im not sure how to start this, i know how to post ledger transactions but what do with the balance at the top from the previous month . Do i close it out somehow and if so how on this sheet. Or do i just begin entering in december transactions..

the directions are posted in the photo the requirements #2

these are the directions in full

added photis that includes ending bal from november

Project Data: Sam Parker owns and operates a consulting firm called Business Solutions. The business began operating in October 202X. Transactions for October and November 202X have been recorded and posted. Business Solutions had the following transactions in December 202X. Dec 2 Paid $1,025 cash to Hillside Mall for Business Solutions's share of mall advertising costs. 3 Paid $500 cash for minor repairs to the company's computer. 4 Received $3,950 cash from Alex's Engineering Company for the receivable from November. 10 Paid cash to Lyn Addie for six days of work at the rate of $125 per day. 14 Notified by Alex's Engineering Company that Business Solutions's bid of $7,000 on a proposed project has been accepted. Alex's paid a $1,500 cash advance to Business Solutions. 15 Purchased $1,100 of computer supplies on credit from Harris Office Products. 20 Completed a project for Liu Corporation and received $5,625 cash. 28 Received $3,000 cash from Gomez Company on its receivable. 29 Reimbursed S. Rey for business automobile mileage (600 miles at $0.32 per mile). 31S. Rey withdrew $1,500 cash from the company for personal use. The following additional facts are collected for use in making adjusting entries prior to preparing financial statements for the company's first three months of operations: a. The December 31 inventory count of computer supplies shows $580 still available. b. Three months have expired since the 12 -month insurance premium was paid in advance. c. As of December 31, Lyn Addie has not been paid for four days of work at $125 per day. d. The computer system, acquired on October 1 , is expected to have a four-year life with no salvage value. e. The office equipment, acquired on October 1 , is expected to have a five-year life with no salvage value. f. Three of the four months' prepaid rent have expired. rave 7 at 14 Ledper /Continoed Ledoer (Contisued) Ledger for Reguirtments 2,5,&10 Centinus by poiting at the December vansactions. frow 5 at 14 Ledger (Continued) urpose: The purpose of this assignment is to help you learn how the accounting cle works in all businesses. The accounting cycle is the process of assembling ccounting information for use by decision makers for businesses in every ccounting period. If you understand how the accounting cycle works, you will be ore effective in making decisions to advance any business you manage or own. you master the accounting cycle as presented in this project now, the remainder f accounting principles will be much easier to master. Skills: This assignment will help you practice the following skills that are important for your success in school and work: - Analyze business transactions. - Record transactions in a journal and post entries to a ledger. - Prepare a trial balance. - Prepare adjusting entries. - Prepare an adjusted trial balance. - Prepare basic financial statements from an adjusted trial balance. - Prepare closing entries. - Prepare a post-closing trial balance. Knowledge: This assignment will also help you: - Identify, record, and communicate any organization's business activities. - Interpret financial statements. - Become an effective business decision maker. ask: To complete this assignment, follow these steps: he Accounting Cycle Project is to be completed by hand using hard opy working papers. (Print the project to begin) The purpose of this equirement is that students generally have a greater comprehension of the omplete accounting cycle by processing the steps by hand. reparation: omplete the required steps for the project preparing your work in pencil using he hard copy working papers included in this packet. Your work should be eat and legible. You may omit explanations when recording journal entries. efer to page 141 in your textbook for an example of how to format the nancial statements. ubmitting Your Project: ubmit the hand-prepared project by Due Date: September 17, 2023. Page 1 of 14 7:034 (B) 4,.11=100 Acct I Project Inst F23 4 of 14 Homework Project 1 Working Papers General Journal for Requirements 1,48 a Name: Ledger for Requirements 2,5,&10 Requirements: 1. Journalize the December transactions for Business Solutions. You may omit explanations for the journal entries. Skip a line between each journal entry - see the journal entries in textbook chapter 2 as a formatting example (complete on page 4). 2. Continue with the ending November balances that are already in the ledger. Post the December transactions to the appropriate accounts in the modified ledger and update balances (complete on pages 68 ). 3. Prepare a trial balance to prove the equality of debits and credits prior to continuing with this project. Omit any accounts that have a zero balance (complete on page 9). Check figure: $106,884. Consult your instructor if your trial balance does not balance before proceeding with the project. 4. Journalize the adjusting entries to reflect items a through f above (complete on page 5). 5. Post the adjusting entries to the appropriate accounts in the ledger (complete on pages 68 ). 6. Prepare an adjusted trial balance as of December 31,202X (complete on page10). Check figure: $109,034. Consult your instructor if your adjusted trial balance does not balance before proceeding with the project. Working Paper for Requirement 3 ritye 3 ant 76 Working Paper for Requirement 6 Grade Impact \& Academic Integrity: This homework project will be worth 5% of your overall course grade. Submitting work copied from another source is a violation of the Academic Dishonesty Policy and will result in a grade of -0 - for the project. Video Help and Practice: There are six Connect videos available to you to review how to complete the following requirements. They are not required or graded as part of the project but will remind you how to complete the requirements of the project listed below. Requirements: 1. Journalize the December transactions for Business Solutions. You may omit explanations for the journal entries. Skip a line between each journal entry - see the journal entries in textbook chapter 2 as a formatting example (complete on page 4). 2. Continue with the ending November balances that are already in the ledger. Post the December transactions to the appropriate accounts in the modified ledger and update balances (complete on pages 68 ). 3. Prepare a trial balance to prove the equality of debits and credits prior to continuing with this project. Omit any accounts that have a zero balance (complete on page 9). Check figure: $106,884. Consult your instructor if your trial balance does not balance before proceeding with the project. 4. Journalize the adjusting entries to reflect items a through f above (complete on page 5). 5. Post the adjusting entries to the appropriate accounts in the ledger (complete on pages 68 ). 6. Prepare an adjusted trial balance as of December 31,202 (complete on page 10). Check figure: $109,034. Consult your instructor if your adjusted trial balance does not balance before proceeding with the project. 7. Prepare the three basic financial statements in good form. See page 141 of your accounting text for a good example of financial statement formatting. a. Prepare an income statement for the three months ended December 31,202 (complete on page 11). b. Prepare a statement of owner's equity for the three months ended December 31, 202X (complete on page 11). c. Prepare a balance sheet as of December 31, 202X (complete on page 12). 8. Journalize and post the necessary closing entries for Parker Consulting (complete on page 58 ). 9. Prepare a post-closing trial balance as of December 31,202 (complete on page 13). Page 2 of 14