Ensure that the System Date at the top of the screen is $\frac{07}{31}\frac{?}{21}.$ This date will be used as a default date throughout this assignment. You may change the system date using the calendar or by entering a date using the date format shown.

Transactions from July have been recorded and adjustments have been made. You may review the entries in the general journal from Journal Reports in the General Ledger module. The entries will not appear in the general journal task screen and cannot be altered.

Display the Income Statement and the Statement of Stockholders' Equity under Financial Statements on the top menu bar.

required to close out the Income Statement accounts.

Select Generate Closing Entries under the Tasks menu on the top menu bar. When the dialog box appears, review the proposed entries and select Yes to confirm generating the closing journal entries. Review the closing entries for correctness, and then select the Post button to post them to the General Ledger.

Note: This general ledger system uses four entries and the temporary account Income Summary when generating closing entries. The first entry closes revenue to Income Summary; the second entry closes expenses to Income Summary; the third entry closes Income Summary to Retained Earnings; and the last entry closes Dhulends to Retained Earnings. This differs from the text, which records two entries; clos$$ng all income statement accounts and then dividends direct to Retained Earnings.

From the Ledger Reports menu, select the Trial Balance to review the post$-$closing Trial Balance. It may be helpful to display the General Journal report under the Journal Reports menu on the top menu bar to review your transactions. Note that you can display the closing transactions by selecting Clo. Ent. from the Reference drop$-$down menu.

Display the Balance Sheet under Financial Statements on the top menu bar.

When you are comfortable that you have completed all steps of the assignment correctly, select

Submit. If your assignment was set up with feedback after take, you will be provided with a detailed report showing the general ledger account balances and assignment score.

Tasks $vv$ Account Lists $vv$ Journal Reports $>$ Ledger Reports $vv$ Financial Statements $vv$

:: Vendors

$?$

x

$$

Vendor Name

Add Vendor

Save

Window$($s$)1$

X Close All

$2$

PS Music

Dashboard

System Date $07/31/21$

Tasks $>$ Account Lists $>$ Journal Reports $>$ Ledger Reports $>$ Financial Statements $>$

Vendors

$?$

Customers

Customer Name

Add Customer

Save

Window$($s$)$

$2$

$$ Close All Windo

PS Music

Dashboard

System Date $07/31/21$

GL$.$CONTPR. $04$

$?$

Tasknfing

Account Lists

Journal Reports $vv$

Ledger Reports grad

Financial Statements

Maintain Accounts

Maintain Vendors

Customer Name

Maintain Customers

General Journal

Generate Closing Entries

Vendor Name

:: General Journal

Date

Refer.

Account No$.$

Debit

Credit

Select Add New Entry button to start.

Instructions

Ensure that the System Date at the top of the screen is $\frac{07}{31}\frac{?}{21}.$ This date will be used as a default date throughout this assignment. You may change the system date using the calendar or by entering a date using the date format shown.

Transactions from July have been recorded and adjustments have been made. You may review the entries in the general journal from Journal Reports in the General Ledger module. The entries will not appear in the general journal task screen and cannot be altered.