Accounts Bank Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Supplies Land Building Accumulated Amortization - Building Office Furniture Accumulated Amortization - Furniture Office Equipment Accumulated Amortization - Equipment Delivery Truck Accumulated Amortization - Truck Accounts Payable HST Payable HST Recoverable Loan Payable Mortgage Payable W. Whaley, Capital W. Whaley, Drawings Sales Revenue Sales Returns Sales Discounts Cost of Goods Sold Advertising Expense Bad Debt Expense Car Expense Amortization Expense - Building Amortization Expense - Furniture Amortization Expense - Equipment Amortization Expense - Truck Delivery Expense Loss on Sale of Assets Miscellaneous Expense Wages Expense Utilities Expense Interest Expense Supplies Expense Inventory Shortage Net Income logo Summani Whaley's Corner Confectionary Worksheet For the Year Ended December 31, 2021 Trial Balance Adjustments Acc. No. DR 101 51,880.00 105 19,634.64 106 110 32,945.40 115 8,619.60 120 75,000.00 125 200,000.00 126 135 94,472.00 136 140 34,308.00 141 180 34,400.00 181 201 205 206 5,840.50 210 215 301 305 21,539.00 401 402 600.00 403 306.09 501 80,000.00 602 1,200.00 605 610 1,000.00 614 615 616 621 625 1,150.00 645 323.16 655 1,198.80 660 40,000.00 680 2,940.00 707,357.19 707,357.19 635 675 640 21 CR 204.30 28,525.00 27,240.00 12,350.88 28,941.18 29,347.00 17,303.00 33,000.00 195,000.00 137,445.83 198,000.00 DR 118.49 CR 1,698.80 118.49 443.88 510.00 420.00 8,573.75 13,446.40 4,391.42 1,637.65 443.88 928.80 8,573.75 13,446.40 4,391.42 1,637.65 770.00 420.00 510.00 31,240.39 31,240.39 Balance Sheet DR CR 50,181.20 19,516.15 529.69 32,435.40 8,199.60 75,000.00 200,000.00 37,098.75 94,472.00 40,686.40 34,308.00 16,742.30 34,400.00 30,578.83 29,347.00 17,303.00 5,840.50 33,000.00 195,000.00 137,445.83 21,539.00 600.00 306.09 80,000.00 1,200.00 443.88 1,928.80 8,573.75 13,446.40 4,391.42 1,637.65 1,150.00 323.16 1,198.80 40,000.00 2,940.00 770.00 420.00 510.00 159,839.95 198,000.00 575,891.85 537,731.80 38,160.05 38,160.05 198,000.00 198,000.00 575,891.85 575,891.85 Income Statement DR CR 198,000.00
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.
Using this information create a: Income statement, Balence sheet, Closing Entries and Post-closing trail balance
![Accounts
Whaley's Corner Confectionary
Worksheet
For the Year Ended December 31, 2021
Trial Balance
Adjustments
Acc.
No.
DR
101
51,880.00
105
19,634.64
106
110
32,945.40
115
8,619.60
120
75,000.00
125 200,000.00
135 94,472.00
140 34,308.00
180 34,400.00
181
201
205
206
5,840.50
210
215
301
305
21,539.00
401
402
600.00
403
306.09
501
80,000.00
602
1,200.00
605
610
1,000.00
614
615
616
621
625
1,150.00
645
323.16
655
1,198.80
660
40,000.00
680
2,940.00
707,357.19 707,357.19
635
675
640
310
Bank
Accounts Receivable
Allowance for Doubtful Accounts
Merchandise Inventory
Supplies
Land
Building
Accumulated Amortization - Building 126
Office Furniture
Accumulated Amortization - Furniture 136
Office Equipment
Accumulated Amortization - Equipment || 141
Delivery Truck
Accumulated Amortization - Truck
Accounts Payable
HST Payable
HST Recoverable
Loan Payable
Mortgage Payable
W. Whaley, Capital
W. Whaley, Drawings
Sales Revenue
Sales Returns
Sales Discounts
Cost of Goods Sold
Advertising Expense
Bad Debt Expense
Car Expense
Amortization Expense - Building
Amortization Expense - Furniture
Amortization Expense - Equipment
Amortization Expense - Truck
Delivery Expense
Loss on Sale of Assets
Miscellaneous Expense
Wages Expense
Utilities Expense
Interest Expense
Supplies Expense
Inventory Shortage
Net Income
Income Summary
CR
204.30
28,525.00
27,240.00
12,350.88
28,941.18
29,347.00
17,303.00
33,000.00
195,000.00
137,445.83
198,000.00
DR
118.49
CR
1,698.80
118.49
443.88
510.00
420.00
8,573.75
13,446.40
4,391.42
1,637.65
443.88
928.80
8,573.75
13,446.40
4,391.42
1,637.65
770.00
420.00
510.00
31,240.39 31,240.39
Income Statement
DR
CR
Balance Sheet
DR
CR
50,181.20
19,516.15
529.69
32,435.40
8,199.60
75,000.00
200,000.00
37,098.75
94,472.00
40,686.40
34,308.00
16,742.30
34,400.00
30,578.83
29,347.00
17,303.00
5,840.50
33,000.00
195,000.00
137,445.83
21,539.00
600.00
306.09
80,000.00
1,200.00
443.88
1,928.80
8,573.75
13,446.40
4,391.42
1,637.65
1,150.00
323.16
1,198.80
40,000.00
2,940.00
770.00
420.00
510.00
159,839.95 198,000.00 575,891.85 537,731.80
38,160.05
38,160.05
198,000.00 198,000.00 575,891.85 575,891.85
198,000.00](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fab87ac8a-7f6d-494a-8957-d2fa7a73cbb9%2F35bbce6c-3c9d-4d51-8c58-4d64447b1ca2%2Fddecha_processed.png&w=3840&q=75)
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