The unadjusted trial balance of Dancin Music as of May 31, 2008, along with the adjustment data for the two months ended May 31, 2008.Based upon the adjustment data, the adjusted trial balance shown at the top of the following page was prepared.Instructions1. Optional. Using the data from Chapter 3, prepare an end-of-period spreadsheet (work sheet).2. Prepare an income statement, a statement of owner’s equity, and a balance sheet.3. Journalize and post the closing entries. The income summary account is #33 in the ledger of Dancin Music. Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry.4. Prepare a post-closing trialbalance.
The unadjusted trial balance of Dancin Music as of May