PAQUET IT SERVICES

Trial Balance

August $31,2021$

Instructions

a$.$ Calculate the profit or loss for the month.

b$.$ Calculate owner's equity at August $31,2021.$

c$.$ Prepare a classified balance sheet for Paquet IT Services at August $31,2021.$ Assume that $$5,000$

of the mortgage payable is due over the next year.

d$.$ Journalize the closing entries.

e$.$ Create T accounts for Income Summary and R$.$ Paquet, Capital, and post the closing entries.

f$.$ Prepare a post$-$closing trial balance.

g$.$ Calculate working capital, current ratio, and acid$-$test ratio.