The linked Excel file shows how these transactions would be recorded in journal entry format, posted to ledger accounts, and then used to prepare the adjusted trial balance. I'll need help adjusting the trial balance information to create the closing journal entries and post-closing trial balance on March 31, 2023, to make for a new quarter starting on April 1. I will also need to create the March 31, 2023 balance sheet.

https://tulane-lpm8543.slack.com/files/U07K1A3Q2F9/F07MMJLG74H/module_3_post-roundtable_exercise_-_the_snoball_stand_-_closing_entry_and_post-closing_tb.xlsx

The opening balance sheet of the Snoball Stand Supply Store on February 1, 2023 is as follows: The Snoball Stand Balance Sheet January 31, 2023 Assets Cast 350 Snoball syrups (50 bottles) 150 Snoball stand 800 Equipment 100 Signage 100 Total Assets 1,500 Liabilities and Owners' Equity Liabilities Bank loan 500 Interest payable 5 Total Liabilities 505 Owners' Equity Contributed Capital 1,000 Accumulated Deficit (5) Total Owners' Equity 995 Total Liabilities and Owners' Equity 1,500 The Snoball Stand's grand opening was on Febuary 1, 2023! The stand is open Wednesday through Sunda During February and March 2023, the following occured: Trans # Date Description 2/1/2023 Purchased an insurance policy for the Snoball Stand at a cost of $60. The polic 2/1/2023 Hired an employee who works 4 hours per day and earns $20 per day. 2/1/2023 Purchased supplies (cups, spoons, straws, etc.) for $200. 2/1 - 3/31 Sold 1,000 snoballs for $1.50 each, using 40 bottles of snoball syrup. 2/12/2023 Paid employee $200 for work performed from 2/1 - 2/12. 3/10/2023 Purchased an additional 60 bottles of snoball syrup from the Snoball Stand Su 3/12/2023 Paid employee $400 for work performed from 2/15 - 3/12. Additional information: -At March 31, there were 13 days of unpaid wages. The bank loan accrues interest at a rate of 12% per year. -At March 31, $40 of supplies remained. -For simplicity, we will ignore depreciation on the snoball stand, equipment, and signage for 1\f\f\fSnoball syrup inventory: Purchase de Quantity Price Total 1/10/2023 50 150 W W 3/15/2023 60 180 On hand at 3/31/23: 70 THE SECTION BELOW CONTAINS THE JOURNAL ENTRIES THAT CORRESPOND TO THE ACCOUNTING EQUATION 1 2/1/2023 Prepaid insurance 60 Cash 60 350 3 2/1/2023 Supplies 200 Cash 200 4a 1,500 4a 2/1 -3/31 Cash 1,500 Sales revenue 1,500 810 4b Cost of goods sold 120 Snoball syrups 120 5 2/15/2023 Wages expense 200 Snoba Cash 200 300 6 3/15/2023 Snoball syrups 180 Cash 180 7 3/15/2023 Wages expense 400 Cash 400 800 Step 3: Prepare unadjusted trial balance (trial balance is below). Step 4: Prepare adjusting journal entries Cost of g 4b 120 8 3/31/2022 Wages expense 260 Wages payable 260 9 3/31/2022 Interest expense 10 Interest payable 10 120 10 3/31/2022 Supplies expense 160 Supplies 16011 3/31/2022 Insurance expense 10 Prepaid insurance 10 Interest 0 Unadj. 0 9 10 10 Step 1: Based on the Adjusted Trial Balance {Below), Prepare Closing Journal Entry and Post the Entry t Closing Step 2: Prepare the Post-Closing Triol Balance The Snoball Stand Trial Balance March 31, 2023 Unadjusted Adjusting Entries Adjusted Debit Credit Debit Credit Debit Credit Cash 210 810 Prepaid insurance 60 10 50 Supplies 200 160 40 Snoball syrups 210 210 Snoball stand 800 800 Equipment 100 100 Signage 100 100 Wages payable 0 260 260 Interest payable 5 10 15 Bank loan 500 500 Contributed capital 1,000 1,000 Retained earnings 5 5 0 Sales revenue 1,500 1,500 Cost of goods sold 120 120 Wages expense 600 260 860 Supplies expense 160 160 Interest expense 10 10 Insurance expense 10 10 Total 3,005 3,005 440 440 3,275 3,275 Step 3: Prepare Balance Sheet The Snoball Stand Balance Sheet March 31, 2023 Assets Cash Prepaid insurance Supplies Snoball syrups Snoball stand Equipment Signage Total Assets Liabilities and Owners' Equity Liabilities Wages payable Interest payable Bank loan Total Liabilities 0 Owners' Equity Contributed Capital Retained Earnings Total Owners' Equity 0 Total Liabilities and Owners' EquityN EXERCISE WE COMPLETED DURING OUR ROUNDTABLE SESSION ash Prepaid insurance Supplies o 60 1 200 H 60 W 200 3 Unadj 60 Unadj. 