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Palsade Creek Co. is a merchandising business that uses the During May, the last month of the fiscal year, transactions were completed. In Part 1 of this problem, the accounting cycle was completed up through the preparation of the adjusted trial balance. Required: 8. If you compieted the end-of-period work sheet in Part 1 , use the adjusted trial baiance figures: to propare an income statement, a statement of owner's equity, and a batance sheet. II you didn' complete the end-ol-period work sheet in Part 1, use the ledger (the Excol spreadsheet) to prepare an income statement, a statement of owner's equity, and a batance sheet." 9. A. Prepare the closing entries. Record the closing entries an Page 23 of the journal. Refer to the chart of accounts for the exact warding of the acoount tities. CNOW journals do not use Wines for joumal explanations. Every line an a joumal page is used for deblt or credit entries. CNOW joumals wall automatically indent a credit enty when a crectit amount is entered. B. Post the closing entries to the fedger of four-column accounts. Add the appropriate posting reference to the journal. 10. Prepare a post-closing trial balance. Accounts with zero batances can be left blank: 'For guidance in comploting the financial statements, be sure to read the instructions above each statement carofuly. 8. If you completed the end-ol-period work sheet in Part 1, use the adjusted trial balance figures to propare an statement. If you didn t complete the end-of-period work sheet in Part 1. use the ledger (the Excel spreadshee income statement. Be suro to complefe the statement heading. Fefer to the account names in the instructions Labels and Amount Descriptions for the exact wording of text entries. Enter amounts as positive numbers unle is a calculation that resuils in a negative amount. For example: Net loss should be negative. Expenses should. 8. If you completed the end-of-period work sheet in Part 1, use the adjusted trial balance figures to prepare a statement of owner's equity. If you didn't complete the end-of-period work sheet in Part 1, use the ledger (the Excel spreadsheet) to prepare a statement of owner's equity. Be sure to complete the statement heading. Refer to the lists of Labels and Amount Descriptions for the exact wording of text entries. Enter amounts that represent reduction as negative numbers using a minus sign. 8. If you completed the end-ol-period work sheet in Part 1, use the adjusted trial balance figures to prepare a balance sheet. If you didnt complete the end-of-peniod work sheet is Part 1, use the ledger the Excel spreadsheet to prepare a balance sheet. Be sure to complete the statement heading. Refer to the account names in the instructions and the lists of Labels and Amount Descriptions for the exact wording of text entries. You will not need to enter colons (") or the word LLess" on the balance sheet; they will autamatically insert where necessary Enter all amounts as positive numbers. 9. A. Prepare the closing entries. Record the closing entries an Page 23 of the journal, Refer to the charl account titiles, CNOW journals do not use lines for journal explanations. Every line on a jouma pag CNOW joumals will automatically indent a crodit entry when a credit amount is entered. 9. B. Add the appropriate posting reference to the joumal. Ledger Use the spreadsheet completed in Part 1 of this problem to complete the following steps of this problem. Use the spreadsheet completed in Part 1 of this problem to complese the following steps of this problem. Your input into the spreadsheet will not be included in your grade in Congagenow on this problem. 9. B. Post the closing entries to the ledger of four-column accounts. Post-Closing Trial Balance 10. Prepare a post-closing trial balance. Accounts with zero balances can be lett blankc Palsade Creek Co. is a merchandising business that uses the During May, the last month of the fiscal year, transactions were completed. In Part 1 of this problem, the accounting cycle was completed up through the preparation of the adjusted trial balance. Required: 8. If you compieted the end-of-period work sheet in Part 1 , use the adjusted trial baiance figures: to propare an income statement, a statement of owner's equity, and a batance sheet. II you didn' complete the end-ol-period work sheet in Part 1, use the ledger (the Excol spreadsheet) to prepare an income statement, a statement of owner's equity, and a batance sheet." 9. A. Prepare the closing entries. Record the closing entries an Page 23 of the journal. Refer to the chart of accounts for the exact warding of the acoount tities. CNOW journals do not use Wines for joumal explanations. Every line an a joumal page is used for deblt or credit entries. CNOW joumals wall automatically indent a credit enty when a crectit amount is entered. B. Post the closing entries to the fedger of four-column accounts. Add the appropriate posting reference to the journal. 10. Prepare a post-closing trial balance. Accounts with zero batances can be left blank: 'For guidance in comploting the financial statements, be sure to read the instructions above each statement carofuly. 8. If you completed the end-ol-period work sheet in Part 1, use the adjusted trial balance figures to propare an statement. If you didn t complete the end-of-period work sheet in Part 1. use the ledger (the Excel spreadshee income statement. Be suro to complefe the statement heading. Fefer to the account names in the instructions Labels and Amount Descriptions for the exact wording of text entries. Enter amounts as positive numbers unle is a calculation that resuils in a negative amount. For example: Net loss should be negative. Expenses should. 8. If you completed the end-of-period work sheet in Part 1, use the adjusted trial balance figures to prepare a statement of owner's equity. If you didn't complete the end-of-period work sheet in Part 1, use the ledger (the Excel spreadsheet) to prepare a statement of owner's equity. Be sure to complete the statement heading. Refer to the lists of Labels and Amount Descriptions for the exact wording of text entries. Enter amounts that represent reduction as negative numbers using a minus sign. 8. If you completed the end-ol-period work sheet in Part 1, use the adjusted trial balance figures to prepare a balance sheet. If you didnt complete the end-of-peniod work sheet is Part 1, use the ledger the Excel spreadsheet to prepare a balance sheet. Be sure to complete the statement heading. Refer to the account names in the instructions and the lists of Labels and Amount Descriptions for the exact wording of text entries. You will not need to enter colons (") or the word LLess" on the balance sheet; they will autamatically insert where necessary Enter all amounts as positive numbers. 9. A. Prepare the closing entries. Record the closing entries an Page 23 of the journal, Refer to the charl account titiles, CNOW journals do not use lines for journal explanations. Every line on a jouma pag CNOW joumals will automatically indent a crodit entry when a credit amount is entered. 9. B. Add the appropriate posting reference to the joumal. Ledger Use the spreadsheet completed in Part 1 of this problem to complete the following steps of this problem. Use the spreadsheet completed in Part 1 of this problem to complese the following steps of this problem. Your input into the spreadsheet will not be included in your grade in Congagenow on this problem. 9. B. Post the closing entries to the ledger of four-column accounts. Post-Closing Trial Balance 10. Prepare a post-closing trial balance. Accounts with zero balances can be lett blankc

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