The Accounting Cycle $-$ Comprehensive Problem #$64$

Page #$2$

Instructions:

For each account above, create a $4-$column ledger and enter the beginning balance in correct Balance column. Date the balances as May $1,2014$ and place a check mark in the posting reference column.

Journalize each of the May transactions in a $2-$column journal using only the given accounts. Post the journal entries to the corresponding $4-$column ledger accounts.

Prepare an Unadjusted Trial Balance.

Enter the unadjusted trial balance on the end$-$of$-$period worksheet.

At the end of May, the following adjustment data were assembled. Analyze and use this data to journalize and post the end$-$of$-$period adjusting entries.

a$.$ Insurance expired during May is $$308$

b$.$ Supplies on hand on May $31$ are $$735$

c$.$ Depreciation of office equipment for May is $$341$

d$.$ Accrued receptionist salary on May $31$ is $$391$

e$.$ Rent expired during May is $$1,509$

f$.$ Unearned fees on May $31$ are $$1,553$

Use the information from #$5$ to complete the next stage of the worksheet $-$ adjusting entries, adjusted trial balance, income statement, and balance sheet.

Prepare an Adjusted Trial Balance, Income Statement, Retained Earnings Statement, and a Balance Sheet.

Prepare, journalize, and post the closing entries. Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry.

Complete the final stage of the worksheet $-$ closing entries and post$-$closing trial balance.

Prepare the Post$-$Closing Trial Balance