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Penn Foster Exam 061579 J & L Accouting, Inc Journal Entries Balance Sheet Retained Earning Answer
2) Journalize the following transactions in the general journal
3) Post the general journal entries from the journal to the corresponding general ledger accounts,
4) Calculate the balances in the general ledger accounts.
5) Create an unadjusted trial balance from the balances in the general ledger accounts.
6) Journalize the following adjusting journal entries in the general journal, being sure that the debits equal the credits:
a. Calculate and make the adjustment for the amount of pre-paid rent that has been used.
b. Make an adjusting journal entry in the amount of $1,000 for depreciation of the vehicles.
c. Make an adjusting journal entry in the amount of $100 for depreciation of the equipment.
Adjusted Trial Balance
7) Post the adjusting journal entries to the respective general ledger accounts, again being sure that the postings are to the correct debit or credit side and that the Post Ref. column is used.
8) Calculate the new balances in the general ledger accounts.
9) Create the income statement for J & L Accounting, Inc. using the information from the adjusted trial balance.
10) Create the closing journal entries in the general journal to close the revenue, expense, and dividend accounts to the retained earnings account, paying attention to debits equaling credits. 13) Create a post-closing trial balance from the balances in the general ledger accounts
14) Create the balance sheet for J & L Accounting, Inc. using the information from the post-closing trial balance.
15) Create the statement of retained earnings for J & L Accounting, Inc. using the ending balance from the statement of retained earnings from the prior period and the net income from the income statement for the January accounting period.