When you are finished with this reinforcement activity, you will be able to:
- Complete a worksheet for the end of a fiscal period
- Prepare an income statement
- Prepare a balance sheet
- Journalize and post adjusting entries
- Journalize and post-closing entries
- Prepare a post-closing trial balance
An Accounting Cycle for a Proprietorship: End-of-Fiscal-Period Work
- Reinforcement activities strengthen the learning of accounting concepts and procedures. Reinforcement Activity 1 is a single problem divided into two parts. Part A includes learning from Chapters 1 through 5. Part B includes learning from Chapters 6 through 8. An accounting cycle is completed in Parts A and B for a single business. Extreme Adventures.
Reinforcement Activity Assignment
- Create a new folder titled Reinforcement 1B inside your Part 1 folder.
- Make a copy of this Google Sheet, rename it Reinforcement 1B-(Your Initials), and move it into your Reinforcement 1B folder.
- Complete the working papers according to the directions on page 228.
Reinforcement Activity 1-Part B Audit
- Utilize your Reinforcement 1B file to answer the questions in this Audit. (password required)