accounting principles

Overview

1. General Ledger tab: Enter the account balances for January 1, 20X2 from the postclosing trial balance prepared on December 31, 20X1, which appears in Figure 6.3.
2. General Journal tab: Analyze each of the transactions listed for January and record it in the general journal.
3. General Ledger tab: Post the transactions to the general ledger accounts.
4. Worksheet tab: Prepare the Trial Balance section of the worksheet.
5. Worksheet tab: Prepare the Adjustments section of the worksheet using the adjusting transactions.
6. Worksheet tab: Complete the worksheet.
7. Income Statement tab: Prepare an income statement for the month.
8. Statement of Owner's Equity tab: Prepare a statement of owner’s equity.
9. Balance Sheet tab: Prepare a balance sheet.
10. Adjusting and Closing tab: Record the adjusting entries and the closing entries in the general journal.
11. General Ledger tab: Post the adjusting entries and the closing entries to the general ledger accounts.
12. Post Closing tab: Prepare a postclosing trial balance.