JUST NEED HELP ON 10 and 11
10. Prepare the Income Statement and Balance Sheet Columns in the worksheet. Check the Net Income you calculated in this step against the check figure, the Net Income should be $5,275. Do not move on until your Net Income agrees. Resources: Pages 4-8 through 4-10 in your textbook contain instructions on how to complete the worksheet. 11. Prepare the Income Statement, Statement of Owner's Equity and Balance Sheet. Make sure you properly complete the heading for each statement and use proper form. Check the Capital balance you calculated in the Statement of Owner's Equity (and Balance Sheet, it should be the same) with the check figure, the Capital balance should be $7,475. Do not move on until your Capital balance agrees. 1. Analyze the business transactions 9. Prepare the post- closing trial balance 2. Journalize the transactions 8. Journalize the closing entries and post to the general ledger The Steps in the Accounting Cycle 3. Post the transactions from the journal to the general ledger 7. Prepare the financial statements from the adjusted trial balance 4. Prepare the unadjusted trial balance 6. Prepare the adjusted trial balance 5. Journalize adjusting journal entries and post to the general ledger 201 Practice Set: Gloria Spencer owns a company called Gloria's Cleaning Service, which specializes in cleaning homes. You have been hired by Gloria as her bookkeeper. After talking to Gloria, you prepare her chart of accounts: Gloria's Cleaning Service Chart of Accounts Account Account Name 101 Cash 102 Accounts Receivable 103 Supplies Accounts Payable 202 Wagos Payable 301 G. Spencer, Capital 302 G. Spencer, Drawing 401 Service Revenue 501 Ront Exponse 502 Wages Expense 503 Supplies Expense The first month of business for Gloria's Cleaning Service is August 2020, and the transactions for the month are: Date Transaction 8/01/2020 Gloria opened the bank account and deposited $3,000 for her capital contribution 8/05/2020 Gloria paid $225 for rent 8/16/2020 Gloria deposited $3,250 which had been collected when Gloria performed cleaning services 8/16/2020 Gloria paid her cleaning staff wages of $200 (you may disregard the payroll taxes). 8/22/2020 Gloria received a bill of $75 for cleaning supplies which will be paid next month 8/31/2020 Gloria withdrew $800 for her personal use. 1. Using the chart of accounts, open the accounts in the general ledger. In addition to the accounts in the chart of accounts, make sure that you open the income summary account as the last account, number 600. 2. Record the journal entries for the August transactions using General Journal Page 1. Make sure that you include explanations 3. Post the entries to the general ledger. When you post your entries to the general ledger, use J1 to indicate General Journal page 1 in the ref column. 4. Calculate the balances in the general ledger accounts. 5. Prepare the unadjusted Trial Balance Columns in the worksheet by adding all the accounts from the general ledger. Make sure you properly complete the heading. After completing the Unadjusted Trial Balance, compare the balance you calculated with the check figure, Unadjusted Trial Balance each column should be: $6,325. Do not move on until your trial balance agrees. 6. Prepare the following adjustments in the worksheet: a. During August, Gloria performed services for clients which were not billed for $2,750, b. During the last 2 weeks of August, the cleaning staff worked 20 hours but will not be paid until September. Her hourly rate is $12.50 per hour. Accrue only the wages. c. At the end of the month $25 in office supplies were remaining. 7. Prepare the Adjusted Trial Balance Columns in the worksheet. After completing the Adjusted Trial Balance, compare the balance you calculated with the check figure, Adjusted Trial Balance each column should be: $9,325. Do not move on until your trial balance agrees
