accounting final

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Hope all you guys are having a good fall break (you all deserve a little

R&R). I wanted to help you with the accounting cycle project (try to use

excel). Follow this guide and you guys will be fine:

1) Read the problem

2) Read the problem properly ( this time without going to youtube )

3) Journalize all entries, if you are using excel sum the debit and credit

columns to make sure they are equal.

4) Create ledger accounts using as beginning balances the amounts in the trial balance


5) Post journal entries to ledger, make sure you don’t forget any.

6) Create unadjusted trial balance from the ledger

7) Prepare adjusting entries and post to ledger

8) Prepare adjusted trial balance

9) Prepare closing entries, remembering to close Income summary to Retained


10) Create the final trial balance

11) Prepare Income statement, Statement of retained earnings, and Balance sheet

in that order


12) Add a couple of short footnotes explaining the depreciation and which

inventory choices you made.

Praise the Accounting Gods!!!!! you finished and start studying for your Exam 3

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