Use Excel 1 Create an adjusted trial balance. Use very few accounts 3 asset, 2 liability 3 stockholder's equity, 1 revenue, 2 expense ) Do not do a worksheet. You must have the contra accounts dividends and accumulated depreciation - eq . Make up the numbers. It must balance. 2 . Create an income statement, retained earnings statement and balance sheet.3. . Journalized the closing entries. Zero out the income statement accounts to income summary, then zero out income summary to retained earnings. Zero out dividends to retained earnings. ( You have just increased the equity of the company by the net income, minus what was given to the owners. ) 4 . Post the closing journal entries to the ledger. Use the adjusted trial balance for the beginning balances. Use a three column format. After your done all the income statement and dividend accounts should be zero to get ready for the next month. 5 . Create a post closing trial balance.

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Financial Statements and Closing Entries Data Lets assume the following account balances for our exa... View the full answer