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The opening balance sheet of the The Snoball Stand on February 1 , 2 0 2 3 is as follows: Liabilities and Owners' Equity Liobilities
The opening balance sheet of the The Snoball Stand on February
is as follows:
Liabilities and Owners' Equity
Liobilities
Owners' Equity
Contributed Capital
Accumulated Deficit
Total Owners' Equity
Total Liabilities and Owners' Equity
The Snoball Stand's grand opening was on February The stand is open Wednesday through Sunday each week from pm to pm
During February and March the following occured:
Trans # Date Description
Purchased an insurance policy for the Snoball Stand at a cost of $ The policy period runs to
Hired an employee who earns $ per day.
Purchased supplies cups spoons, straws, etc. for $
Paid employee for work performed from
Purchased an additional bottles of snoball syrup from the Snoball Stand Supply Store for $ per bottle.
Paid employee for work performed from
Sold snoballs for $ each, using bottles of snoball syrup.
Additional information:
Sales would be recorded daily, but we'll just record one big entry for the month.
At March there were days of unpaid wages.
The bank loan accrues interest at a rate of per year.
At March $ of supplies remained.
For simplicity, we will ignore depreciation on the snoball stand, equipment, and signage for the moment. Complete the following:
Prepare journal entries for transactions occurring between February and March
Post journal entries to ledger accounts;
Prepare an unadjusted trial balance as of March
Prepare and post adjusting journal entries at March
Prepare an adjusted trial balance as of March
Prepare and post a closing journal entry;
Prepare a postclosing tria balance;
Prepare a balance sheet for The Snoball Stand as of March
Journal Entries
Adjusting Journol Entries Trial Balance Closing Journal Entry
Total Assets
Liabilities and Owners' Equity
Liabilities
Total Liabilities
Owners' Equity
Total Owners' Equity
Total Liabilities and Owners' Equity
For anyone willing to help, this is an optional practice assignment. I need to be able to see sort of where each number comes from. The formatting is not very important
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