Homework
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Midterm Exam Part 2, of course, ACC 1A - RCC Summer 2017
- You will be given an unadjusted trial balance
- You will be required analyze and journalize 4-5 adjusting entries, then post them to the general ledger accounts.
- Once this is done, you will be required to update the account balances and prepare an adjusted trial balance, in order to prepare the financial statements: incomes statement, retained earnings statement and balance sheet.
- You will be required to journalize and post the closing entries: "closing process" - - close income/revenue accounts, close expense accounts, close income summary to retained earnings; close dividends into retained earnings.
- You will be required to prepare a post closing trial balance.
- We reviewed this process in class and we will review it again on Wednesday, but I gave you reference to the exhibits and PPT slides, that will help you in this process.
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