A6 COUGAR Mountain SPORTS Adjusted Trial Balance 7 8 Account Title 9 Cash 10 Accounts Receivable 11 Merchandise Inventory 12 Estimated Returns Inventory 13 Office Supplies 14 Prepaid Insurance 15 Prepaid Rent 16 Land 17 Building 18 Accumulated Depreciation-Building Depreciation-Equipment 19 Equipment 20 Accumulated 21 Truck 22 Accumulated Depreciation-Truck 23 Accounts Payable 24 Salaries Payable 25 Interest Payable 26 Refunds Payable 27 Unearned Revenue 28 Notes Payable 29 Common Stock 30 Retained Earnings 31 Dividends 32 Service Revenue 33 Sales Revenue 34 Sales Discounts Forfeited 35 Cost of Goods Sold 36 Salaries Expense 37 Rent Expense 38 Utilities Expense 39 Depreciation Expense - Building 40 Depreciation Expense- Equipment 41 Depreciation Expense - Truck 42 Advertising Expense 43 Delivery Expense 44 Supplies Expense 45 Insurance Expense 46 Interest Expense 47 Income Tax Expense 48 Totals Balance Debit 172946.50 17320.00 2709.50 556.00 965.00 2175.00 7500.00 0.00 45000.00 6500.00 28250.00 1290.00 4390.00 11200.00 1500.00 1140.00 July 31, 2024 1400.00 1200.00 454.17 0.00 0.00 Credit 4200.00 3600.00 454.17 17410.00 11200.00 2610.00 1300.00 3120.00 43500.00 128250.00 58662.00 25710.00 8280.00 0.00 1365.00 435.00 0.00 0.00 308296.17 308296.17 H
The Effect Of Prepaid Taxes On Assets And Liabilities
Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can result in prepaid assets and liabilities.
Final Accounts
Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.
Ledger Posting
A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the amount paid/debited or received/ credited from your bank account over some time.
Trial Balance and Final Accounts
In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately recorded or not. Trial balance helps in this. Trial balance helps to check the accuracy of posting the ledger accounts. It helps the accountant to assist in preparing final accounts. It also helps the accountant to check whether all the debits and credits of items are recorded and posted accurately. Like in a balance sheet debit and credit side should be equal, similarly in trial balance debit balance and credit balance should tally.
Adjustment Entries
At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial reporting that corrects the errors made previously in the accounting period. The basic characteristics of every adjustment entry is that it affects at least one real account and one nominal account.
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