1,Create T?accounts as needed. Post beginning balances given in the problem. Post journal entries and adjustments to T?accounts. Calculate total for each T?account.(ONE (1) T?account for each account, used throughout the entire problem)2,Create an Adjusted Trial Balance.3, Create a multi?step Income Statement. Ignore Income Tax Expense (we will not calculate income tax for this problem). Here are hints for the proper format:Sales RevenueCOGSGross ProfitOperating Expenses (list each operating expense on a separate line)Net Income from OperationsOther Expenses/LossesNet Income4, Create a Statement of Stockholder’s Equity. The only change is to Retained Earnings(increase by the amount of net income).5,Create a classified Balance Sheet. A classified balance sheet lists current and long? term assets and liabilities.6?Record closing journal entries. Post to T?accounts.7, Create a Post?Closing Trial Balance.
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