Adjusted Trial Balance to Post Closing Trial Balance Case Study
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Adjusted Trial Balance
Prepare Cookie Creations’ Income Statement (Simple) for the month of November, 2017
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
Nancy had a very busy December. At the end of the month, Nancy prepared an adjusted trial balance.
Comparative Adjusted Trial Balance for the month of November and December, 2017
Prepare an income statement for the 2 months ended December 31, 2017
Retained Earnings for the 2 months ended December 31, 2017
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
Pass Closing Entries at December 31, 2017
Make Ledger Account for Income Summary and Retained Earnings at December 31, 2017
Prepare a Post-Closing Trial Balance on December 31, 2017
>>> Read Current Assets
References
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.
Very nice notes