Question

Record the following transactions in the appropriate journals from April 23-30.

4. Prepare an income statement, a statement of owner's equity, and a balance sheet. 5. Journalize the adjusting entries and post to the general ledger. 6. Journalize the closing entries on page 7 of the general journal. Post to the general ledger, indicating closed accounts by inserting a horizontal line in both balance columns. 7. Prepare a post-closing trial balance. GENERAL LEDGER SOFTWARE INSTRUCTIONS Carefully read the introduction and general instructions to the Fit & Fashionable practice set on pages 1-3, and review the chart of accounts on the inside cover of Booklet 2. Follow the steps below to complete this practice set using the Cengage Learning General Ledger (CLGL) software inside the CengageNOW learning management system. 1. This practice set is broken into three separate assignment parts, each graded separately. When you begin the second and third parts, all account balances will be set correctly for the beginning of that part, in order to prevent any previous errors from compounding. 2. To access additional help with the General Ledger functions, click on the Help button that appears near the bottom of the screen. (Note that you may need to scroll down and over to see this button.) 3. All account setups and opening balances required to begin this problem are loaded when you select the problem from the CengageNOW assignment menu. Click on the Save and Exit button at the bottom of your screen at any point to save your work if you need to stop working to continue later. Your work will automatically be restored when you return. 4. For Parts 1 and 2: a. Set the System Date near the bottom of the screen to 4/01/18 for Part 1, or 4/16/18 for Part 2. (Note that you may need to scroll down to see the System Date box.) b. Enter the journal entries required (if any) from the transactions or source documents dated April 1 through April 15 for Part 1, or those dated April 16 through April 30, up to but not including the Adjusting Entries, for Part 2. Click on the General Ledger tab, and propriate journal entry from the Tasks menu in the left menu bar, using the following criteria: Record the purchase of inventory on account only, and any other transactions with credits to Accounts Payable, in the Purchases Journal Record sales of inventory on account only in the Sales Journal, using the invoice number as the reference. (Note that this journal is called the Revenue Journal in some texts.) Record ALL cash payments, for whatever reason, in the Cash Payments Journal, using the check number as the reference. Record ALL cash receipts, including cash sales, in the Cash Receipts Journal Record adjustments and any other transactions that do not fit the above criteria in the General Journal Detailed instructions for entering transactions in each journal are found in the online instructions attached to each part of the set.

Thanks in advance!