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1. Set up a general ledger, accounts receivable subsidiary ledger, accounts payable subsidiary ledger, auxiliary petty cash record, and payroll register. ( be sure to update ledger accounts based on information given in the post-closing trial balance for February 28 beginning)

2. Journalize the transactions, prepare the payroll register, and prepare the auxiliary petty cash record

3 update the accounts payable and accounts receivable subsidiary ledgers

4. Post to the general ledger

5 prepare a trail balance on a worksheet and complete the worksheet.

6. Prepare income statement, owners equity, and classified balance sheet.

7. Journalize the adjusting and closing entries

8. Post the adjusting and closing entries to the ledger

9. Prepare a post-closing trail balance

10. Complete form 941

TH COMPUTER CENTER Center sing the worksheet in Chapter 11 for Smith Computer the adjusting entries and prepare the financial statements.or Mini Practice Set The Elegant Dress Shop Reviewing the Accounting Cycle for a M ON THE JOB SNI min) L01,2 erchandise Company w all the key concepts of a payroll, including the preparation of This practice e set will help you revie along with the inrce the bookeeper for the Elegant bress Shop, we have Following information for you. It will be your task to complete the periodic inventory method for March. The company uses the THE ELEGANT DRESS SHOP POST CLOSING TRIAL BALANCE FEBRUARY 28, 201x 010100 Prepaid Rent Truck Accounts Payable FICA-OASDI Payable FICA-Medicare Payable SIT Payable SUTA Payable FUTA Payable Unearned Rent B. Duval, Capital 1299270 Totals Balances in subsidiary ledgers as of March 1 are as follows: Accounts Receivable Accounts Payable Bach Co.1,800 Danmark Co. $2,000 Danmark Co. Jhnsons Co Young Co.- Manny's Garage Thomas Co Payroll is paid monthly: FICA rate OASDI 6.2% on $117,000 SUTA rate FUTA rate SIT rate FIT Medicare 1.45% on all earnings 4.8% on $7,000 0.6% on $7,000 7% Use the table provided at the end of this practice set. TH COMPUTER CENTER Center sing the worksheet in Chapter 11 for Smith Computer the adjusting entries and prepare the financial statements.or Mini Practice Set The Elegant Dress Shop Reviewing the Accounting Cycle for a M ON THE JOB SNI min) L01,2 erchandise Company w all the key concepts of a payroll, including the preparation of This practice e set will help you revie along with the inrce the bookeeper for the Elegant bress Shop, we have Following information for you. It will be your task to complete the periodic inventory method for March. The company uses the THE ELEGANT DRESS SHOP POST CLOSING TRIAL BALANCE FEBRUARY 28, 201x 010100 Prepaid Rent Truck Accounts Payable FICA-OASDI Payable FICA-Medicare Payable SIT Payable SUTA Payable FUTA Payable Unearned Rent B. Duval, Capital 1299270 Totals Balances in subsidiary ledgers as of March 1 are as follows: Accounts Receivable Accounts Payable Bach Co.1,800 Danmark Co. $2,000 Danmark Co. Jhnsons Co Young Co.- Manny's Garage Thomas Co Payroll is paid monthly: FICA rate OASDI 6.2% on $117,000 SUTA rate FUTA rate SIT rate FIT Medicare 1.45% on all earnings 4.8% on $7,000 0.6% on $7,000 7% Use the table provided at the end of this practice set

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