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Unit $1$ Summative Assignment $-$ Alou Equipment Instructions

Alou Equipment has a year end of August $31,2014.$ The Unadjusted Trial Balance is in the Sheets file. The company adjusts and closes its accounts on an annual basis.

Adjustment Data consist of the following

Supplies on hand on August $31$ was $$1000$

Accrued Salaries Payable on August $31$ was $$360$

The equipment has an expected useful life of five year

Uneamed revenue of $$540$ is still not earned on August $31$

Interest is payable on the $1$ st of each month. The loan is a $$11,000$ Note Payable that has a $2$ year term and a $5\%$ Interest Rate

The owner invested $$3200$ in the business $-$ this has yet to be recorded

Instructions

a$.$ Using the Trial Balance in the given Sheets file $-$ post to the opening balances to the T$-$Accounts

b$.$ Journalize the Adjusting Entries

c$.$ Post the Adjusting Entries to the T$-$Accounts

d$.$ Prepare an Adjusted Trial Balance

e$.$ Prepare an Income Statement

f$.$ Prepare a Statement of Owner's Equity

g$.$ Prepare a Classified Balance Sheet

h$.$ Journalize the Closing Entries

i$.$ Post the Closing Entries

j$.$ Prepare a Post Closing Trial Balance at August $31$