Yellow cells should have "manually-entered" account names and amounts.

Blue cells must have "formulas" to calculate (e.g., =SUM(A1:B1)) or reference (e.g., =JEs!C3) amounts.

White cells should not be changed

Step 1: In each of the ledger tabs of the worksheet (i.e., "Ledgers-Assets" for assets, "Ledgers-Liab & SE" for liabilities and stockholders' equity, and "Ledgers-REGLD" for revenues, expenses, gains, losses, and dividends), enter in reference formulas in for the beginning balances of any accounts listed in the December 31, 20X1, post-closing trial balance ("Prior Post-Closing TB" tab). The first beginning balance for cash in the "Ledgers-Assets" tab is done for you as an example.

Step 2: Read the "other information" notes on the following page and create Journal entries #1-13 in the "JEs" tab of the worksheet based on the "20X2 Journal entries" notes on the following pages. Recall that some journal entries may come in "two parts." Note that not all lines may be needed. Please insert "No entry" if a journal entry is not required.

Step 3: Using Journal entries #1-13 in the "JEs" tab, post each of these journal entries into the T-accounts in each of the respective ledger tabs of the worksheet (i.e., "Ledgers-Assets" for assets, "Ledgers-Liab & SE" for liabilities and stockholders' equity, and "Ledgers-REGLD" for revenues, expenses, gains, losses, and dividends) by entering in manually the journal entry number for reference number in the yellow cells and entering in reference formulas for each debit and credit account in the blue cells. Use the yellow and blues cells above the "Pre-Bal." subtotal line for posting these entries. For any accounts that did not have beginning account balances, manually enter in the new account name in the yellow cell above one of the blank T-accounts (e.g., "sales revenue"). You do not need to put ledgers' T-accounts in statement order. Note that not all lines may be needed.

Step 4: Read the "other information" notes on the following page again and adjusting-type Journal entries #14-19 in the "JEs" tab of the worksheet based on the "20X2 Journal entries" notes. Note that not all lines may be needed. Please insert "No entry" if a journal entry is not required.

Step 5: Using Journal entries #14-19 in the "JEs" tab, post each of these journal entries into the T-accounts in each of the respective ledger tabs of the worksheet (in the same procedure as Step 4).

Step 6: Using your ledger ending balances ("Ledgers-REGLD" tab), create the company's income statement ("Inc St" tab) for the quarter ended March 31, 20X2. Remember that accounts can be manually entered in yellow cells, while formulas are needed for blue cells (including cells references and subtotals). Note that not all lines may be needed and you may enter "negative" numbers for subtraction amounts.

Step 7: Create Journal entry #20 in the "JEs" tab of the worksheet based on the "20X2 Journal entries" note on the following pages and post the amounts to the appropriate ledgers. Note that not all lines may be needed.

Step 8: Using your ledger ending balances ("Ledgers-REGLD" tab), the income statement ("Inc St" tab), and the December 31, 20X1, trial balance ("Prior Post-Closing TB" tab), create the company's retained earnings statement ("RE St" tab) for the quarter ended March 31, 20X2. Remember that accounts can be manually entered in yellow cells, while formulas are needed for blue cells (including cell references and subtotals). Note that not all lines may be needed and you may enter "negative" numbers for subtraction amounts.

Step 9: write Journal entry #21 for the closing entries in the "JEs" tab of the worksheet based on the "20X2 Journal entries" note on the following pages and post the amounts to the appropriate ledgers. On the "Ledgers-REGLD" tab, use the yellow and blues cells below the "Pre-Bal." subtotal line (i.e., all "Post-Bal." totals should be zeroed out after posting the closing entries). Note that not all lines may be needed.

Step 10: Using your ledger ending balances ("Ledgers-Assets" and "Ledgers-Liab & SE" tabs), create the company's balance sheet as of March 31, 20X2. Remember that accounts can be manually entered in yellow cells, while formulas are needed for blue cells (including cell references and subtotals). Besides putting contra- and adjunct-accounts after their respective main account, I only care about the order of accounts in the current assets section. You can ignore any accounts that have a zero balance in the balance sheet. Note that total assets equaling total liabilities and stockholders' equity does not ensure that no mistakes were made. Note that not all lines may be needed and you may enter "negative" numbers for subtraction amounts.

Top Flight Computers Post-Closing Trial Balance December 31, 20X1 Account Debit Credit Cash 125,200 Accounts receivable 38,400 Allowance for doubtful accounts 2.500 Inventory 182,900 Land (held for future operations) 72,400 Land 124,000 Trucks 46,900 Accumulated depreciation-trucks 32,300 Goodwill 258,100 Cash (restricted for long-term liabilities) 11,700 Accounts payable 24,300 Unearned sales revenue 165,000 Pension liability 87,000 Bonds payable 220,000 Common stock 150,000 Retained earnings 200,300 Treasury stock 21.800 681,400 681,400\fE 5 Date Account Debit Credit an. 11 E 6 Date Account Debit Credit an. 22 E7 Date Account Debit Credit eb. 1 E 8 Date Account Debit Credit eb. 1 IE9Cash Ref. Debit Credit Ref. Beg. 125,200 Bal. $ 125,200 $ Bal. Accounts Receivable Ref. Debit Credit Ref. Beg. Bal. Bal.Allowance for Doubtful Accounts Ref. Debit Credit Ref. Beg. Bal. un Bal. Inventory Ref. Debit Credit Ref. Beg. Bal. Bal. Land (held for future operations) Ref. Debit Credit Ref. Beg. Bal. S Bal.Land Ref. Debit Credit Ref. Beg Bal. $ Bal. Trucks Ref. Debit Credit Ref. Beg Bal. $ S Bal. Accumulated Depreciation-Trucks Ref. Debit Credit Ref. Beg. Bal. Bal.Goodwill Ref. Debit Credit Ref. Beg. Bal. S Bal. Cash (restricted for long-term liabilities) Ref. Debit Credit Ref. Beg. Bal. Bal. Ref. Debit Credit Ref Bal. S Bal.\fAccounts Payable Ref. Debit Credit Ref. Beg. Bal. S Bal. Unearned Sales Revenue Ref. Debit Credit Ref. Beg. Bal. S Bal. Pension Liability Ref. Debit Credit Ref. Beg. Bal. S S Bal. Bonds Payable Ref. Debit Credit Ref. Beg. Bal. Bal.Common Stock Ref. Debit Credit Ref. Beg. Bal. S Bal. Retained Earnings Ref. Debit Credit Ref. Beg. Bal. S Bal. Treasury Stock Ref. Debit Credit Ref. Beg. Bal. S Bal. Ref. Debit Credit Ref. Bal. Bal.Top Flight Computers Income Statement For the Quarter Ended March 31, 20X2 Sales Net sales Gross profit Operating expenses Selling expenses Total selling expenses Adminstrative expenses Total administrative expenses Income from operations Other revenues and gains Total other revenues and gains Other expenses and losses Total other expenses and losses Income from continuing operations before tax Income tax expense Net income Earnings per share Net incomeTop Flight Computers Retained Earnings Statement For the Quarter Ended March 31, 20X2 Retained earnings, Jan. 1 (as reported) Retained earnings, Mar. 31Top Flight Computers Balance Sheet March 31, 2082 Assets Current assets Total current assets Long term Imostments Total long-term limrestiments Property, plant, and equipment Total property, plant, and equipment Intangible assets Total Intangible assets Other assets Total other assets Total assets Liabilities and Stockholders' Equity Current liabilities Total current liabilities Long term liabilities Total long term liabilities Total liabilities Stockholders' equity Total stockholders' equity Total liabilities and stockholders equity