Directions

Non$-$closing Journal entries

FAccounts

AdJusted Irral Balar

Critical Thinking Assignment #$2$

This assignment continues Critical Thinking Assignment #$1$ on Cody Mountain Sports $($CMS$).$

CMS completed the following adjusting transactions during March of $2021$:

Mar. $31$ Accrued Wages Expense of $$1,000$

Mar. $31$ One month of prepaid insurance has expired.

Requirements:

Copy in original journal entries from Critical Thinking Assignment #$1.$ Journalize the adjusting entries and post these entries to the t$-$accounts.

Prepare an adjusted trial balance as of March $31$st$,2021.$

Prepare an income statement for CMS as of March $31$st$,2021.$

Prepare a statement of retained earnings for CMS for the month ended March $31$st$,2021.$

Prepare a balance sheet for CMS for the month ended March $31$st$,2021.$

Journalize all closing entries and post to the t$-$accounts.

Prepare a post$-$closing trial balance as of March $31$st$,2021.$