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Post these transactions to the General ledger (page of T-accounts) (check them off as you transfer the amounts to the proper DR or CR position in the accounts). USE THE SAME PAGE you did in Step 2 b\&c because you need all those balances! 1. 2. 3. 4. 5. 6. 7. 8. t Accrue interest on note payable for the month of June. See June 2 entry. Round to the nearest dollar. Straight-line depreciation on the equipment for one month. See the June 2 entry for useful info. Round to the nearest dollar. Adjustment of prepaid insurance expired for the month of June. See June 5 entry. Adjustment of prepaid rent used during the month of June. See June 6 entry. Counted supplies to determine that $630 worth were left at the end of the month. Entergy (electric company) usage for June, $650. This bill will be paid in July. Employees worked on June 26-30, but won't get paid until July 7 . The estimated income tax for June is $2,835. (The taxes would be paid at the end of Sept. because companies make quarterly estimated income tax payments). Post these transactions to the General ledger (page of T-accounts) (check them off as you transfer the amounts to the proper DR or CR position in the accounts). USE THE SAME PAGE you did in Step 2 b\&c because you need all those balances! 1. 2. 3. 4. 5. 6. 7. 8. t Accrue interest on note payable for the month of June. See June 2 entry. Round to the nearest dollar. Straight-line depreciation on the equipment for one month. See the June 2 entry for useful info. Round to the nearest dollar. Adjustment of prepaid insurance expired for the month of June. See June 5 entry. Adjustment of prepaid rent used during the month of June. See June 6 entry. Counted supplies to determine that $630 worth were left at the end of the month. Entergy (electric company) usage for June, $650. This bill will be paid in July. Employees worked on June 26-30, but won't get paid until July 7 . The estimated income tax for June is $2,835. (The taxes would be paid at the end of Sept. because companies make quarterly estimated income tax payments). Step 4 Accounting Cycle Problem Summer 2023 Use the ADJUSTED TRIAL BALANCE columns (see updated answers on Canvas) to prepare formal financial statements WITH PROPER HEADERS on each Income Statement Statement of Retained Earnings (classified) Balance Sheet These will be graded for correctness. Remember that the Adjusted Trial Balance is still showing the BEGINNING balance of Retained Earnings. We will compute Net Income on the Income Statement, and then prepare the SRE, so then we will have an updated balance for Retained Earnings. So you will need to use the updated retained earnings from the Statement of Retained Earnings, to put on the Balance Sheet to get Assets = Liabilities + Equity. A Summer 2023 Trial Balances New balances in T-accounts AFTER adjusting entries G Name New balances in T-accounts AF TER closing entries are written \& posted are written \& posted are written \& posted Post-Closing trial balance Trial Balance Adjusted trial balance CREDIT 7 Post these transactions to the General ledger (page of T-accounts) (check them off as you transfer the amounts to the proper DR or CR position in the accounts). USE THE SAME PAGE you did in Step 2 b\&c because you need all those balances! 1. 2. 3. 4. 5. 6. 7. 8. t Accrue interest on note payable for the month of June. See June 2 entry. Round to the nearest dollar. Straight-line depreciation on the equipment for one month. See the June 2 entry for useful info. Round to the nearest dollar. Adjustment of prepaid insurance expired for the month of June. See June 5 entry. Adjustment of prepaid rent used during the month of June. See June 6 entry. Counted supplies to determine that $630 worth were left at the end of the month. Entergy (electric company) usage for June, $650. This bill will be paid in July. Employees worked on June 26-30, but won't get paid until July 7 . The estimated income tax for June is $2,835. (The taxes would be paid at the end of Sept. because companies make quarterly estimated income tax payments). Post these transactions to the General ledger (page of T-accounts) (check them off as you transfer the amounts to the proper DR or CR position in the accounts). USE THE SAME PAGE you did in Step 2 b\&c because you need all those balances! 1. 2. 3. 4. 5. 6. 7. 8. t Accrue interest on note payable for the month of June. See June 2 entry. Round to the nearest dollar. Straight-line depreciation on the equipment for one month. See the June 2 entry for useful info. Round to the nearest dollar. Adjustment of prepaid insurance expired for the month of June. See June 5 entry. Adjustment of prepaid rent used during the month of June. See June 6 entry. Counted supplies to determine that $630 worth were left at the end of the month. Entergy (electric company) usage for June, $650. This bill will be paid in July. Employees worked on June 26-30, but won't get paid until July 7 . The estimated income tax for June is $2,835. (The taxes would be paid at the end of Sept. because companies make quarterly estimated income tax payments). Step 4 Accounting Cycle Problem Summer 2023 Use the ADJUSTED TRIAL BALANCE columns (see updated answers on Canvas) to prepare formal financial statements WITH PROPER HEADERS on each Income Statement Statement of Retained Earnings (classified) Balance Sheet These will be graded for correctness. Remember that the Adjusted Trial Balance is still showing the BEGINNING balance of Retained Earnings. We will compute Net Income on the Income Statement, and then prepare the SRE, so then we will have an updated balance for Retained Earnings. So you will need to use the updated retained earnings from the Statement of Retained Earnings, to put on the Balance Sheet to get Assets = Liabilities + Equity. A Summer 2023 Trial Balances New balances in T-accounts AFTER adjusting entries G Name New balances in T-accounts AF TER closing entries are written \& posted are written \& posted are written \& posted Post-Closing trial balance Trial Balance Adjusted trial balance CREDIT 7

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