all three and then decide which one you

would like to choose.

Please see the Inventory Valuation tab in you r workbook, to review application of costs using

the FIFO, LIFO, and average methods based on purchase and sales information. You will choose

the method you feel most appropriate, and bring the journal entries from the inventory

valuation page into your journal for the month of September, to ensure the impact of

merchandising is reflected in your reporting.

Complete the following transactions in the September Journal Entries tab in your workbook.

September 1- paid dividends to self in amount of $3000

September 5-pay employee for period ending 8/31

September 7-Purchase merchandise for resale. See inventory valuation tab for details.

September 8- Receive payments from customers toward accounts receivable in amount of

$4000

September 10- pay August telephone bill

September 11-purchase baking supplies in amount of $ 7,000 from vendor on account.

September 13- Paid on supplies vendor account in amount of $5000

September 15- Accrue employee wages for period of September 1st through September 15th

September 15- Pay rent on bakery space $1500

September 15-Record merchandise sales transaction. See inventory valuation tab for details.

September 15-Record impact of sales transaction on COGS and the inventory asset.

See inventory valuation tab for details.

September 20- Pay employee for period ending 9/15

September 20-Purchase merchandise inventory for resale to customers.

See inventory valuation tab for details.

September 24- Record sales of merchandise to customers.

See inventory valuation tab for details.

September 24- Record impact of sales transaction on COGS and the inventory asset.

See inventory valuation tab for details.

September 30- Purchase merchandise inventory for resale to customers.

See inventory valuation tab for details.

September 30-Accrue employee wages for period of September 16th through September 30th

Total September bakery sales $25,000. $6,000 of these sales on accounts receivable.

Complete the following transactions in the September Journal Entries tab in your workbook.

September 1- paid dividends to self in amount of $3000

September 5-pay employee for period ending 8/31

September 7-Purchase merchandise for resale. See inventory valuation tab for details.

September 8- Receive payments from customers toward accounts receivable in amount of

$4000

September 10- pay August telephone bill

September 11-purchase baking supplies in amount of $ 7,000 from vendor on account.

September 13- Paid on supplies vendor account in amount of $5000

September 15- Accrue employee wages for period of September 1

st

through September 15

th

September 15- Pay rent on bakery space $1500

September 15-Record merchandise sales transaction. See inventory valuation tab for details.

September 15-Record impact of sales transaction on COGS and the inventory asset.

See inventory valuation tab for details.

September 20- Pay employee for period endin g 9/15

September 20-Purchase merchandise inventory for resale to customers.

See inventory valuation tab for details.

September 24- Record sales of merchandise to customers.

See inventory valuation tab for details.

September 24- Record impact of sales transaction on COGS and the inventory asset.

See inventory valuation tab for details.

September 30- Purchase merchandise inventory for resale to customers.

See inventory valuation tab for details.

September 30-Accrue employee wages for period of September 16

th

through September 30

th

Total September bakery sales $25,000. $6,000 of these sales on a ccounts receivable.

Step 4: Post entries to t accounts.

Use the t accounts page in your workbook to post all journal entries to the appropriate ledger account and calculate account balances as of September 30th.

Step 4: Post entries to t accounts.

Use the t accounts page in your workbook to post all journal entries to the appropriate ledger account

and calculate account balances as of September 30

th

.

Step 5: Prepare the Unadjusted Trial Balance

Use the t account balances completed in the previous step to prepare the unadjusted trial balance portion of the Trial Balance tab in your workbook.

Step 6:

You will use the “Adjusting Entries” tab in your workbook to complete the following entries. See sample for Depreciation of Baking Equipment.

On September 30, the following adjustments must be made:

· Depreciation of baking equipment transferred to company on 7/13. Assume ½ month of depreciation in July using the straight-line method.

· Accrue interest for note payable (Assume a full month of interest for July).

· Record insurance used for the year.

· Actual baking supplies on-hand as of September 30th is $1100.

· Misc. supplies on-hand as of September 30th is $50.

