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have to place these in a journal and need help INTRODUCTION The chart of accounts and account balances of The Texas Company on January 1,
have to place these in a journal and need help
INTRODUCTION The chart of accounts and account balances of The Texas Company on January 1, 2016, are shown on the next page. Texas does not use reversing entries. INSTRUCTIONS Round all computations to the nearest whole dollar 1. Open the general ledger accounts and enter the balances for January 1, 2016. Obtain the necessary figures from the trial balance 2. Analyze the transactions on the pages that follow, and record them in the general journal Use 1 as the number of the first journal page 3. Post the journal entries to the general ledger accounts 4. Prepare a worksheet for the year ended December 31, 2016 5. Prepare a summary income statement for the year ended December 31, 2016 6. Prepare a statement of retained earnings for the year ended December 31,2016 7. Prepare a balance sheet as of December 31, 2016 8. Journalize and post the adjusting entries as of December 31, 2016 9. Journalize and post the closing entries as of December 31,2016 Analyze: Assume that the firm declared and issued a 3:1 stock split of common stock in 2016 What is the effect on total par valueStep by Step Solution
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