AutoSave Off Excel blank WS Acctg Cycle Compatibility Mc File Page Layout Home Insert Draw Formulas Data Review O Search View Help Cut 10 A A Arial Wrap Text General Copy Paste Format Painter A E3 Condition BIU Formatting Clipboard Font Alignment Number 24 B D F A C P G J K Name Alexcia Perez Trial Balance Safe storage co. Trial Balance July 1 Debit $172,850 Credit cash 180 000 common Stock 2000 2,400 rent expense office supply prepaid insurance salaries expense repairs expense telephone expense dividends storage fees eamed 0 7,201 2000 950 400 2 3 4 1 5 2000 16 17 9,800 18 19 20 $189,800 $189,801 21 Totals 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 Posl.. Balance Sheet Income Statement Trial Baligce Worksheet General Ledger T Accounts General Jourmal Excal Excel blank WS Actg Cyde Compatibility Mode AutoSavo n Of Search Help Fermulas Bata Rrvicws View Page Laynut File Home Insert Draw AutoSum X Cit Lacopy wrap Text A A General Arial Fill Paste 4Copy Fomat Painter Cond tiona Format as Cell Insort Delata Format E A OClear Merge & Cernter % B U Formattng Teble Styles Cells Edtin Number Styls Aliwwul Gipboard Fort 33 2 N R K M F G H J A C D Account Tiles and Explanation 1 Cash P. R. Debit Credit Date $180,000 101 July 180,000 307 Common Stock 2 Rent expense 2,000 July 640 101 2,000 Cash July 5 Office supplies 2,400 124 101 2,400 Cash July 10 Pre-paid Insurance cash 7,200 128 7,200 101 14 Salary Expense Cash 1.000 July 622 1,000 101 July 9,800 24 Cash 101 Storage fees earned 401 9,800 28 Salarles Expense Cash 1,000 July 622 1,000 101 950 July 29 Repairs expense 684 950 cash 101 400 30 Telephone expense July 688 Cash 101 400 July 2,000 31 Dividends 319 Cash 101 2,000 General Journal TAccounts General Ledger Trial Balance Worksheet Income Statement Balance Sheet Post... Past. dy
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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