1. Set up T-accounts and post your journal entries and adjusting entries to T-accounts. 2. Prepare your companys pre-closing trial balance, as of September 30, 2019. 3. Prepare an income statement, in a good format, for the month of September 2019 for your company. 4. Prepare a statement of retained earnings, in a good format, for the same period. 5. Prepare a balance sheet, in a good format, as of September 30, 2019 for your company. 6. Prepare closing entries and a post-closing trial balance, as of September 30, 2019.

Credit Debit 1000 Account title & explanation 1 Cash Capital (To record amount contributed in business) 1000 21000 2 Cash Notes Payable (To record amount borrowed) 21000 900 3 Prepaid License and Permits Fees Cash (To record fees paid) 900 4200 4 Equipment Cash (To record purchase of Equipment) 4200 1500 5 Prepaid Insurance Cash (To record Insurance paid) 1500 35000 6 Merchandise Inventory Cash Accounts Payable (To record purchase of Inventory) 10500 24500 4900 7 Accounts Payable Cash (To record payment made) 4900 35000 15000 8 Cash Accounts Receivable Sales Revenue (To recod sale of Inventory) 50000 27000 Cost of Goods Sold Merchandise Inventory (To record Cost of Inventory Sold) 27000 9 No Journal entry 2000 9 Cash Unearned Revenue (To record receipt of advance from a customer) 2000 7500 10 Cash Accounts Receivable (To record amount collected) 7500 8000 11 Selling Expenses Cash (To record payment of selling expenses) 8000 175 12 Interest Expense (21000*10%*1/12) Interest Payable (To record accrued interest expense) 175 75 13 License and Permits expense (900 *1/12) Prepaid License and Permits Fees (To record expired license and permits fees) 167 14 Depreciation Expense - Equipment (4200-200)/2*1/12 Accumulated Depreciation -Equipment (To record depreciation expense) 167 125 15 Insurance expense (1500 *1/12) Prepaid insurance (To record expired insurance) 125 750 15000 7500 16 Bad Debts Expense (7500 *10%) Allowance for Bad Debts (To record bad debts expense) 750 7500 2742 17 Income Tax Expense (50000-27000-8000-175-75-167-125-750) *20% Income Tax Payable (To record accrued income taxes) 2742 83