Chapter 4, Problem P4.43PS

Completing the accounting cycle from adjusted trial balance to post−closing trial balance with an optional worksheet

Refer to the Practice Set data provided in Chapter 2 and 3 for Crystal Clear Cleaning.

Requirements

1. Prepare a worksheet (optional) at November 30, 2018. Use the unadjusted trial balance from Chapter 2 and the adjusting entries from Chapter 3.
2. Prepare an invoice statement and statement of owner’s equity for the month ended November 30, 2018. Also prepare a classified balance sheet at November 30, 2018, using the report format. Assume the Notes Payable is long−term. Use the worksheet prepared in Requirement 1 or the adjusted trial balance from Chapter 3.
3. Prepare closing entries at November 30, 2018, and post to the accounts. Open T−accounts for Income Summary and Hideaway, Capital. Determine the ending balance in each account. Denote each closing amount as Clos, and each account balance as Balance.
4. Prepare a post−closing trial balance at November 30, 2018.