I need help in my Accounting Question?

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Question
Derwin
Asked at 2012-07-16 18:32:05
you will perform the necessary steps in the accounting cycle for Wafa Company for the month of November, 2011. Account balances as of October 31, 2011 (November beginning balances) are listed in Part A below. Transactions and other information for the month of November are listed in Part B below. The due date is Thursday, May 31 by 5 pm.


1) Journal Tab: Journalize the transactions.
2) Ledger #1 Tab: Enter the beginning account balances in the T-accounts.
Ledger#1 Tab: Post the November journal entries to the accounts.
3) Trial Balance Tab: Prepare a Trial Balance at 30 November, 2011.
4) Financial Statements Tab: Prepare an Income Statement, a Statement of Retained
Earnings and a Classified Statement of Financial Position.
5) Closing Journal Tab: Record the closing journal entries.
6) Ledger #2 Tab: Transfer the ending account balances from the Ledger #1 Tab
to the Ledger #2 Tab.
Ledger #2 Tab: Post the closing entries to the accounts.
7) Post-Closing Trial Balance: Prepare a Post-Closing Trial Balance.

Part A - Beginning Account Balances
Account October 31 Balance
Cash 15,200
Share Capital 14,450
Unearned Revenue 2,050
Supplies 1,000
Retained Earnings 2,360
Accounts Payable 2,500
Equipment 4,960
Accounts Receivable 200

Part B - November Transactions & Other Information
The November transactions were as follows:
1-Nov Purchased an insurance policy for 600 cash.
19 Billed customers for services performed in November, $7,350.
21 Paid $2,150 to creditors for accounts due.
27 Received $2,200 from customers for accounts due.
30 Paid employee November salaries of $1,900.
Other information:
30 On November 30th, adjusting entries were prepared using the following information.
a) The insurance policy purchased on November 1st was for 1 year.
b) Supplies on hand were 650.
c) 1,900 of services associated with the unearned revenues account had been
performed during November.
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