You will complete the accounting cycle for Travel Trailers. You will complete the following:: Journalize transactions Post
Question:
You will complete the accounting cycle for Travel Trailers. You will complete the following::
- Journalize transactions
- Post to the general ledger (T accounts)
- Take a trial balance
- Journalize the adjusting entries
- Post to the general ledger (T accounts)
- Complete the 8-column worksheet
- give a formal income statement
- give a formal balance sheet
- Journalize the closing entries
- Post to the ledger (T accounts)
- post closing trial balance
Travel Trailers Background Information:
Travel Trailers is a business owned and operated by Charles Fowler. The business earns its income from selling and servicing recreational vehicles. All sales and service transactions are subject to 13% HST. Travel Trailers has a financing arrangement with Federated Finance Company for the sale of its major items, travel trailers, and mobile homes. When these units are sold on credit, Federated Finance pays Travel Trailers in full and takes on the responsibility of collecting from the customer. Thus, Travel Trailers receives payment in full for each unit sold and is able to treat the transaction as a cash sale.
Financial and Managerial Accounting
ISBN: 978-0538480895
11th Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren