Chapter 3, Problem 1CE

This exercise continues the accounting process for Sensations Salon, Inc., from the Continuing Exercise in Chapter 2. Refer to the T-accounts and the trial balance that you prepared for Sensations Salon, Inc., at May 31, 2018.

Requirements

1. 1. Open these additional T-accounts: Accumulated Depreciation, Equipment; Depreciation Expense, Equipment; and Supplies Expense.
2. 2. A physical count shows $88 of supplies on hand at May 31, 2018. Depreciation of equipment for the month totals $53. Journalize any required adjusting journal entries and post to the T-accounts, identifying all items by date.
3. 3. Prepare the adjusted trial balance at May 31, 2018.
4. 4. Journalize and post the closing entries at May 31. Denote each dosing amount as C/o and an account balance as Bal.
5. 5. Prepare a post-closing trial balance at May 31, 2018.