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Luxurious Spa, Inc. The Transactions in this practice set were completed by Luxurious Spa, Inc. during January, the first month of the company’...

Question:

Luxurious Spa, Inc.

The Transactions in this practice set were completed by Luxurious Spa, Inc. during January, the first month of the company’s fiscal year.  The company designs and manufactures a limited variety of custom bathroom storage cabinets and sauna units, and it maintains a job-order cost system........................

 

 

 

General Instructions

  1. Journalized the entries for the month of January in the General Journal.  When using the Work in Process account, be sure to post to the appropriate Job Cost Record.

 

  1. Post the General Journal entries to the General Ledger, the Accounts Payable Ledger, and the Accounts Receivable Ledger.

 

  1. Prepare Schedules of Accounts Receivable and Accounts Payable.

 

  1. Prepare the Trial Balance Section of the work sheet.

 

  1. Complete the work sheet using the adjusting entries data for the Adjustment columns.

 

  1. Prepare the following statements;

 

  1. Income Statement (This will be handed in at the end of this assignment.)
  2. Retained Earnings Statement
  3. Balance Sheet (This will be handed in at the end of this assignment.)

 

  1. Journalize and post the adjusting entries

 

  1. Journalize and post the closing entries. (It is acknowledged that this step is not performed until year end; this is for instructional purposes only.)

 

  1. Prepare a Post-Closing Trial Balance.  (This will be handed in at the end of this assignment)