Best Bicycles Inc.Accounting Cycle CaseInstructions
Finest Bicycles Inc.Accounting Cycle CaseInstructionsThe goal of this accounting cycle case is to organize and publish December journal entries to Finest Bicycle, Inc.'s common ledger, ready a trial stability, stability sheet, and earnings assertion as of December 31, 2011. Then you're to organize and publish a closing entry and a publish closing path stability,You'll notice thE excel worksheet has varied tabs at the underside to the web page. Every tab represents a separate worksheet. To entry every worksheet, click on on the specified tab. To begin this challenge, go to the transactions tab and put together journal entries to file every of those transactions. Rerecord every journal entry on the journal entry tab.Subsequent, publish the journal entries to the overall ledger situated on the overall ledger tab. After all entries have been posted to the overall ledger, put together a path stability on the trial stability tab. Make sure the trial stability is in stability, that the entire debits equal the entire credit. Don't proceed to the subsequent step till the trial stability balances,Put together a stability sheet and earnings assertion from the trial stability utilizing the stability sheet and earnings assertion tabs, Bear in mind that you will want to incorporate the web earnings or loss out of your earnings assertion within the retained earnings stability on the stability sheet for it to stability.Subsequent put together and publish closing entries to the overall ledger.The last step is to organize a publish closing path stability. This ought to be performed on the publish closing trial stability tab. This trial stability ought to even be balanced. After getting performed this and see that it balances, you have accomplished the challenge. Congratulations.Finest Bicycles Inc December 2011 Transactions Date Description1-Dec Bought 5 bicycles for resale for $Four,500 phrases 2/10 web 30. Four-Dec Paid Decembers lease within the quantity of $1,500. Four-Dec Offered bicycle for $2,500 for money. Value of the bible was $1,800. 5-Dec Paid vendor for the bicycles bought on December 1 15-Dec Paid wages within the quantity of $450 16-Dec Collected accounts receivable within the quantity of $750. 18-Dec Offered bicycle for $1,900. Acquired $900 in money with the stability due in 30 days. The price of this bicycle was $1,200. 20-Dec Paid Decembers curiosity on notice payable within the quantity of $50. 31-Dec Wages due on December 31 within the quantity of $450 not paid till January 2 of the following yr. 31-Dec Recorded December depreciation on tools in the quantity of $75. 31-Dec Took a bodily stock and located the value of the remaining unsold stock was $25,821 31-Dec Made a $1,000 principal fee on the notice payable. 31-Dec Overview accruals and deferrals for any required adjustment