You are required to analyse business data, record the economic transactions in General Journal, prepare Stock Card, prepare necessary adjusting journal entries, post journal entries to General Ledger, and complete Adjusted Trial Balance.
1. Sort all transactions in the order of date (transactions must be recorded in date order). This will be critical to the calculation of cost of goods sold.
2. Record the opening balances and all transactions (including balance day adjustments) in the general journal (narrations not required).
3. Prepare the stock card for all inventory transactions to determine the cost of goods sold and closing balance.
4. Post all journal entries to the general ledger.
5. Prepare the adjusted trial balance You need to complete the general journal, stock card, the general ledger, and the adjusted trial balance in the Excel document provided.
Note: Numbers can be rounded to two (2) decimal points. Please find the company information in the support materials(Tina’s Grocery) and use the excel file provided