Instructions $-$ Adjusting Entries

T$-$AccounUnit $1$ 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.

I

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 $31$