1. Journalize and post normal monthly transactions to general ledger accounts in T accounts.

Jouranlize:

Date Account Description Debit Credit

1-Dec Rent Expense 5,000
1-Dec Cash 5,000
Post: ***Copy More T-Accounts here as

Assets
Cash
Beg Bal 140,000 5,000 12/1

Liabilities

Equity

Revenue

Expenses
Rent Expense
Beg Bal 69,400
12/1 5,000
More T-Accounts here as needed
 2. Prepare trial balance using Chapter 4 as a template (Hint: Assets first in order of liquidity)

Shumate Flooring
Unadjusted Trial Balance
December 31, 2015

Account Debit Credit

Cash
(Fill in the rest of the accounts with ending balances from requirement #1)
**Delete unnecessary rows or add as needed

Totals
r of liquidity)
 3. Journalize and post adjusting entries in the same T accounts from #1 above
(Hint for these T- Accounts you can copy from requirement 1 and make the necessary entries in the accounts below

Jouranlize:

Date Account Description Debit Credit

es in the accounts below)

Post (Copy t-accounts from requirement #1 here and make your adjusting entries):

Assets
Cash
Beg Bal

Liabilities

Equity

Revenue

Expenses
 4. Prepare an adjusted trial balance.

Shumate Flooring
Adjusted Trial Balance
December 31, 2015

Account Debit Credit

Cash
(Fill in the rest of the accounts with ending balances from requirement #3)
**Delete unnecessary rows or add as needed

Totals
 5. Generate income statement with gross profit, statement of retained earnings and classified balance sheet.
(Hint: This template is designed to get you started. Refer to your textbook to complete the financial statements)

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Income Statement
For the yearended Dec 31, 2015

Gross Sales

Net Income (Loss)

Shumate Flooring
Statement of Retained Earnings
For the yearended Dec 31, 2015

Beginning Retained Earnings

 Shumate Flooring
Balance Sheet
December 31, 2016

Assets
Current Assets
Cash
Total Liabilities & Stockholders Equity -
classified balance sheet.
the financial statements)
 6. Journalize and post closing entries in the same T accounts in requirement #1.
(Hint for these T- Accounts you can copy from requirement 3 and make the necessary entries in the accounts below)

Jouranlize:

Date Account Description Debit Credit

s in the accounts below)

Post (Copy t-accounts from requirement #3 here and make your closing entries):

Assets
Cash
Beg Bal

Liabilities

Equity

Revenue

Expenses
 7. Prepare a post closing trial balance.

Shumate Flooring
Post Closing Trial Balance
December 31, 2015

Account Debit Credit

Cash
(Fill in the rest of the accounts with ending balances from requirement #6)
**Delete unnecessary rows or add as needed

Totals