Chapter 5, Problem 1COP

1.

To determine

Prepare a perpetual inventory record of Incorporation B for the month of December, under FIFO costing method.

2 and 3:

To determine

Open Four-column general ledgers accounts and enter the balances from the November 30 Trial balance, and post the journal entries to the general ledger.

3.

To determine

Record each transaction in the books of journal.

4.

To determine

Prepare an unadjusted trial balance as of December 31, 2016.

5.

To determine

Journalize and post the adjusting journal entries and create new ledger accounts.

6.

To determine

Prepare an Adjusted trial balance, Multi-step income statement, statement of retained earnings and balance sheet of incorporation B as of December 31, 2016.

7.

To determine

Journalize and post the closing entry.

8.

To determine

Prepare a post-closing trial balance at December 31, 2016.