Quick Tour Print Search Annotations Accessibility Bookmark Since the proprietor, Marty Chavez, considers each month to be a separate fiscal period, you must now complete month-end processing. Ruled forms are provided for the trial balance, schedules, and financial statements. A work sheet is provided, and its use is optional. The heading, with the exception of the date line, is printed on each form. Also, all general ledger account titles are printed on the work sheet. 1. Prepare schedules of accounts receivable and accounts payable, and compare the totals with the balances of the controlling accounts in the general ledger. 2. Prepare a trial balance at April 30. (Completing the work sheet is optional.) 3. Make necessary adjustments. Record adjusting entries on page 6 of the general journal. Adjustment data are as follows: a) Inventory per physical count, April 30. b) Office supplies on hand at April 30. c) Store supplies on hand at April 30.. d) Prepaid Insurance: Transfer 1/12 of the premium paid on April 2 to expense. Depreciation for the month: e) Equipment... f) Building... Interest earned on note receivable. g) h) Accrued salaries at April 30: Sales salaries.. Office salaries. Record the estimate of customer returns of this month's sales: $208,554.75 1,600.00 3,005.00 i) Customer refunds. (debit Sales, credit Customer Refunds Payable) j) Returns inventory... (debit Estimated Returns Inventory, credit Cost of Goods Sold) 1,250.00 2,475.00 30.00 1,200.00 500.00 4,470.00 3,190.00 Fit & Fashionable Balance Sheet NEXT PAGE 23