Prepare a Post-Closing Trial Balance. Journalize reversing entries. The following is information which will be helpful in completing the Happy Toy Practice Set. Use the accounts titles exactly as they are in Happy Toy. Read the Happy Toy instruction booklet carefully.
ALL dates are to be in chronological order.
SKIP lines between the General Journal entries but NOT in the rest of the journals. The adjusting entry for the Leasehold Improvements account should be adjusted with the Amortization Expense. Get from your instructor, copies of a Petty Cash Journal, a Payroll Register, and three financial statements. The Income Statement will be accepted as a 3 or 4 column statement. The Balance Sheet will be accepted ONLY as a 3-column Statement.