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The remaining part of question 1 page 3 CHAPTER 5: CLOSING ENTRIES AND THE POST-CLOSING TRI 3. Prepare a trial balance. (If using a work
The remaining part of question 1 page 3
CHAPTER 5: CLOSING ENTRIES AND THE POST-CLOSING TRI 3. Prepare a trial balance. (If using a work sheet, use the first two columns.) 4. Data for the adjustments are as follows: a. Insurance expired during the month, $1,020. b. Depreciation of building for the month, $480. c. Depreciation of pool/slide facility for the month, $675. d. Depreciation of pool furniture for the month, $220. e. Wages accrued at July 31, $920. Your instructor may want you to use a work sheet for these adjustments. 5. Journalize adjusting entries. 6. Post adjusting entries to the ledger accounts. (Skip this step if using CLGL.) 7. Prepare an adjusted trial balance. 8. Prepare the income statement. 9. Prepare the statement of owner's equity. 10. Prepare the balance sheet. 11. Journalize closing entries. 12. Post closing entries to the ledger accounts. (Skip this step if using CLGL.) 13. Prepare a post-closing trial balance. *If you are using CLGL, use the year 2020 when recording transactions and preparing reportsStep by Step Solution
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