Preparation of a set of 2014 financial statements

Assignment Help Financial Accounting

Reference no: EM13330646

Please prepare the following for turn-in

1. Five journals (SJ, PJ, CRJ, CDJ, and the GJ) with December transactions, year-end adjustments, and closing entries recorded appropriately,
2. The two subsidiary ledgers (A/R and A/P) and the General Ledger with December postings and year-end balances,
3. An adjusted trial balance at December 31, 2014,
4. An Income Statement for the year ended December 31, 2014,
5. A Balance Sheet as of December 31, 2014, and
6. A Statement of Cash Flows (Direct Method) for the year ended December 31, 2014, with required supplementary disclosures.

The General and Subsidiary ledger accounts have been updated to reflect correct Nov. 30, 2014 balances (except for Inventory and Retained Earnings, which are not adjusted until year-end). Your job is to journalize the December transactions that follow below, post these entries to the appropriate ledger accounts, prepare adjusting entries (for the month of December-all adjustments through Nov. 30 have been made) and post these to the appropriate ledger accounts, prepare an adjusted trial balance as of Dec. 31, 2014, prepare the three required financial statements, and then prepare and post closing entries to prepare the general ledger for 2015.

You are tasked with the preparation of a set of 2014 financial statements for Kurgg Technology Corp, a company that purchases merchandise inventory for resale.

You will be required to prepare journal entries (utilizing a general journal along with a set of special journals), the posting of those entries to both general and subsidiary ledger accounts, and preparation of month-end adjustments, an adjusted trial balance,financial statements, and closing entries in order to ready the general ledger for 2015 activity.Kurgg Technology Corp.

Attachment:- Set.docx

Reference no: EM13330646

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