END-OF-FISCAL-PERIOD WORK Instructions: 10. Prepare a trial balance on work sheet. Use December 31 of the current year as the date. 11. Complete the work sheet using the following adjustment information: Adjustment information, Account Balances on December 31 Merchandise inventory $243,800.00 2,840.00 Office supplies inventory. Store supplies inventory.. Value of prepaid insurance 3,890.00 310.00 12. Prepare an income statement. Figure and record the following component percentages: (a) cost of merchandise sold, (b) gross profit on sales, (c) total expenses, and (d) net income or loss. Round percentage calculations to the nearest 0.1% 13. Prepare a distribution of net income statement. Net income or loss is to be shared equally. 14. Prepare an owners' equity statement. No additional investments were made. 15. Prepare a balance sheet in report form. 16. Use page 25 of a journal. Journalize and post the adjusting entries. 17. Continue using page 25 of the journal. Journalize and post the closing entries. 18. Prepare a post-closing trial balance, Account Title Trial Balance Debit Business Name Worksheet For the Month Ended month, day, year Adjustments Credit Debit Credit Income Statement Debit Credit Balance Sheet Credit Debit YEAR 12 14 * 8 8 *** 5 8 8 8 5 DATE MONTH DAY ACCOUNT TITLE DOC POST NO REF leave this row blank other than the year GENERAL DEBIT CREDIT COMBINATION JOURNAL ACCOUNTS RECEIVABLE DEBIT CREDIT SALES CREDIT SALES TAX PAYABLE ACCOUNTS PAYABLE CREDIT DEBIT PURCHASES DEBIT CASH DEBIT CREDIT Journal Post-Closing Trial Balance Account Title Worksheet Debit Credit Post Closing TrialBalance Sheet3 + END-OF-FISCAL-PERIOD WORK Instructions: 10. Prepare a trial balance on work sheet. Use December 31 of the current year as the date. 11. Complete the work sheet using the following adjustment information: Adjustment information, Account Balances on December 31 Merchandise inventory $243,800.00 2,840.00 Office supplies inventory. Store supplies inventory.. Value of prepaid insurance 3,890.00 310.00 12. Prepare an income statement. Figure and record the following component percentages: (a) cost of merchandise sold, (b) gross profit on sales, (c) total expenses, and (d) net income or loss. Round percentage calculations to the nearest 0.1% 13. Prepare a distribution of net income statement. Net income or loss is to be shared equally. 14. Prepare an owners' equity statement. No additional investments were made. 15. Prepare a balance sheet in report form. 16. Use page 25 of a journal. Journalize and post the adjusting entries. 17. Continue using page 25 of the journal. Journalize and post the closing entries. 18. Prepare a post-closing trial balance, Account Title Trial Balance Debit Business Name Worksheet For the Month Ended month, day, year Adjustments Credit Debit Credit Income Statement Debit Credit Balance Sheet Credit Debit YEAR 12 14 * 8 8 *** 5 8 8 8 5 DATE MONTH DAY ACCOUNT TITLE DOC POST NO REF leave this row blank other than the year GENERAL DEBIT CREDIT COMBINATION JOURNAL ACCOUNTS RECEIVABLE DEBIT CREDIT SALES CREDIT SALES TAX PAYABLE ACCOUNTS PAYABLE CREDIT DEBIT PURCHASES DEBIT CASH DEBIT CREDIT Journal Post-Closing Trial Balance Account Title Worksheet Debit Credit Post Closing TrialBalance Sheet3 +
