Final Milestone ACC307
Business Finance
A. Demonstrate the year-end adjustment process: 1. Prepare the adjusting journal entries in the Adjusting Entries tab in the provided workbook. [ACC-307-01] 2. Transfer the values from the Adjusting Entries tab to the proper cells of the Adjusting Entries columns in the Worksheet tab. [ACC-307- 01] 3. Create the adjusted trial balance by computing the Adjusted Trial Balance columns using the Worksheet tab. [ACC-307-01] 4. Close temporary accounts by completing the Closing Entries tab. [ACC-307-01] 2 B. Prepare the financial statements: 1. Prepare an income statement for the provided company by completing the Income Statement tab in your workbook. [ACC-307-03] 2. Prepare a statement of retained earnings by completing the Statement of Retained Earnings tab. [ACC-307-03] 3. Prepare a balance sheet by completing the Balance Sheets tab. [ACC-307-03]
