Required COURSE Materials

Wheeling, Introduction to Agricultural Accounting, 2008 ISBN or Printed Copy version: ISBN: 9780840172686

Use the Adjusted Trial Balance to prepare the Income statement, Statement of Equity and Balance Sheet, No Cash Flow required. Prepare the closing entries after the financial statements

Steve and Chris Farmer WorkSheet December 31,201 Chart of Accounts Numbering System 1000 Assets 2000 Liabilities 3000 Equity 4000 Revenues 5000 - 600 Expenses 8000 Gains / Losses 9000 Income Taxes Remember that the chart of accounts is arranged in the same sequence as the accounting equation. Financial Statements: 1. Income Statement '- Revenues, Expenses, Gains, Losses 2. Statement of Owner's Equity '- Equity Accounts, Net Income or Loss 3. Balance Sheet '- Assets, Liabilities, Equity (ending Capital) 4. Statement of Cash Flows '-Cash (Operating, Financing, Investing '- ending cash must tie to Balance Sheet cash General Journal Dage