Week 4 Solutions XACC/290
The following study guide contains detailed solutions to the problems in XACC/290 Week 4. Please see below for a breakdown of the assignment details.
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Ken Lumas started his own consulting firm, Lumas Consulting, on June 1, 2014. The trial balance at June 30 is as follows:
(a) prepare the adjusting entries for the month of june.
(b) post the adjusting entries to the ledger accounts. enter the totals from the trial balance as beginning account balances. (use t-accounts.)
c) prepare an adjusted trial balance at june 30, 2014.
The Soho hotel opened for business on May 1, 2014. Here is its trial balance before adjustment on May 31
(a) Journalize the adjusting entries on May 31.
(b) Prepare a ledger using T-accounts. Enter the trial balance amounts and post the
(c) Prepare an adjusted trial balance on May 31.
(d) Prepare an income statement and a retained earnings statement for the month of May
and a classified balance sheet at May 31.
(e) Identify which accounts should be closed on May 31.