1 2 3 Create the general ledger accounts, and enter the initial balances at the start of the month of January. Prepare journal entries for January's transactions. Post January's transactions to the appropriate general ledger accounts. 4 Prepare a unadjusted trial balance as of January 31. 5 5.1 6 7 8 8.1 9 Prepare adjusting journal entries (as needed) for January - in compliance with GAAP. Post adjusting entries to the appropriate general ledger accounts. Prepare the adjusted trial balance for January. Prepare an income statement and statement of retained earnings for January, and a balance sheet as of the end of January. Prepare closing journal entries for January - in compliance with GAAP. Post closing entries to the appropriate general ledger accounts. Prepare the closed trial balance for January. General Ledger Journal General Ledger Unadj. Trial Balance Journal General Ledger Adjusted Trial Balance Fin. Statement Journal General Ledger Closed Trial Balance