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INSTRUCTIONS:
- The chart of accounts and the post-closing trial balance as of February 28, 2015 are given. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of the ledger. Date the balances March 1, 2015, and place a check mark ( ü ) in the Posting Reference column. Journalize each of the March transactions in the journal provided using Samuel Technology Service’s chart of accounts.(Do not insert the account numbers in the journal at this time).
- Post the journal to the ledger.
- Prepare an unadjusted trial balance.
- At the end of March, the following adjustment data were assembled. Use this data to complete instructions ( 5 ) and ( 6 ):
- Optional:Enter the unadjusted trial balance on an end-of-period spreadsheet/worksheet and complete the worksheet.
- Journalize and post the adjusting entries.
- Prepare an adjusted trial balance.
- Prepare an Income Statement, Statement of Owner’s Equity, and Balance Sheet.
- Record and post the closing entries. Income Summary is account #33 in the chart of accounts. Indicate closed accounts in the ledger by inserting a line in both of the Balance columns opposite each closing entry.
- Supplies on hand were $ 1,200.
- Rent expired during the month was $ 3,200.
- Unearned fees at the end of the month were $ 4,000.
- Insurance expired during the month was $ 600.
- Accrued salaries payable were $ 480.
- Depreciation on equipment during the month was $ 660.
10.Prepare a post-closing trial balance.
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