Instructions
1.
Create T accounts (or other form of ledger) for
each account in the chart of accounts. Enter the balances of April’s post
closing trial balance in the T accounts.
2.
Journalize the May transactions.
3.
Post the transactions to the T accounts.
4.
Prepare an unadjusted trial balance for May.
5.
At the end of May, the following adjustment data
were assembled. Analyze and use these data to complete parts 6 and 7.
a.
Insurance expired during May is $300
b.
Supplies on hand on May 31 are $1,050.
c.
Depreciation of office equipment for May is
$330.
d.
Accrued receptionist salary on May 31 is $250.
e.
Rent expired during May is $1,600.
f.
Unearned fees on May 31 are $1,600.
6.
Journalize and post the adjusting entries.
7.
Prepare an adjusted trial balance
8.
Prepare an income statement, a statement of
shareholders’ equity, and a balance sheet.
9.
Prepare and post the closing entries.
10.
Prepare a post-closing trial balance.
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