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Completing End-of-Period Activities The general ledger accounts for Rivers Edge Canoe &
Chapter 20, Problem 20-7(choose chapter or problem)
Completing End-of-Period Activities
The general ledger accounts for River’s Edge Canoe & Kayak as of December 31, the end of the period, appear in the working papers.
Instructions In your working papers:
1. Prepare a trial balance on a ten-column work sheet.
2. Complete the work sheet. Use the following adjustment information.
\(\begin{array}{|l|l|} \hline \text { Merchandise inventory, December } 31 & \$ 20,000 \\ \hline \text { Supplies inventory, December } 31 & 900 \\ \hline \text { Unexpired insurance, December } 31 & 1,800 \\ \hline \text { Total federal corporate income taxes for the year } & 2,965\\ \hline \end{array}\)
3. Prepare an income statement from the work sheet information.
4. Prepare a statement of retained earnings.
5. Prepare a balance sheet.
6. Journalize and post the adjusting entries. Begin on general journal page 14.
7. Journalize and post the closing entries.
8. Prepare a post-closing trial balance.
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QUESTION:
Completing End-of-Period Activities
The general ledger accounts for River’s Edge Canoe & Kayak as of December 31, the end of the period, appear in the working papers.
Instructions In your working papers:
1. Prepare a trial balance on a ten-column work sheet.
2. Complete the work sheet. Use the following adjustment information.
\(\begin{array}{|l|l|} \hline \text { Merchandise inventory, December } 31 & \$ 20,000 \\ \hline \text { Supplies inventory, December } 31 & 900 \\ \hline \text { Unexpired insurance, December } 31 & 1,800 \\ \hline \text { Total federal corporate income taxes for the year } & 2,965\\ \hline \end{array}\)
3. Prepare an income statement from the work sheet information.
4. Prepare a statement of retained earnings.
5. Prepare a balance sheet.
6. Journalize and post the adjusting entries. Begin on general journal page 14.
7. Journalize and post the closing entries.
8. Prepare a post-closing trial balance.
ANSWER:Step 1 of 9
Adjusted Trial balance:
The final list of all the temporary accounts and permanent accounts prepared after making the final adjustment is known as the adjusted trial balance. Such balances are already adjusted with the year-end adjustments.
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