South Coast Boards Co. is a merchandising business. The account balances for s

South
Coast Boards Co. is a merchandising business. The account balances for
south coast boards co. as of July 1 2010 (unless otherwise
indicated) are as follows:AND SO ONInstructions1.
Enter the balances of each of the accounts in the appropriate balance
column of a four-column account. Write Balance in the item section and
place a check mark (?) in the posting reference column. Journalize the
transactions for July.2. Post the journal to the general ledger
extending the month-end balances to the appropriate balance columns
after all posting is completed. In this problem you are no required to
update or post to the accounts receivable and accounts payable
subsidiary ledgers.3. Prepare and unadjusted trial balance.4. At the end of July the following adjustment data were assembled. Analyze and use these data to complete (5) and (6).a) Merchandise inventory on July 31 $ 589850b) Insurance expired during the year $ 12500c) Store supplies on hand on July 31 $4700d) Depreciation for the current year $18800e) Accrued salaries on July 31: Sale salaries $4400 Office salaries $2700 ($7100)5. Enter the unadjusted trial balance on a 10-column end-of-period spreadsheet (work Sheet) and complete the spreadsheet.6. Journalize and post the adjusting entries.7. Prepare an adjusted trial balance8. Prepare an income statement a retained earnings statement and a balance sheet.9.
Prepare and post the closing entries. Indicated closed accounts by
inserting a line in both the Balance columns opposite the closing entry.
Insert the new balance in the retained earnings account.10. Prepare a post-closing trial balance.Check: 8. Net Income 693800