INSTRUCTIONS
1) Enter the beginning balances from the November 30th Trial Balance tab into the T-Accounts tab.
2) Enter the transactions into the T-Accounts. Be sure to enter equal amounts on the debit and credit sides of the T-Accounts so you stay in balance.
3) You can do a Trial Balance at any time to make sure that you are still in balance.
Press "=" then go to the T-Accounts tab and click on the account balance and press ENTER.
4) Calculate the Cost of Food Sold on the COGS tab.
Calculate the Cost of Beverages Sold on the COGS tab.
Adjust the Inventory and COGS accounts on the T-Accounts tab.
5) Complete an adjusted Trial Balance before the preparation of the Financial Statements.
6) Complete the Income Statement using the figures on the Adjusted Trial Balance.
7) Complete the Balance Sheet using the figures on the Adjusted Trial Balance.
Remember to adjust the Capital Account by the Net Income (Loss).
8) The Answers tab should populate automatically. Do not make any changes to this page.
Attachment:- Group-project-fa-16-template.xlsx