ACCT 2101 Tools for Business Decision Making, 5e Problem 4-3A

a) Journalize the adjusting entries on May 31.

b) Prepare a ledger using T-accounts. Enter the trial balance amounts and post the adjusting entries.

c) Prepare an adjusted trial balance on May 31.

d) Prepare an income statement and a retained earnings statement for the month of May and a classified balance sheet at May 31.

e) Identify which accounts should be closed on May 31.