Spring $2024$ Comprehensive Problem

$*$PPlease use textbook pages $177-187$ as a reference guide.

Instructions:

The chart of accounts for the company is provided on the following page. Please only use the account names provided when journalizing.

Journalize each of the February transactions in the journal provided using Target Company's chart of accounts. $($Do not insert the account numbers in the Post Ref. in the journal at this time$).$

Post the journal to the ledger. $($Remember to enter Post References$)$

Prepare an unadjusted trial balance.

At the end of February, the following adjustment data was assembled. Use the data to complete instructions $(5)$ and $(6)$:

Insurance expired during the month was $$700$

Depreciation on equipment during the month was $$300$

Rent expired during the month $$1,800$

Unearned fees at the end of the month was $$2,500$

Supplies on hand were $$4,000$

Accrued salaries payable were $$280$

Journalize and post adjusting entries.

Prepare an adjusted trial balance.

Create the closing journal entries and post them to the ledgers. Indicate closed accounts in the ledger by inserting a line in both of the Balance columns opposite each closing entry.

Prepare an Income Statement, Statement of Owner's Equity, and Balance Sheet. $($Remember to use correct headings$)$

Prepare the post$-$closing trial balance for February $29,2024.$

Optional: Complete an end$-$of$-$period spreadsheet$/$worksheet$.($up to $10$ bonus points$)$ Text pages $189-195($Up to $10$ Bonus Points$)$