(Answered):Final Accounting Workbook . . . .

Question Description

III. Create financial statements by properly employing prescribed methods in accordance with generally accepted accounting principles:

A. : Prepare the financial statements. Note that you must use your adjusted trial balance to prepare the income statement, statement ofowner’s equity, and balance sheet. You must complete these statements in this order, as there are interdependencies among them.

B. Step Nine: Complete the “Closing Entries” tab in your workbook by closing all temporary income statement amounts to create closing entries.

C. Step Ten: Prepare the “Post Closing Trial Balance” tab for the next accounting period.

D. Step Eleven: Prepare the reversing entries