Describe journal in chronological order, Business Law and Ethics

For the transactions provided below for the Braves Corporation during 2011, complete the following steps of the accounting cycle (round all answers and journal entries to the nearest whole dollar):

1. Journalize all the given transactions for 2011 in the general journal. Record the transactions in the journal in chronological order.

2. Post the journal entries to the ledger. Current balances are provided in the ledger accounts.

3. Prepare a 12/31/11 unadjusted trial balance in a 10-column worksheet.

4. Journalize all adjusting entries needed at 12/31/11 (Braves Corporation does not record monthly adjusting entries, only year-end adjusting entries).

5. Post the adjusting journal entries to the ledger. You may use General & Administrative Expense to record any additional rent expense, supplies expense, and insurance expense.

6. Complete the 10-column worksheet.

7. From the completed worksheet, prepare a multi-step income statement, classified balance sheet, and statement of retained earnings for the year 2011.

8. Journalize all closing entries needed at 12/31/11.

9. Post the closing entries to the ledger.

10. Prepare a post-closing trial balance at 12/31/11.

11. Round to the nearest dollar in your computations (i.e., $133.33 should be $133, and $198.57 should be $199). None of your journal entries should have cents associated with them.

Posted Date: 3/26/2013 8:09:38 AM | Location : United States

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