Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. During May, the last
Fantastic news! We've Found the answer you've been seeking!
Question:
Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. During May, the last month of the fiscal year, transactions were completed. In Part 1 of this problem, the accounting cycle was completed up through the preparation of the adjusted trial balance.
Required: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
8. If you completed the end-of-period work sheet in Part 1, use the adjusted trial balance figures to prepare an income statement, a retained earnings statement, and a balance sheet. If you didn’t complete the end-of-period work sheet in Part 1, use the ledger (the Excel spreadsheet) to prepare an income statement, a retained earnings statement, and a balance sheet. * | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10. Prepare a post-closing trial balance. Accounts with zero balances can be left blank.
During May, the last month of the fiscal year, the following transactions were completed: Record the following transactions on page 20 of the journal. Refer to the Chart of Accounts for exact wording of account titles.
Record the following transactions on page 21 of the journal. Refer to the Chart of Accounts for exact wording of account titles.
|
Related Book For
Accounting
ISBN: 9781337902687
28th Edition
Authors: Carl S. Warren, Christine Jonick, Jennifer Schneider
Posted Date: