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ACC 290 Solutions - P4-2A and P4-3A

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Description

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. 

Summary of Tutorial

  • Full Solutions in Excel Format
  • All work shown for problems listed below
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Assignment Instructions

Problem 4-2A

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.

Problem 4-3A

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

adjusting entries.

(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.

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