Acc121 Financial and Managerial Accounting: Practice Set: My Place, House of Décor (JANUARY ONLY)

Acc121 Financial Accounting

Practice Set: My Place, House of Décor (JANUARY ONLY)
This set is a service and merchandising business operated as a corporation. It includes narrative for six months of transactions, which are to be recorded in a general journal. The set can be solved manually or with the General Ledger software.

GENERAL INSTRUCTIONS FOR JANUARY
1) Journalize the transactions listed below and on the next page and post to the ledger accounts. Omit explanations.
2) Prepare an unadjusted trial balance.
3) Journalize the adjusting entries and post to the general ledger. Adjustment data are provided on the next page.
4) Prepare an adjusted trial balance.
5) Prepare a schedule of accounts receivable. List the balance of each customer account with a balance and total the balances. Compare the total to the balance of Accounts Receivable in the general ledger.
6) Prepare an income statement for the month ended January 31, 20--.
7) Prepare a retained earnings statement for the month ended January 31, 20--.
8) Prepare a balance sheet as of January 31, 20--.
9) Complete the analysis test for January on page 27.
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