Accounting peeps - I have a question

OSUx2

I am working on my final project and for some stupid reason I cannot remember something that I am sure is a basic concept.  We were given 2 months of "events", we do the journal entries and t-accounts.  We have to do the income statement, statement of retained earnings and balance sheet for each month.  I've got the the first month done and balanced but I am having a brain fart on the second month.  Do I start the t-accounts "over" or do they continue from the month before so that essentially the numbers on the second month's income statement are a cumulation of both months?

I'm sure this is so basic that it is pathetic I am asking but it is driving me nuts that I can't remember or find it in my notes.

OSUx2

 

CareBear01

If they want you to close out the first month's info, then the I/S accounts would all flush to your RE at the end of Month 1 and would restart for Month 2. (not sure what your instructions say to do - I would think you would not do this since it's not a year end, but not sure how your problem is worded).  The B/S would always just continue no matter what, as it's a documentation of a "point in time."

OSUx2

The directions aren't specific so I just sent him an email asking.  Be prepared, I will probably have more coming your way as I finish the project this weekend.