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Create financial statements by properly employing prescribed methods in accordance with generally accepted accounting principles: A. Step Eight: Prepare the financial statements. Note that you must use your adjusted trial balance to prepare the income statement, statement of owners equity, and balance sheet. You must complete these statements in this order, as there are interdependencies among them. B. Step Nine: Complete the Closing Entries tab in your workbook by closing all temporary income statement amounts to create closing entries. C. Step Ten: Prepare the Post Closing Trial Balance tab for the next accounting period. D. Step Eleven: Prepare the reversing entries in the Reversing Entries tab of your workbook

Asset Accounts Liability Accounts Equity Accounts Acct # Acct # 201 Common Stock 202 Dividends Acct # 301 302 203 Cash Baking Supplies Prepaid Rent Prepaid Insurance Baking Equipment Office Supplies Accounts Receivable Accumulated Depreciation Merchandise Inventory 101 Notes Payable 102 Accounts Payable 103 Wages Payable 104 Interest Payable 105 106 107 204 109 Revenue Accounts Bakery Sales Merchandise Sales Acct # 401 402 This chart of accounts should help you identify the appropriate accounts to record to as you are analyzing and journaling transactions for this workbook. There is nothing to complete on this page; this is simply a resource for you. Expense Accounts Acct # 501 502 503 504 506 Baking Supplies Expense Rent Expense Insurance Expense Misc. Expense Business License Expense Advertising Expense Wages Expense Telephone Expense Interest Expense Depreciation Expense Office Supplies Expense Cost of Goods Sold 510 512

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