Accounting $2301$

Instructions and Information for the Case

Requirements:

Using the information given below $($Trial Balance as of Feb. $28),$ enter the beginning balances in the $T$ Accounts in the Accounting Records Package. On page $2$ note the format of the Financial Statements that were produced based on the Trial Balance as of Feb. $2$ K $($single step income statement and classified balance sheet$).$

Use the descriptions of the March transactions which are on page $3$ to journalize all of the entries for March in the joumal provided in the Accounting Records Package.

Post each entry into the T$-$Accounts provided in the Accounting Records Package. When finished posting, calculate the account balance for each T$-$Account and enter the balance on the Unadjusted Trial Balance on the form provided. Then, use the information found on the bottom of page $3$ and any account balance information that is needed to joumalize and post the adjusting entries. Calculate each account balance.

Using the T$-$Account balances, create an Adjusted Trial Balance on the form provided in the Accounting Records Package.

Using the provided templates in the Accounting Records Package, prepare the:

a$.$ Income Statement

b$.$ Statement of Retained Earnings

c$.$ Balance Sheet $,$

Write the four closing entries in the journal and post them to the $T-$Accounts and calculate the ending balance for each account.

Create the Post Closing Trial Balance on the form provided in the Accounting Records Package. a$,$

Trial Balance as of February $28,2021$

$\backslash$table$[[,$Debit,Credit$],[$Cash$,5,300,],[$Accounts Receivable,$3,500,],[$Merchandise inventory,$8,000,],[$Supplies$,800,],[$Prepaid Insurance,$0,],[$Equipment$,9,500,],[$Accumulated Depreciation,,$3,800],[$Accounts Payable,,$490],[$Salary Payable,,$50],[$Uneamed Revenue,,$0],[$Common Stock,,$10,000],[$Retained Earnings,,$7,760],[$Dividends$,11,500,],[$Sales Revenue,,$65,000],[$Sales Discounts,$1,500,],[$Cost of Goods Sold,$31,000,],[$Rent Expense,$5,100,],[$Salary Expense,$6,000,],[$Supplies Expense,$3,400,],[$Depreciation Expense,$0,],[$Insurance Expense,$1,500,],[,87,100,87,100]]$

Accounting $2301$

Instructions and Information for the Case

Requirements:

Using the information given below $($Trial Balance as of Feb. $28),$ enter the beginning balances in the TAccounts in the Accounting Records Package. On page $2$ note the format of the Financial Statements that were produced based on the Trial Balance as of Feb. $28($single step income statement and classified balance sheet$).$

Use the descriptions of the March transactions which are on page $3$ to journalize all of the entries for March in the joumal provided in the Accounting Records Package.

Post each entry into the T$-$Accounts provided in the Accounting Records Package. When finished posting, calculate the account balance for each T$-$Account and enter the balance on the Unadjusted Trial Balance on the form provided. Then, use the information found on the bottom of page $3$ and any account balance information that is needed to journalize and post the adjusting entries. Calculate each account balance.

Using the T$-$Account balances, create an Adjusted Trial Balance on the form provided in the Accounting Records Package.

Using the provided templates in the Accounting Records Package, prepare the:

a$.$ Income Statement

b$.$ Statement of Retained Earnings

c$.$ Balance Sheet

Write the four closing entries in the journal and post them to the T$-$Accounts and calculate the ending balance for each account.

Create the Post Closing Trial Balance on the form provided in the Accounting Records Package. a$.$

Trial Balance as of February $28,2021$

$\backslash$table$[[,$Debit,Credit$],[$Cash$,5,300,],[$Accounts Receivable,$3,500,],[$Merchandise Inventory,$8,000,],[$Supplies$,800,],[$Prepaid Insurance,$0,],[$Equipment$,9,500,],[$Accumulated Depreciation,,$3,800],[$Accounts Payable,,$490],[$Salary Payable,,$50],[$Unearned Revenue,,$0],[$Common Stock,,$10,000],[$Retained Earnings,,$7,760],[$Dividends$,11,500,],[$Sales Revenue,,$65,000],[$Sales Discounts,$1,500,],[$Cost of Goods Sold,$31,000,],[$Rent Expense,$5,100,],[$Salary Expense,$6,000,],[$Supplies Expense,$3,400,],[$Depreciation Expense,$0,],[$Insurance Expense,$1,500,],[,87,100,87,100]]$