Use the information provided in Problem P3-18 about Superstar Ice Rinks Inc. (SIR) to do the following:

Question:

a. Prepare all necessary journal entries for fiscal 2017. Provide an explanation for each journal entry.

b. Prepare T-accounts and post each journal entry to the appropriate T-accounts.

c. Prepare and post adjusting journal entries to their appropriate T-accounts.

d. Prepare a trial balance as of June 30, 2017.

e. Prepare a balance sheet for SIR as of June 30, 2017 and an income statement cover ing the period until June 30, 2017.

f. Prepare the closing journal entry and post the closing entry to the appropriate T-accounts.

g. Prepare an after-closing trial balance as of June 30, 2017.

h. SIR's non-management shareholders have asked you to analyze the company's financial position and performance. Write a report analyzing the information you prepared.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...