MASTER BUDGET INSTRUCTIONS

OPERATING BUDGETS

STEP $1$:

For this step, you will complete a Trial Balance for Dec $31,2020$ by starting with the Trial Balance for Oct $1,2020$ and posting the journal entries to the accounts for Q$42020.$ The below information and numbers will assist you with completing your Trial Balance for Dec $31,2020.$

Husky Co$.$ opened for operations on Oct. $1,2020.$ Investors purchased $30,000$ shares of $$10$ par common stock for $$2,800,000.$ Management immediately used the funds to purchase $$2,400,000$ worth of manufacturing fixed assets and $$200,000$ worth of fixed assets to be used in administration. The following balance sheet was reflected on the opening day:STEP $1$ Assignment: Post the entries to produce the trial balance. $($Note: the ending balance sheet for one year is

the beginning balance sheet for the following year.$)$

The above entries produced the following post$-$closing trial balance:

Husky Co$.$

Trial Balance

Dec. $312020$