Chapter 4 HW: 5

For the past several years, Jolene Upton has operated a part-time consulting business from her home. As of July 1, 2019, Jolene decided to move to rented quarters and to operate the business, which was to be known as Gourmet Consulting, on a full-time basis. Gourmet Consulting entered into the following transactions during July. In Part 1 of this problem, the accounting cycle was completed up through the preparation of the adjusted trial balance.

Required:

8. If you completed the end-of-period work sheet in Part 1, use the adjusted trial balance figures to prepare an income statement, a statement of owners equity, and a balance sheet for the month ended July 31, 2019. If you didnt complete the end-of-period work sheet in Part 1, use the ledger (the Excel spreadsheet) to prepare an income statement, a statement of owners equity, and a balance sheet for the month ended July 31, 2019. *If the account balance is zero (0), enter a zero (0).

*Be sure to read the instructions for each financial statement carefully.

9.

A.	Journalize the closing entries on page 4 of the journal. Closing entries are recorded on July 31.
B.	Use the spreadsheet to post the closing entries to the ledger of four-column accounts, inserting balances in the accounts affected. Add the appropriate posting reference to the closing entries in the journal in CengageNOW.

10. Prepare a post-closing trial balance.