Project 3

Project 3: Closing Entries

Time to Work

Continue on to Assignment 1, which must be submitted to your teacher for assessment. There is also an optional assignment for this training room. Check with your teacher to see if it is necessary for you to complete this optional assignment.

Create a new folder in your FIN1030 Course Folder called “Project 3 Training Room 2.” All of the answers to the following questions must be saved in this folder for your teacher to mark.

Assignment 1

Step 1: Open Assignment 1 Ledger, and save it as “Assignment 1 Ledger.”

Step 2: Calculate the new balances for each account.

Step 3: Open Assignment 1 Journal, and save it as “Assignment 1 Journal.”

Step 4: Post the closing entries from the journal to the ledger.

Step 5: Open Trial Balance Template, and save it as “Assignment 1 Trial Balance.”

Step 6: Complete the post-closing trial balance for Waterfall Hotel.

Assignment 2 (optional)

The following assignment is optional. Check with your teacher to see if you need to complete it.

Step 1: Open Assignment 2 Ledger, and save it in your course folder as “Assignment 2 Ledger.”

Step 2: Calculate the new balances for each account.

Step 3: Open Assignment 2 Journal, and save it in your course folder as “Assignment 2 Journal.”

Step 4: Post the closing entries from the journal to the ledger.

Step 5: Open Trial Balance Template, and save it as “Assignment 2 Trial Balance.”

Step 6: Complete the post-closing trial balance for Joe’s Towing Service.