Completing your project - Month 2
The steps in order are:

• Complete the Journals
• Post the Journals to your General Ledger.
• Use the same Ledgers as for January.
  • Some of the ledgers would be open and have balances.
  • Some ledgers would be closed. They have no balance.
  • The ledgers are closed because: We measure profit periodically. We start afresh for next reporting period.
• Balance the ledgers
• Prepare a Trial Balance.
• Prepare a Statement of Financial Performance.
• Prepare a Statement of Financial Position.