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The unadjusted trial balance of PS Music as of July 31, 20Y5, along with the adjustment data for the two months ended July 31, 20Y5, are shown in Chapter 3. Based upon the adjustment data, the following adjusted trial balance was prepared: Instructions 1. (Optional) Using the data from Chapter 3, prepare an end-of-period spreadsheet. 2. Prepare an income statement, a statement of stockholders’ equity, and a balance sheet. 3. Journalize and post the closing entries. The retained earnings account is #32 in the ledger of PS Music. Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry. 4. Prepare a post-closing trial balance.

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Financial And Managerial Accounting

15th Edition
WARREN + 1 other
Publisher: Cengage Learning,
ISBN: 9781337902663

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Chapter
Section
BuyFindarrow_forward

Financial And Managerial Accounting

15th Edition
WARREN + 1 other
Publisher: Cengage Learning,
ISBN: 9781337902663
Chapter 4, Problem 1CONP
Textbook Problem
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The unadjusted trial balance of PS Music as of July 31, 20Y5, along with the adjustment data for the two months ended July 31, 20Y5, are shown in Chapter 3. Based upon the adjustment data, the following adjusted trial balance was prepared:

Chapter 4, Problem 1CONP, The unadjusted trial balance of PS Music as of July 31, 20Y5, along with the adjustment data for the

Instructions

  1. 1. (Optional) Using the data from Chapter 3, prepare an end-of-period spreadsheet.
  2. 2. Prepare an income statement, a statement of stockholders’ equity, and a balance sheet.
  3. 3. Journalize and post the closing entries. The retained earnings account is #32 in the ledger of PS Music. Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry.
  4. 4. Prepare a post-closing trial balance.

1.

To determine

Enter the unadjusted trial balance on an end of period spreadsheet and complete the spread sheet.

Explanation of Solution

Spreadsheet: A spreadsheet is a worksheet. It is used while preparing a financial statement. It is a type of form having multiple columns and it is used in the adjustment process. The use of a worksheet is optional for any organization. A worksheet can neither be considered as a journal nor a part of the general ledger...

2.

To determine

Prepare an income statement, a statement of stockholders’ equity and a balance sheet for two months ended July 31, 20Y5.

3.

To determine

Prepare the closing entries and post the closing entries into the T-accounts.

4.

To determine

Prepare a post-closing trial balance.

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Chapter 4 Solutions

Financial And Managerial Accounting
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