Using the information below, pretend that a month has passed.

1. Create adjusting entries for any accounts that may need it. For example, if you had prepaid rent, you would have used up one months worth.
2. Close any accounts that should be closed, after updating your ledger (t-accounts)
3. Create a set of financial statements, including Income Statement, Statement of Retained Earnings and Balance Sheet

We were given 1 million dollars in cash to start our own company. These were the first transactions made when opening.

Transactions	Debit	Credit
Cash	$ 30,000
Building Expense		$ 30,000
Cash	$ 20,000
Supplies Expense		$ 20,000
Cash	$ 10,000
Salaries Expense		$ 10,000
Cash	$ 5,000
Utilities Expense		$ 5,000