ACCTNG 3401 Financial Accounting and Reporting-closing journal entries


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ACCTNG 3401 Financial Accounting and Reporting

Task:

Requirements

1) For each of the lettered issues (a-l) in the analysis section below, there is a worksheet I the Excel file for you to enter correcting/adjusting journal entry(ies), your explanation of the issue and why your J/E fixes the problem, and your detailed calculations. You do not need to round intermediate calculations, but you should round all journal entries to Whole dollars.

2) On the [Trial Bal] worksheet, summarize your correcting/adjusting journal entries in (yellow-shaded) columns K+L of the [Trial Bal] worksheet. I’ve already entered Excel formulas in columns N+O to dynamically create an adjusted trial balance from the unadjusted trial balance and your entries in columns K+L. Make sure it balances!

3) On the [Closing] worksheet, enter all the necessary closing journal entries.

4) On the [Trial Bal] worksheet, summarize your closing journal entries from the [closing] worksheet in (yellow-shaded) columns Q+R. The formulas in columns T+U will automatically create the final trial balance. Make sure it balances!  

When you are done, take a look at the [Inc St] and [Bal Sht] worksheets, which are automatically prepared (using Excel formulas) from your completed [Trial Bal] sheet. Note these use the account names in column A and the line item names in column B so don’t change those. These statements are provided so you can verify that your results look reasonable.

ACCTNG 3401 Financial Accounting and Reporting

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