200 200 5 10 11 160 10 180 6 400 7 501 40 Il Stand Equipment Signage 100 100 100 100 oods sold Wages expense Supplies expense 200 co un 400 Unadj. 600 Unadj. 260 10 160 860 160 CI. CI. CI.\f\fOpen recovered workbooks? Your recent changes were saved. Do you want to continue working where you left off? * Office Update To keep up-to-date with security updates, fixes, and improvements, choose Check for Updates. R106 X v f A D G M The opening balance sheet of the Snoball Stand Supply Store on February 1, 2028 is as follows: The Snoball Stand Balance Sheet Imumy 31, 2023 Asset Cash 350 Snoball syrups (50 bottles) 150 9 Snoball stand 800 10 Equipment DOT 11 signage 100 12 13 Total Assets 1,500 14 15 Lisbilities and Owners' Equity 16 Liabilities 17 Bank loan 500 18 Interest payable 5 19 Total Liabilities 505 + 20 21 Owners' Equity 22 Contributed Capital 1,000 23 Accumulated Deficit (5) 24 Total Owners' Equity 995 25 26 Total Liabilities and Owners' Equity 1,500 27 28 The Snoball Stand's grand opening was on Febuary 1, 20231 The stand is open Wednesday through Sunday each week from 12pm to 4pm. 29 30 During February and March 2023, the following occured: 31 Trans ! Date Description 32 2/1/23 Purchased an insurance policy for the Snoball Stand at a cost of $60. The policy period runs 2/1/23 to 1/31/24. 33 2/1/23 Hired an employee who works 4 hours per day and earns $20 per day. 34 2/1/23 Purchased supplies (cups, spoons, straws, etc.) for $200. 35 2/1 -3/31 Sold 1,000 snoballs for $1.50 each, using 40 bottles of snoball syrup. 36 2/12/23 Paid employee $200 for work performed from 2/1 - 2/12. 37 3/10/23 Purchased an additional 60 bottles of snoball syrup from the Snoball Stand Supply Store for $3 per bottle. 38 3/12/23 Paid employee $400 for work performed from 2/15 - 3/12. 39 40 Additional information: 41 -At March 31, there were 13 days of unpaid wages 42 The bank loan accrues interest at a rate of 12% per year At March 31, $40 of supplies remained. 64 For simplicity, we will ignore depreciation on the snoball stand, equipment, and signage for the moment. SB Stand Months 2 & 3 TB2 Marge & Center v 5 - % 9 8 9 2 Conditional Format Cell Insert Delete Format Sort & Find & Formatting as Table Styles Analyz Filter Select Data Open recovered workbooks? Your recent changes were saved. Do you want to continue working where you left off? Yes No x Office Update To keep up-to-date with security updates, fixes, and improvements, choose Check for Updates. Check for Updates R106 4 x V fox 45 46 noball syrup inventory 47 purchase da Quantity 48 /10/23 50 150 49 /15/23 50 51 on hand at 3/31/23: 52 70 53 54 TION BELOW CONTAINS THE JOURNAL ENTRIES THAT CORRESPOND TO THE ACCOUNTING EQUATION EXERCISE WE COMPLETED DURING OUR ROUNDTABLE SESSION 55 56 57 58 /1/23 Prepaid Insurance 60 Cash Prepaid insurance Supplies Snoball syrups Wages payable Interest Payable 59 350 o 150 5 60 60 60 200 120 4b 61 /1/23 Supplies 200 200 180 62 Cash 200 1,500 Unadi 60 Unadj 200 o Unadj 5 63 2005 160 10 260 8 10 9 64 /1 - 3/31 Cash 1500 180 6 1500 400 50 40 210 260 15 66 810 Cost of goods sold 120 68 Snoball syrups 120 69 70 2/15/23 Wages expense 200 Snoball Stand Equipment Signage Contributed Capital Retained Earnings 71 200 800 100 100 1,000 72 73 3/15/23 Snoball syrups 180 74 Cash 80 75 76 3/15/23 Wages expense 400 Cash 800 100 100 1,000 78 79 80 tep 3: Prepare unadjusted trial balance (trial balance is below) 81 82 tep 4: Prepare adjusting journal entries Cost of goods sold Wages expense Supplies expense Sales revenue 83 120 200 1,500 4a 4 3/31/22 Wages expense 260 400 85 Wages payable 26 Unadj. 