The Texas Company This project will give you an opportunity to apply your knowledge of accounting principles and procedures to a corporation. You will handle the accounting work of The Texas Company for 2016. INTRODUCTION The chart of accounts and account balances of The Texas Company on January 1, 2016, are shown on the next page. Texas does not use reversing entries. INSTRUCTIONS Round all computations to the nearest whole dollar. 1. Prepare a balance sheet as of December 31, 2016. 2. Journalize and post the adjusting entries as of December 31, 2016. 3. Journalize and post the closing entries as of December 31, 2016. Analyze: Assume that the firm declared and issued a 3:1 stock split of common stock in 2016. What is the effect on total par value?

There are several spreadsheets that have to be filled out and I am completely lost.