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Instructions Perform the following steps of the accounting cycle for the month of December, Year 1 . Journalize the December transactions. Do not record adjusting
Instructions
Perform the following steps of the accounting cycle for the month of December, Year
Journalize the December transactions. Do not record adjusting entries at this point.
Post the December transactions to the appropriate ledger accounts.
Prepare the unadjusted trial balance columns of a column worksheet for the year ended December
Prepare the necessary adjusting entries on December
Post the December adjusting entries to the appropriate ledger accounts.
Complete the column worksheet for the year ended December
page Prepare an income statement and statement of retained earnings for the year ended December and a balance sheet as of December Year
Prepare required disclosures to accompany the financial statements dated December Year Your disclosures should include separate writeups addressing each of the following areas: depreciation policy, maturity dates of major liabilities, and potential liability due to pending litigation.
Prepare closing entries and post them to ledger accounts.
Prepare an afterclosing trial balance as of December Year
During December, the companys cash balance fell from $ to $ Does this imply that the business is headed for insolvency in the near future? Explain your reasoning.
Would it be ethical for Patty Driver to maintain the accounting records for this company, or must they be maintained by someone who is independent of the organization?
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