You were recently hired as an entry-level bookkeeper for a service business that recently opened. This is the first month in operation for the business and your first task is to record business transactions for their first month using the source documents and transaction data the owner will provide to you. Because this is a small business that does not use computerized accounting, you will apply the accounting cycle in Excel to record transactions and generate financial reporting results for the owner. Specifically, you must address the following rubric criteria:

• Income Statement: Prepare the income statement using the adjusted trial balance.
• Statement of Owners Equity: Prepare the statement of owners equity using the adjusted trial balance.
• Balance Sheet Assets: Prepare the balance sheet asset entries using the adjusted trial balance.
• Balance Sheet Liabilities: Prepare the balance sheet liabilities entries using the adjusted trial balance.
• Closing Entries: Complete the Closing Entries tab of the company accounting workbook by closing all temporary income statement amounts to create closing entries.