600 Unadj 87 3/31/22 Interest expense 60 160 38 Interest payable 10 120 860 160 1,500 SB Stand Months 2 & 3 TB + 85% MacBook AirOpen recovered workbooks? Your recent changes were saved. Do you want to continue working where you left off? Yes No Office Update To keep up-to-date with security updates, fixes, and improvements, choose Check for Updates. Check for Updates 4 x v fx AD AG AH AK the snoball stand, equipment, and signze SPOND TO THE ACCOUNTING EQUATION EXERCISE WE COMPLETED DURING OUR ROUNDTABLE SESSION 60 Cas Prepaid insurance Supplies Snoball syrups Wages payable Interest Payable Bank loan 60 350 150 500 60 1 60 200 120 4D 200 180 200 42 1,500 Unadj: 60 Unadj 200 Unadj 200 5 10 1: 60 10 260 8 10 9 1,500 180 6 400 7 50 40 210| 260 500 810 120 120 noball Stand Equipment Signage Contributed Capital Retained Earnings 200 1,000 200 800 100 100 180 80 + 400 1,000 400 800 100 100 belowl. Cost of goods sold Wages expense Supplies expense Sales revenue 1500 43 120 200 260 400 260 Unadj. 600 Unadj 10 260 10 SB Stand Months 2 & 3 TB 85% MacBook AirG M N o AA 2/1/23 Supplie 200 200 AC 180 62 Cash 200 4 1,500 Unadj 60 Unadj . 200 63 200 160 1 260 8 64 48 2/1-3/31 Cash 1 50 180 6 65 sales revenue 1 50 4007 210 66 810 67 Cost of goods sold 120 68 Snoball syrups 120 69 70 2/15/23 Wages expense 100 Snoball Stand Equipment signage Contributed Capital Retained Earnings 71 Cash 20 800 190 100 1,000 72 73 3/15/23 Snoball syrups 180 74 Cash 180 75 767 3/15/23 Wages expense 400 77 Cash 800 100 100 1,000 78 79 80 ep 3: Prepare unadjusted alance is below). 81 82 Step 4: Prepare adjusting journal entries Cost of goods sold Wages expense Supplies expense Sales revenue 83 120 200 1.500 48 260 1400 84 3/31/22 Wages expense 85 Wages payable 260 86 Unads 600 Unadj 260 160 87 3/31/22 Interest expense 10 38 Interest payable 10 1,500 89 120 860 160 90 3/31/22 Supplies expense 160 91 Supplies 160 + 32 93 11 3/31/22 Insurance expense 10 94 Prepaid insurance 95 Interest expense Insurance expense 96 97 98 99 Jnadi. 109 10 101 102 10 103 104 105 SB Stand Months 2 & 3 TB # B J - - +' 85% + MacBook Air F9 F10 F6 F2 5Open recovered workbooks? Your rec x Office Update To keep up-to-date with securit 106 XV fx 102 103 105 1061 Step 1: Based on the 107 108 Closing 109 111 112 113 114 116 117 Step 2: Prepare the Post-Closing Trial Balance The Snoball Stand Trial Balance March 31, 2023 122 Unadjusted Adjusting Entries Adjusted 123 Closing Entries Post-Closing Debit Credit Debit Credit Debit Credit Debit Credit 124 Debit Credit 810 810 125 Prepaid insurance 60 10 50 126 Supplies 200 160 40 127 Snoball syrups 210 210 8Shoball stand 800 800 129 Equipment 100 100 130 Signage 100 100 131 Wages payable 260 260 182 Interest payable 10 15 133 |Bank loan 500 500 134 Contributed capit 1,000 1,000 135 |Retained earnings 136 |Sales revenue 1,500 1,500 187 Cost of goods sold 120 120 138 Wages expense 600 260 860 139 Supplies expense 160 160 140 Interest expense 10 10 141| |Insurance expense 10 142 143 Total 3,005 3,005 440 440 3,275 3,275 144 145 146 Step 3: Prepare Balance Sheet 147 SB Stand Months 2 & 3 TB MacBook AirMerge & Center - Conditional Format Cell Formatting as Table Styles Insert Delete Format Sort & Filter Open recovered workbooks? Your recent changes were saved. Do you want to continue working where you left off? Office Update To keep up-to-date with security updates, fixes, and improvements, choose Check for Updates R106 142 143 Total 8,005 440 440 3,275 8,275 145 146 Step 8: Prepare Balance 147 148 the Snoball Stand 149 Balance Sheet March 31, 2023 151 Assets 152 Cash 153 Prepaid insurance 154 Supplies 155 Snoball syrups 156 Snoball stand 157 Equipment 8 Signage 159 0Total Assets 161 167 163 Liabilities 164 Wages payable 165 Interest payable 166 Bank loan 167 Total Liabilities 168 169 Owners' Equity 170 Contributed Capital Retained Earnings 172 Total Owners' Equity 173 174 Total Liabilities and Owners' Equity 175 176 177 178 179 180 181 182 183 184 185 186 SB Stand Months 2 & 3 TB MacBook Air