Prepare a post closing trial balance

Assignment Help Financial Accounting

Reference no: EM131165558

Answer the following Questions based on Given Case Study.

Instructions
1. For each account listed in the trial balance, enter the balance in the appropriate Bal- ance column of a four-column account and place a check mark (? ) in the Posting Reference column.

2. (Optional.) Enter the unadjusted trial balance on an end-of-period spreadsheet (work sheet) and complete the spreadsheet. Add the accounts listed in part (3) as needed.

3. Journalize and post the adjusting entries, inserting balances in the accounts affected.
Record the adjusting entries on Page 26 of the journal. The following additional ac- counts from Lakota Freight Co.'s chart of accounts should be used: Wages Payable, 22; Supplies Expense, 52;

Depreciation Expense-Equipment, 55; Depreciation Expense- Trucks, 56; Insurance Expense, 57.

4. Prepare an adjusted trial balance.

5. Prepare an income statement, a statement of owner's equity (no additional investments were made during the year), and a balance sheet.

6. Journalize and post the closing entries. Record the closing entries on Page 27 of the journal.
(Income Summary is account #33 in the chart of accounts.) Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry.

7. Prepare a post-closing trial balance.

Instructions

(a) Enter the trial balance on a worksheet and complete the worksheet.

(b) Prepare an income statement and owner's equity statement for the quarter and a classified balance sheet at March 31. XYZ did not make any additional investments in the business during the quarter ended March 31, 2012.

(d) Prepare a post-closing trial balance

(e) Journalize the closing entries from the financial statement columns of the worksheet.

Attachment:- TAREA-6.1-Y-6.2--B--JORGE-MORALES-CABRERA-3.rar

Reference no: EM131165558

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