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MASTER BUDGET PROJECT: ADJUSTING AND CLOSING BOOK ENTRIES TEMPLATE ACCT 5362 | Accounting Principles WEEK 7: To "close the books" for the year, reriew Principles of Accounting, Volume 1: Financial Accounting, Chapter 4, The Adjustment Process. Specifically, refer to the 10 -column worksheet on p. 248 for the conceptual layout. Following is an 8 -column format that can serve the same purpose. Use whicherer makes more sense to you. Prepare the adjusting and closing entries for 2021 based on the budgeted income statement and Cash budget from prior week. Fixed assets have no salvage value over a 10 year period. ficideted income statement fudgeted intome statemerit Fudieted income tatement Budgeted income statement Hudfeted incoene statemnnt Post the entries to produce the post-elosing trial balance. (Note: the ending balance sheet for ene year is the beginning balance sheet for the following year.) The above entries produced the following post-closing trial balance