Closing Entries Project
The attached excel worksheet is the project. You will complete the worksheet by making the necessary adjustments. Afterwards, you will prepare the adjusted trial balance, income statement, and balance sheet. The worksheet is the only one that you will use and return. Do not convert it into PDF. Points will be taken off for not following instructions.
Once completed the computations in the worksheet, you will formalize the project by preparing the corresponding journals for the adjusting entries and closing entries Closing Entries Project.
Below you will find some complimentary information for the adjusting entries to be made within the class project case assigned.
- In order to determine the amount of supplies used, it is necessary to make a count of the amount on hand on December 31. The amount has been stated. Find the amount of supplies that have been used.
- From the original insurance, there was some insurance that expired.
- Salaries accrued but not paid during the year.
- Received interests that had been earned from a client, but not recorded.
- Received cash from a client for services to be rendered on January 11, 2022.