Create the closing journal entries in the general journal

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Reference no: EM132641857

Question 1: Create the closing journal entries in the general journal to close the revenue, expense, and dividend accounts to the retained earnings account, paying attention to debits equaling credits.

Question 2: Post the closing journal entries to the respective general ledger accounts.

Question 3: Calculate the balances in the general ledger accounts.

Question 4: Create a post-closing trial balance from the balances in the general ledger accounts using the same blank form that was provided in step 5 when you created the unadjusted trial balance. The post-closing trial balance should be in the same format as the post-closing trial balance provided at the beginning of the project for the prior accounting period. Make sure the math is correct and that the debit column is equal to the credit column. If not, don't continue until the error has been found.

Reference no: EM132641857

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