Answered step by step
Verified Expert Solution
Question
1 Approved Answer
in ePortfolio Review Assignment #2 Introduction: Tees-R-Us is a privately held corporation operating as a t-shirt retailer. The company's only shareholder, Tamara Green, has hired
in ePortfolio Review Assignment #2 Introduction: Tees-R-Us is a privately held corporation operating as a t-shirt retailer. The company's only shareholder, Tamara Green, has hired you to account for the transactions and report the results of operations for the month ended February 28, 2021. Tees-R-Us uses a perpetual inventory system and inventory valuations are based on the weighted average cost flow method. In addition to recording and posting transactions for the month of February 2021, you are also required to complete an inventory valuation record using weighted average cost flow, a bank reconciliation, the worksheet including some adjustments, the financial statements, journalize the adjustments,, calculate ratios and perform some financial analysis based on the results. Download Print Open with docReader Translate Required: Review Assignment #2 a) Prepare the journal entries for the month of February. You will also need to update the inventory in the table for each purchase and sale, return or allowance, found under the Inventory Valuation tab of this workbook. b)Enter the opening balances of the accounts from the opening balance sheet and post the above journal entries to the account. c) Complete the bank reconciliation report. d) Record and post journal entries from the bank reconciliation to general ledger accounts e) Complete the 10-column worksheet. e) Post the adjusting entries to the accounts f) Journalize and post the adjustments g) Prepare the multistep income statement, calculation of retained earnings, classified balance sheet h)Answer the analysis questions from 'a' to 'i' (found at bottom on Financial Statements tab)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started