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Completing Period-End Activities The general ledger for Show biz Video shows the
Chapter 10, Problem 10-8(choose chapter or problem)
Completing Period-End Activities
The general ledger for Show biz Video shows the following at December 31:
Instructions Using the preceding account names and balances:
1. Prepare the six-column work sheet. The period covered is one month.
2. Prepare the financial statements. Greg Failla invested $10,000 during the month.
3. Record the closing entries on page 12 of the general journal.
4. Post the closing entries.
5. Prepare a post-closing trial balance.
Calculate the total amount of all the accounts receivable accounts on December 31.
Questions & Answers
QUESTION:
Completing Period-End Activities
The general ledger for Show biz Video shows the following at December 31:
Instructions Using the preceding account names and balances:
1. Prepare the six-column work sheet. The period covered is one month.
2. Prepare the financial statements. Greg Failla invested $10,000 during the month.
3. Record the closing entries on page 12 of the general journal.
4. Post the closing entries.
5. Prepare a post-closing trial balance.
Calculate the total amount of all the accounts receivable accounts on December 31.
ANSWER:
Problem 10.8
Completing Period-End Activities
The general ledger for Show biz Video shows the following at December 31:
Instructions. Using the preceding account names and balances:
1. Prepare the six-column work sheet. The period covered is one month.
2. Prepare the financial statements. Greg Failla invested $10,000 during the month.
3. Record the closing entries on page 12 of the general journal.
4. Post the closing entries.
5. Prepare a post-closing trial balance.
Step by Step Solution
Step 1 of 6
Entries that are prepared at the end of the accounting period are known as closing entries. These are prepared with the purpose of closing the temporary accounts used such as revenue and expenses accounts.