Your task: You are the newly hired VP of financial reporting for MOOMOOMELON*, a publicly traded company that generates most of its revenues from sales of workout clothes for farm animals. MOOMOOMELON responds to the increasing demand for healthier farm animals by supplying fashionable, all-natural exercise attire for all the animals on the fit farm of the 21st century. Like most clothing companies, MOOMOOMELON has a January 31 year-end and the trial balance has been updated for the 2016 fiscal year through the end of the first quarter, 4/30/2015. This is where you come in:
1) I will supply your opening Trial Balance as of the end of the current first quarter and prior year-end final trial balances.
2) You must set up a general journal and record at least 25 transactions (and reflect them in the appropriate quarter of the trial balance worksheet to cover the remaining 3 quarters of the year and prepare financial statements at the end of the year (see item 4 for financial statement details). Your transactions should be recorded in general journal form, including the A↑,A↓,L↓,L↑, OE↓,OE↑ arrows. You should set up t-accounts for any accounts you use or create and then only post summary entries to the working trial balance in the columns marked 2nd quarter, 3rd quarter, 4th quarter. You will have to add line items to the trial balance for any new account you use.