Apply What you Learned Problem 2 – Practice Set Part D (Final Submission)

We will be completing the Practice Set to simulate the accounting process. It contains all the steps of the accounting cycle so that you can practice performing the full accounting process for a small business.

The Practice Set is broken into four parts. You will need the Instructions and the Excel Workbook. Instructions for downloading both are below.

Documents/Files (Download these):

Practice Set Instruction

practice Set Worksheets (Excel workbook you must download)

You will use the same excel workbook for the entire Practice Set, you will upload the worksheet for each step.

This video will help you to complete Part D (Final Submission) of the Practice Set.

Practice Set D (Final Submission):

1. Prepare the Closing Entries on General Journal Page 3. Using the T-Accounts, calculate the balance in the Income Summary and Capital Accounts.
2. Post the Closing Entries to the General Ledger (use Account #600 for Income Summary) and calculate the new general ledger balances. Make sure the balances in your General Ledger accounts agree to the T-Accounts from step 12. When you post your entries to the general ledger, use J3 to indicate General Journal page 3 in the ref column.

Resources: Pages 4-11 through 4-15 in your textbook contain instructions on how to prepare and post closing entries.

1. Prepare a post-closing trial balance.

Resources: Page 4-16 in your textbook contains instructions on how to prepare a post-closing trial balance.

Practice Set Final Submission 50 Points

please see the attached files to do part D