The unadjusted trial balance of Recessive Interiors at January 31, 2016, the end of the year, follows:

Recessive Interiors

UNADJUSTED TRIAL BALANCE

January 31, 20--

	ACCOUNT TITLE	DEBIT	CREDIT
1	Cash	13,100.00
2	Supplies	8,000.00
3	Prepaid Insurance	7,500.00
4	Equipment	113,000.00
5	Accumulated Depreciation-Equipment		12,000.00
6	Trucks	90,000.00
7	Accumulated Depreciation-Trucks		27,100.00
8	Accounts Payable		4,500.00
9	Jeanne McQuay, Capital		126,400.00
10	Jeanne McQuay, Drawing	3,000.00
11	Service Revenue		155,000.00
12	Wages Expense	72,000.00
13	Rent Expense	7,600.00
14	Truck Expense	5,350.00
15	Miscellaneous Expense	5,450.00
16	Totals	325,000.00	325,000.00

The data needed to determine year-end adjustments are as follows:

	Supplies on hand at January 31 are $2,850.
	Insurance premiums expired during the year are $3,150.
	Depreciation of equipment during the year is $5,250.
	Depreciation of trucks during the year is $4,000.
	Wages accrued but not paid at January 31 are $900.

Required:

1.

A.	Download the spreadsheet in the Ledger panel and save the Excel file to your computer. Use the spreadsheet to post the adjusting and closing entries from the journal to a ledger of four-column accounts. Be sure to save your work in Excel. Your input into the spreadsheet will not be included in your grade in CengageNOW on this problem.
B.	For each account listed in the unadjusted trial balance, enter the balance in the appropriate Balance column of a four-column account and enter X in the Post. Ref. column. Enter Balance in the ITEM column.

2.

(Optional) On your own paper or spreadsheet, enter the unadjusted trial balance on an end-of-period work sheet and complete the work sheet. Find a blank end-of-period work sheet in the Excel spreadsheet you previously downloaded.

3.

A.	Journalize the adjusting entries on Page 26 of the journal. Adjusting entries are recorded on January 31. Refer to the Chart of Accounts for account titles.
B.	Post the adjusting transactions from the journal to a ledger of four-column accounts, inserting balances in the accounts affected. Add the appropriate posting reference to the journal.

4.

Prepare an adjusted trial balance.

5.

If you completed the end-of-period work sheet, use the adjusted trial balance figures to prepare an income statement, a statement of owners equity, and a balance sheet. If you didnt complete the end-of-period work sheet, use the ledger (the Excel spreadsheet) to prepare an income statement, a statement of owners equity, and a balance sheet.*

6.

A.	Journalize the closing entries on page 27 of the journal. Refer to the Chart of Accounts for account titles. (Note: Complete the adjusted trial balance, the income statement, the statement of owners equity, and the balance sheet BEFORE completing part 6. A.)
B.	Post the closing entries to the ledger of four-column accounts, inserting balances in the accounts affected. Add the appropriate posting reference to the journal.

7.

Prepare a post-closing trial balance.

* Be sure to read the instructions for each financial statement carefully.