INTERMEDIATE ACCOUNTING I COMPREHENSIVE PROBLEM
Instructions: You are the new staff accountant for Salem Bread Company. Salem is a wholesale bread distribution company which buys and distributes gourmet artisan breads to fine restaurants and other upscale establishments. You were hired on January 1, 2016 and are responsible for all phases of the accounting cycle. Salem uses the perpetual method of accounting for inventory and a manual accounting system (i.e. all your work should be done by hand using the attached forms).
Upon review of Salem's accounting manual, you find the following list of monthly procedures:
1) Post opening trial balance to T-Accounts
2) Analyze and prepare journal entries for transactions
3) Prepare an unadjusted trial balance
4) Analyze and prepare journal entries for January 2016 adjustments
5) Post the adjusting journal entries to the T-accounts
6) Prepare an adjusted trial balance
7) Prepare an income statement, statement of retained earnings, and balance sheet for January
8) Prepare and journalize closing entries
9) Post the closing entries to the T-accounts
10) Prepare a post-closing trial balance
11) Prepare and journalize the February 1st reversing entries
Being a new and conscientious staff accountant at Salem, you decided to use Salem's procedure list above and complete steps 1 through11 for the month of January 31, 2016 using the attached information.
For Other Details check the attached file.
Attachment:- Comprehensive-Project.rar