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Completing End-ofPeriod Activities At the end of December, the general ledger for Job

Accounting: First Year Course | 1st Edition | ISBN: 9780078688294 | Authors: Glencoe ISBN: 9780078688294 416

Solution for problem 10-9 Chapter 10

Accounting: First Year Course | 1st Edition

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Accounting: First Year Course | 1st Edition | ISBN: 9780078688294 | Authors: Glencoe

Accounting: First Year Course | 1st Edition

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Problem 10-9

Completing End-ofPeriod Activities At the end of December, the general ledger for Job Connect showed the following account balances: General Ledger 101 Cash in Bank 6,000 207 Accts. Pay.Wildwood 105 Accts. Rec. Furniture Sales 2,000 CompuRite Systems 1,000 301 Richard Tang, Capital 23,600 110 Accts. Rec. 302 Richard Tang, Marquez Manufact. 500 Withdrawals 3,000 113 Accts. Rec.Roaring 303 Income Summary Rivers Water Park 600 401 Placement Fees Revenue 6,900 115 Accts. Rec.M. Spencer 200 405 Technology Classes 130 Office Equipment 7,000 Revenue 2,400 135 Office Furniture 5,000 501 Advertising Expense 3,000 140 Computer Equipment 8,500 505 Maintenance Expense 800 201 Accts. Pay.Micro 510 Miscellaneous Expense 800 Solutions Inc. 2,800 520 Rent Expense 2,000 205 Accts. Pay.Vega 530 Utilities Expense 900 Internet Services 1,600 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. 3. Record the closing entries on page 28 of the general journal. 4. Post the closing entries. 5. Prepare a post-closing trial balance.

Step-by-Step Solution:

Problem 10.9

Completing End-of Period Activities

At the end of December, the general ledger for Job Connect showed the following account balances:

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.

3. Record the closing entries on page 28 of the general journal.

4. Post the closing entries.

5. Prepare a post-closing trial balance.

                                                              Step by Step Solution

Step 1 of 6

Statements that reflect the summary of all the financial business transactions occurred during the financial year are known as financial statements. It includes the income statement of the company, balance sheet of the company and the statement of cash flow.

Step 2 of 6

Chapter 10, Problem 10-9 is Solved
Step 3 of 6

Textbook: Accounting: First Year Course
Edition: 1
Author: Glencoe
ISBN: 9780078688294

Accounting: First Year Course was written by and is associated to the ISBN: 9780078688294. This full solution covers the following key subjects: . This expansive textbook survival guide covers 29 chapters, and 429 solutions. This textbook survival guide was created for the textbook: Accounting: First Year Course, edition: 1. The full step-by-step solution to problem: 10-9 from chapter: 10 was answered by , our top Business solution expert on 03/14/18, 05:31PM. Since the solution to 10-9 from 10 chapter was answered, more than 1150 students have viewed the full step-by-step answer. The answer to “Completing End-ofPeriod Activities At the end of December, the general ledger for Job Connect showed the following account balances: General Ledger 101 Cash in Bank 6,000 207 Accts. Pay.Wildwood 105 Accts. Rec. Furniture Sales 2,000 CompuRite Systems 1,000 301 Richard Tang, Capital 23,600 110 Accts. Rec. 302 Richard Tang, Marquez Manufact. 500 Withdrawals 3,000 113 Accts. Rec.Roaring 303 Income Summary Rivers Water Park 600 401 Placement Fees Revenue 6,900 115 Accts. Rec.M. Spencer 200 405 Technology Classes 130 Office Equipment 7,000 Revenue 2,400 135 Office Furniture 5,000 501 Advertising Expense 3,000 140 Computer Equipment 8,500 505 Maintenance Expense 800 201 Accts. Pay.Micro 510 Miscellaneous Expense 800 Solutions Inc. 2,800 520 Rent Expense 2,000 205 Accts. Pay.Vega 530 Utilities Expense 900 Internet Services 1,600 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. 3. Record the closing entries on page 28 of the general journal. 4. Post the closing entries. 5. Prepare a post-closing trial balance.” is broken down into a number of easy to follow steps, and 171 words.

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Completing End-ofPeriod Activities At the end of December, the general ledger for Job