(L.OBJ. 1, 3, 7) Journalizing, posting, and reporting liabilities [35—45 min] The gener...

(L.OBJ. 1, 3, 7) Journalizing, posting, and reporting liabilities [35—45 min]

The general ledger of Quick Ship at June 30, the end of the company’s fiscal year, includes the following account balances before adjusting entries.

The additional data needed to develop the adjusting entries at June 30 are as follows:

Requirements

1. Using four-column format, open the listed accounts, inserting the unadjusted June 30 balances.

2. Journalize and post the June 30 adjusting entries to the accounts that opened. Key adjusting entries by letter.

3. Prepare the liabilities section of the balance sheet at June 30, 2012. Show total current liabilities and total liabilities.