Youve just secured a new client in your accounting practice, Peter's Auto Supply Corporation (PASC), a brand new small business specializing in providing auto supplies to car repair shops. The owner, Peter Peck, is a terrific auto mechanic, but definitely not an accountant. Your job is to help Peter put his affairs in order. Luckily, Peter has only been in operation for a month and things have not gotten too out of hand yet! Peter has to submit his financial statements to his investors and doesnt know where to begin. Its your job to go through the complete Accounting cycle to prepare the financial statements for PASC.

DateCash (111) Accounts Receivable (112) Inventory (115) Prepaid Rent (117) Prepaid Insurance (119) Accounts Payable (212) Notes Payable (213) Salaries Payable (214) Interest Payable (215) Common Stock (311) Retained Earnings (312) DateSales Revenue (411) Cost of Goods Sold (500) Rent Expense (511) Insurance Expense (512) Salaries Expense (513) Interest Expense (514) Utilities Expense (515)

Chautaf A-animta Requirement \#4: Prepare adjusting entries using the following information in the General Journal below. Show your calculations! a) One month's insurance has expired. b) One month's prepaid Rent has expired. c) The company accrued salaries of $6,000 that will be paid in August. d) Accrued interest on the note payable amounts to $250. Requirement \#5: Post the adjusting entries on July 31 below to the General Ledger T-accounts (Step 2) and compute adjusted balances. Just add to the balances that are already listed. July Transactions Requirement \# 10: Prepare a post-closing trial balance as of July 31 in the space below. General Journal Once you've completed this requirement print your General Journal to complete Requirement \#2 on the General Ledger worksheet