Question
B. Step Six: Complete the Adjusting Entries tab in your workbook using the Step Six data in the appendix. Note that you should take the
B. Step Six: Complete the Adjusting Entries tab in your workbook using the Step Six data in the appendix. Note that you should take the adjusting entries from this worksheet and enter them into the Trial Balance tab in your workbook.
C. Step Seven: Apply adjusting entries to create the adjusted trial balance. Note that the adjusting entries from Step Six will apply to affected accounts in the unadjusted trial balance to arrive at the adjusted trial balance.
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 September 30: Total September bakery sales are $20,000. $6,000 of these sales are on accounts receivable.
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