Adjusted Trial Balance to Post Closing Trial Balance Case Study

Adjusted Trial Balance

adjusted trial balance

Prepare Cookie Creations’ Income Statement (Simple) for the month of November, 2017

income statement

Comments on Income Statement for the month of November, 2017:

Cookie Creations has been profitable in November. It has a profit of $215 which is almost equal to one half of the revenue earned in November.


Prepare Cookie Creations’ Balance Sheet (Simple mixed order) as on November, 2017

balance sheet


Nancy had a very busy December. At the end of the month, Nancy prepared an adjusted trial balance.

adjusted trial balance


Comparative Adjusted Trial Balance for the month of November and December, 2017

comparative adjusted trial balance


Prepare an income statement for the 2 months ended December 31, 2017

statement of comprehensive income


Retained Earnings for the 2 months ended December 31, 2017

statement of retained earning


Classified Statement of Financial Position as on December 31, 2017 (Order of permanence)

The note payable has a stated interest rate of 6%, and the principal and interest are due on November 16, 2019

statement of financial position


Pass Closing Entries at December 31, 2017

closing entries


Make Ledger Account for Income Summary and Retained Earnings at December 31, 2017

income summary account


retained earnings account


Prepare a Post-Closing Trial Balance on December 31, 2017

post closing trial balance


>>> Read Current Assets


Mukharji, A., & Hanif, M. (2003). Financial Accounting (Vol. 1). New Delhi: Tata McGraw-Hill Publishing Co.

Narayanswami, R. (2008). Financial Accounting: A Managerial Perspective. (3rd, Ed.) New Delhi: Prentice Hall of India.

Ramchandran, N., & Kakani, R. K. (2007). Financial Accounting for Management. (2nd, Ed.) New Delhi: Tata McGraw Hill.

1 Comment

  1. Very nice notes


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