Required: General Ledger tab: Enter the account balances for January 1, 20X2 from the postclosing trial balance prepared on December 31, 20X1, which appears in Figure 6.3. General Journal tab: Analyze each of the transactions listed for January and record it in the general journal.

General Ledger tab: Post the transactions to the general ledger accounts. Worksheet tab: Prepare the Trial Balance section of the worksheet. Worksheet tab: Prepare the Adjustments section of the worksheet using the adjusting transactions. Worksheet tab: Complete the worksheet. Income Statement tab: Prepare an income statement for the month. Stmt of OE tab: Prepare a statement of owners equity. Balance Sheet tab: Prepare a balance sheet. Adjusting and Closing tab: Record the adjusting entries and the closing entries in the general journal. General Ledger tab: Post the adjusting entries and the closing entries to the general ledger accounts. Post Closing tab: Prepare a postclosing trial balance. Analyze: Answer the questions on the Analyze tab to compare the January 31 balance sheet you prepared with the December 31 balance sheet shown in Figure 6.4.

QUESTIONS I NEED ANSWERED PLEASE

Analyze each of the transactions listed for January and record it in the general journal.

Record the adjusting entries and the closing entries in the general journal.

Enter the account balances for January 1, 20X2 from the postclosing trial balance prepared on December 31, 20X1, which appears in Figure 6.3. Post the transactions to the general ledger accounts.

Prepare the trial balance section of the worksheet. Then prepare the Adjustments section using the adjusting transactions. Now complete the worksheet.

Prepare an income statement for the month.

Prepare a statement of owners equity.

Prepare a balance sheet.

Prepare a postclosing trial balance.

Compare the January 31 balance sheet you prepared with the December 31 balance sheet shown in Figure 6.4.

1. What changes occurred in total assets, liabilities, and the owners ending capital? 2. What changes occurred in the Cash and Accounts Receivable accounts? 3. Has there been an improvement in the firms financial position?