Dear Sally, Jim, and Jan,
I hope this email finds you all well. As you know, we need to complete the closing process for Magnolia Tree Services for the period ending December 31. Time is of the essence, and I'm assigning specific tasks to each of you to ensure we can complete the process by the end of the week. Please find your respective tasks below, along with the order in which they should be performed.
Sally:
1. Review and reconcile all general ledger accounts for accuracy and completeness.
2. Adjust the accounts for any necessary accruals, deferrals, or reclassifications.
3. Prepare and post all adjusting journal entries.
Jim:
1. After Sally has completed her tasks, verify the accuracy of the trial balance.
2. Prepare the financial statements, including the balance sheet, income statement, and statement of cash flows.
3. Review the financial statements for any discrepancies and communicate with Sally if any adjustments are needed.
Jan:
1. Once Jim has finalized the financial statements, close the temporary accounts (revenue, expense, and dividend accounts) by transferring their balances to the retained earnings account.
2. Prepare and post closing journal entries.
3. Prepare the post-closing trial balance to ensure all temporary accounts have a zero balance.
Please ensure that you complete your tasks in the order listed above, as each task relies on the successful completion of the previous tasks. If you encounter any issues or need clarification, don't hesitate to reach out to me or your colleagues. Let's work together to complete the closing process by the end of the week.
Thank you for your dedication and hard work. I appreciate your cooperation and timely completion of these tasks.
Best regards