This set is a service and merchandising business operated as a corporation. It includes narrative for six months of transactions, which are to be recorded in a general journal. The set can be solved manually or with the General Ledger software.<\/p>\n
GENERAL INSTRUCTIONS FOR JANUARY<\/p>\n
1) Journalize the transactions listed below and on the next page and post to the ledger accounts. Omit explanations.<\/p>\n
2) Prepare an unadjusted trial balance.<\/p>\n
3) Journalize the adjusting entries and post to the general ledger. Adjustment data are provided on the next page.<\/p>\n
4) Prepare an adjusted trial balance.<\/p>\n
5) Prepare a schedule of accounts receivable. List the balance of each customer account with a balance and total the balances. Compare the total to the balance of Accounts Receivable in the general ledger.<\/p>\n
6) Prepare an income statement for the month ended January 31, 20–.<\/p>\n
7) Prepare a retained earnings statement for the month ended January 31, 20–.<\/p>\n
8) Prepare a balance sheet as of January 31, 20–.<\/p>\n
9) Complete the analysis test for January on page 27.<\/p>\n
GENERAL INSTRUCTIONS FOR FEBRUARY<\/p>\n
1) Journalize the transactions listed below and on the next page and post to the ledger accounts. Omit explanations.<\/p>\n
2) Prepare an unadjusted trial balance.<\/p>\n
3) Journalize the adjusting entries and post to the general ledger. Adjustment data are provided on the next page.<\/p>\n
4) Prepare an adjusted trial balance.<\/p>\n
5) Prepare a schedule of accounts receivable.<\/p>\n
6) Prepare an income statement for the two months ended February 28, 20–. If not completing the optional requirements below, use only the year-to-date amount column to complete your statement.<\/p>\n
Optional: Prepare the statement for both the month of February and the year to date. Balances in the income and expense accounts currently reflect year-to-date activity. Complete the yearto-date income statement first. To calculate February figures, subtract January figures (from last month\u2019s income statement) from the year-to-date figures. Optional: Include vertical analysis figures in the statement by calculating the percent of each line item to total revenue. Note: If working the set with General Ledger software, the generated statement will automatically include monthly and year-to-date figures and include percentages for vertical analysis.<\/p>\n
7) Prepare a retained earnings statement for the two months ended February 28, 20–.<\/p>\n
8) Prepare a balance sheet as of February 28, 20–.<\/p>\n
9) Complete the analysis test for February on page 37.<\/p>\n
GENERAL INSTRUCTIONS FOR MARCH<\/p>\n
1) Journalize the transactions listed below and on the next page and post to the ledger accounts. Omit explanations.<\/p>\n
2) Prepare an unadjusted trial balance.<\/p>\n
3) Journalize the adjusting entries and post to the general ledger. Adjustment data are provided on the next page.<\/p>\n
4) Prepare an adjusted trial balance.<\/p>\n
5) Prepare a schedule of accounts receivable.<\/p>\n
6) Prepare an income statement for the three months ended March 31, 20–. If not completing the optional requirements below, use only the year-to-date amount column to complete your statement.<\/p>\n
Optional: Prepare the statement for both the month of March and the year to date. Balances in the income and expense accounts currently reflect year-to-date activity. Complete the year-todate income statement first. To calculate March figures, subtract year-to-date figures of February\u2019s income statement from March\u2019s year-to-date figures. Optional: Include vertical analysis figures in the statement by calculating the percent of each line item to total revenue. Note: If working the set with General Ledger software, the generated statement will automatically include monthly and year-to-date figures and include percentages for vertical analysis.<\/p>\n
7) Prepare a retained earnings statement for the three months ended March 31, 20–.<\/p>\n
8) Prepare a balance sheet as of March 31, 20–.<\/p>\n
9) Complete the analysis test for March on page 47.<\/p>\n","protected":false},"excerpt":{"rendered":"
This set is a service and merchandising business operated as a corporation. It includes narrative for six months of transactions, which are to be recorded in a general journal. The set can be solved manually or with the General Ledger Read More …<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-117511","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/117511","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/comments?post=117511"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/117511\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=117511"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=117511"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=117511"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}