You shoulduse Excelformula where appropriate andcellreferences to carryforwardvalues andnumbersbetween worksheets within the workbook.Simply typing values in Excel willresultin a reducedscore,evenif thecorrectsolutionisprovided. Youshould useformulawherever possible.
- Analyze thenarrative to prepare andrecord the transactionsfor December to the GeneralJournal.
- Post the journal entries to ledger accounts using T-accounts (Don’t forget the opening balances from the information given on the post-closing trial balance on Nov. 30th.)
- Complete the trialbalance on theworksheet.
- Analyze thenarrative to prepareAdjusting Entries and record themto the T-accountsandtheworksheet.
- Prepare the Adjusted TrialBalance on theworksheet.
- Carry forwardthe appropriate balances to the IncomeStatement andBalance Sheet columnsonthe worksheet.
- Prepare IncomeStatementandtheRetained Earnings Statement for the month endedDecember 31,2015and Balance Sheet asofDecember 31,2015in goodforms.Use the multi-step format for the Income Statement.
- Close the income statement accounts, posting any net income or loss to retained earnings. Post the