Prepare a trail balance on the trial balance tab be sure

Question

Best Bicycles Inc. - Accounting Cycle Case

Instructions

The objective of this accounting cycle case is to prepare and post December journal entries to Best Bicycle, Inc.'s general ledger, prepared a trial balance, balance sheet, and income statement as of December 31, 2011. Then you are to prepare and post a closing entry and a post closing trail balance,

You will note this excel worksheet has various tabs at the bottom to the page. Each tab represents a separate worksheet. To access each worksheet, click on the desired tab.

To start this project, go to the transactions tab and prepare journal entries to record each of these transactions. Rerecord each journal entry on the journal entry tab.

Next, post the journal entries to the general ledger located on the general ledger tab.

After all entries have been posted to the general ledger, prepare a trail balance on the trial balance tab. Be sure the trial balance is in balance, that the total debits equal the total credits. Do not proceed to the next step until the trial balance balances,

Prepare a balance sheet and income statement from the trial balance using the balance sheet and income statement tabs, Remember that you will need to include the net income or loss from your income statement in the retained earnings balance on the balance sheet for it to balance.

Next prepare and post closing entries to the general ledger.

The final step is to prepare a post closing trail balance. This should be done on the post closing trial balance tab. This trial balance should also be balanced.

Attachment:- Accounting Cycle.xlsx

Answer 1

For the accounting case study named ‘Best Bicycles Inc. - Accounting Cycle Case’; read the consider the instructions illustrated below and on behalf of that perform accordingly. The aim of this accounting cycle case is to make and post December journal entries to Best Bicycle, Inc.'s general ledger, made a trial balance, balance sheet and income statement as of December 31, 2011. Then you are to make and post a closing entry and a post closing the trail balance. Make a balance sheet and income statement from the trial balance employing the balance sheet and income statement tabs, keep in mind that you will require to comprise the total income or loss from your income statement in the retained earnings balance on the balance sheet for it to balance. After that, prepare and post closing entries to the general ledger. The last step is to make a post closing trail balance. This must be done on the post closing trial balance tab. This trial balance must as well be balanced.