Step 7:

Apply adjusting entries to the trial balance to create the adjusted trial balance.

Adjusting entries from Step 6 will apply to affected accounts in the unadjusted trial balance to arrive at the adjusted trial balance.

Step 5: Prepare the Unadjusted Trial Balance

Use the t account balances completed in the previous step to prepare the unadjusted trial balance

portion of the Trial Balance tab in your workbook.

Step 6:

You will use the “Adjusting Entries” tab in your workbook to complete the following entries. See

sample for Depreciation of Baking Equipment.

On September 30, the following adjustments must be made:

 Depreciation of baking equipment transferred to company on 7/13. Assume ½ month of

depreciation in July using the straight-line method.

 Accrue interest for note payable (Assume a full month of interest for July).

 Record insurance used for the year.

 Actual baking supplies on-hand as of September 30

th

is $1100.

 Misc. supplies on-hand as of September 30th is $50.

Step 7:

Apply adjusting entries to the trial balance to create the adjusted trial balance.

Adjusting entries from Step 6 will apply to affected accounts in the unadjusted trial balance to arrive at

the adjusted trial balance.

Step 6:

You will use the “Adjusting Entries” tab in your workbook to complete the following entries. See sample for Depreciation of Baking Equipment. Take the adjusting entries from this worksheet and enter them into the trial balance on the Steps 5 and 7 Trial Balance tab.

On September 30, the following adjustments must be made:

· Depreciation of baking equipment transferred to company on 7/13. Assume ½ month of depreciation in July using the straight-line method.

· Accrue interest for note payable. Assume a full month of interest for July. (6% annual interest on $10,000 loan from parents.

· Record insurance used for the year.

· Actual baking supplies on-hand as of September 30th is $1100.

· Misc. supplies on-hand as of September 30th is $50.

Step 6:

You will use the “Adjusting Entries” tab in your workbook to complete the following entries. See

sample for Depreciation of Baking Equipment. Take the adjusting entries from this works heet and

enter them into the trial balance on the Steps 5 and 7 Trial Balance tab.

On September 30, the following adjustments must be made:

 Depreciation of baking equipment transferred to company on 7/13. Assume ½ month of

depreciation in July using the straight -line method.

 Accrue interest for note payable. Assume a full month of interest for July . (6% annual interest on

$10,000 loan from parents.

 Record insurance used for the year.

 Actual baking supplies on-hand as of September 30

th

is $1100.

 Misc. supplies on-hand as of September 30th is $50.

Step 8:

Prepare the financial statements

Use your adjusted trial balance to prepare the income statement, statement of owner’s equity, and balance sheet. You must complete these statements in this order, as there are interdependencies among them.

Step 8:

Prepare the financial statements

Use your adjusted trial balance to prepare the income statement, statement of owner’s equity, and

balance sheet. You must complete these statements in this order, as there are interdependencies

among them.

Step 8:

Prepare the financial statements

Use your adjusted trial balance to prepare the income statement, statement of owner’s equity, and balance sheet. You must complete these statements in this order, as there are interdependencies among them.

Step 8:

Prepare the financial statements

Use your adjusted trial balance to prepare the income statement, statement of owner’s equity, and balance sheet. You must complete these statements in this order, as there are interdependencies among them.

Step 9:

You will use the “Closing Entries” tab in your workbook to do the following:

Close all temporary income statement accounts and create closing entries.

Step 9:

You will use the “Closing Entries” tab in your workbook to do the following:

Close all temporary income statement accounts and create closing entries.

Step 10

You will use the Post Closing Trial Balance tab in your workbook to do the following:

Prepare the post-closing trial balance for the next accounting period.

Step 10

You will use the Post Closing Trial Balance tab in your workbook to do the following:

Prepare the post-closing trial balance for the next accounting period.

Step 11”

You will use the “Reversing Entries” tab in your workbook to do the following:

Prepare reversing entries.

Step 11”

You will use the “Reversing Entries” tab in your workbook to do the following:

Prepare reversing entries.

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