Avery Morgan, a snowboarding enthusiast, opened Avery's Snowboarding Company in Stowe Vermont on February 1, 2011, by investing $25000 in cash into the business. The business issued $25000 worth of common stock to Avery in retum While Avery is an excellent snowboarder, she did not take accounting in college. You have been Nired by Avery's Snowboarding Company to maintain the company's financial records in order to have enough cash to pay employees and to cover other operating expenses. Avery took out a loan from the Montpellier County bank in the amount of $27200 on February 1. The loans de in 5 years, and has an annual interest rate of 9% Avery took out an insurance policy to cover the business in the amount of $4800. This is a 12 month policy that Avery paid for with cash all at once on the first of the month On February 2. Avery hired two nowboard Instructors. The instructors will be paid on the stand 15th of each month Avery purchased computer equipment costing $16450 on February 4 In order to conserve cash Avery purchased the computer equipment on credit. The bill for the computerepment is due in 90 days Avery expects to use the computer equipment for 5 years Avery plans to use straight line depreciation to allocate the cost of all plant assets in order to let people know about the snowboarding lessons. Avery purchases an advertising slot on Vermont Public Radio on February 5. The advertisement cost $700. Avery paid cash for the advertisement On February 10, Avery's Snowboarding Company provides its first snowboarding lesson. The fee for the lesson is $300. The customer paid in cash On February 14, Avery and her two employees provided snowboarding lessons to a large group of high school students from Massachusetts. The fee for the group lesson is $4500 and the school district paid for the lesson on credit. The school district agreed to pay for the lesson within 90 days. Wages were paid on February 15 in the amount of $2120. On February 20, Avery received $4700 for snowboarding lessons to be given in early April. The lessons will be given to a group of executives as part of a corporate outing On February 21, Avery's Snowboarding provides snowboarding lessons to a large family for a total tee of $1750. The family paid for the lesson with cash. Avery's Snowboarding Company receives cash payment from the school district in Massachusetts in the amount of $3500 on February 23 for the group lesson provided to the high school students on February 14 On February 28, Avery's Snowboarding Company provides snowboarding lessons to a large group of vacationers from Florida. The fee for the lessons is $4000. The group pays in cash at the end of the lesson Wages for the last 2 weeks of February in the amount of $2120 will be paid on March Required For the month of February 1. Prepare a general journal and record transactions in journal entry form Make sure to include the date and explanations 2. Prepare general ledger accounts for accounts and post the mal entries from the generalmal to the general ledger accounts 3. Prepare a worksheet with the following columns Trial Balance Adjustments Adjusted Trial Balance, Income Statement Balance Sheet 4. Update the worksheet to reflect the unadjusted trial balance 5. Prepare all necessary month-end adjusting entries 6. Post the adjusting entries to the general ledger 7. Complete the worksheet 8. Prepare a single-step Income Statement, Statement of Retained Earnings and a Classified Balance Sheet in good form. 9 Record closing entries in general journal 10. Post closing entries to the general ledger 11. Prepare a post closing trial balance Avery Morgan, a snowboarding enthusiast, opened Avery's Snowboarding Company in Stowe Vermont on February 1, 2011, by investing $25000 in cash into the business. The business issued $25000 worth of common stock to Avery in retum While Avery is an excellent snowboarder, she did not take accounting in college. You have been Nired by Avery's Snowboarding Company to maintain the company's financial records in order to have enough cash to pay employees and to cover other operating expenses. Avery took out a loan from the Montpellier County bank in the amount of $27200 on February 1. The loans de in 5 years, and has an annual interest rate of 9% Avery took out an insurance policy to cover the business in the amount of $4800. This is a 12 month policy that Avery paid for with cash all at once on the first of the month On February 2. Avery hired two nowboard Instructors. The instructors will be paid on the stand 15th of each month Avery purchased computer equipment costing $16450 on February 4 In order to conserve cash Avery purchased the computer equipment on credit. The bill for the computerepment is due in 90 days Avery expects to use the computer equipment for 5 years Avery plans to use straight line depreciation to allocate the cost of all plant assets in order to let people know about the snowboarding lessons. Avery purchases an advertising slot on Vermont Public Radio on February 5. The advertisement cost $700. Avery paid cash for the advertisement On February 10, Avery's Snowboarding Company provides its first snowboarding lesson. The fee for the lesson is $300. The customer paid in cash On February 14, Avery and her two employees provided snowboarding lessons to a large group of high school students from Massachusetts. The fee for the group lesson is $4500 and the school district paid for the lesson on credit. The school district agreed to pay for the lesson within 90 days. Wages were paid on February 15 in the amount of $2120. On February 20, Avery received $4700 for snowboarding lessons to be given in early April. The lessons will be given to a group of executives as part of a corporate outing On February 21, Avery's Snowboarding provides snowboarding lessons to a large family for a total tee of $1750. The family paid for the lesson with cash. Avery's Snowboarding Company receives cash payment from the school district in Massachusetts in the amount of $3500 on February 23 for the group lesson provided to the high school students on February 14 On February 28, Avery's Snowboarding Company provides snowboarding lessons to a large group of vacationers from Florida. The fee for the lessons is $4000. The group pays in cash at the end of the lesson Wages for the last 2 weeks of February in the amount of $2120 will be paid on March Required For the month of February 1. Prepare a general journal and record transactions in journal entry form Make sure to include the date and explanations 2. Prepare general ledger accounts for accounts and post the mal entries from the generalmal to the general ledger accounts 3. Prepare a worksheet with the following columns Trial Balance Adjustments Adjusted Trial Balance, Income Statement Balance Sheet 4. Update the worksheet to reflect the unadjusted trial balance 5. Prepare all necessary month-end adjusting entries 6. Post the adjusting entries to the general ledger 7. Complete the worksheet 8. Prepare a single-step Income Statement, Statement of Retained Earnings and a Classified Balance Sheet in good form. 9 Record closing entries in general journal 10. Post closing entries to the general ledger 11. Prepare a post closing trial balance