Assignment:
Requirements:
1: Prepare journal entries to record the March transactions in the General Journal below. Remember that Debits must equal Credits-All of your Journal Entries should balance.
2: Post the March journal entries to the following T-Accounts and compute ending balances.
3: Prepare a trial balance for March in the space below.
4: Prepare adjusting entries using the following information in the General Journal below. Show your calculations!
a) One month's insurance has expired.
b) The remaining inventory of repair supplies is $200.
c) The estimated depreciation on repair equipment is $120.
d) The estimated income taxes are $65.
5: Post the adjusting entries on March 31 below to the General Ledger T-accounts and compute adjusted balances. Just add to the balances that are already listed.
6: Prepare an Adjusted Trial Balance in the space below.
7: Prepare the financial statements for Bethany's Bicycle Corporation as of March 31 in the space below.
You will only be preparing the Income Statement, Statement of Retained Earning, and the Balance Sheet.
The Statement of Cash Flows is a required Financial Statement, but is not required for this project.
8: Prepare the closing entries at March 31 in the General Journal below. Hint:Use the balances for each account which appear on the Adjusted Trial Balance for your closing entries.
9: Post the closing entries to the T-Accounts on the General Ledger worksheet and compute ending balances. Just add to the adjusted balances already listed.
10: Prepare a post-closing trial balance as of March 31 in the space below.
Attachment:- Journal entries.rar