Quiz 1

 

Using the information on the transactions and adjustments of Walmart Inc. provided to you earlier (Walmart Financial Statement Analysis) prepare the full accounting transaction cycle. The cycle requires the following:

a)      the appropriate journal entries for each transaction, if necessary

b)      Prepare T-accounts for each account (balance sheet accounts and income statement accounts) and post information from the journal entries to the T-accounts.  In addition prepare the unadjusted trial balance.

c)      Prepare the appropriate adjusting journal entries for each adjustment, if necessary

d)     Prepare T-accounts for each account (balance sheet accounts and income statement accounts) and post information from the adjusting journal entries to the respective T-accounts.  In addition, prepare the adjusted trial balance.

e)      Prepare the appropriate closing journal entry

f)       Given the balances available in the T-accounts prepared above and prepare Walmart’s balance sheet as of January 31, 2013 together with its income statement for the year 2012 in good form. Only use the account names given in the Walmart Preliminary worksheet in preparing your balance sheet. However, some account names for the income statement are not given explicitly, so you have to decide as to what’s appropriate.

Hint: You can use the completed work provided to you in my website Walmart Worksheet to help you in preparing the transaction and adjusting journal entries above. However, only use the worksheet as a check when you get into difficulty. Otherwise, do the transaction analysis starting from the journal entries.