For the past several years, Samantha Hogan has operated a part$-$time consulting business from her home. As of July $1,20$Y$9,$ Samantha decided to move to rented quarters and to operate the business, which was to be known as Arborvite Consulting, on a full$-$time basis. Arborvite 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 owner$$s equity, and a balance sheet for the month ended July $31,20$Y$9.$ If you didn$$t complete the end$-$of$-$period work sheet in Part $1,$ use the ledger $($the Excel spreadsheet$)$ to prepare an income statement, a statement of owner$$s equity, and a balance sheet for the month ended July $31,20$Y$9.*$

$*$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.