B Triton Consulting End-of-Period Spreadsheet For the Year Ended April 30, 20Y3 Unadjusted Trial Balance Dr. 21 3 4. Adjusted Trial Balance Adjustments 6 Account Title Cr. Dr. Cr. Dr. Cr. 8 Cash 9 Accounts Receivable 10 Supplies 11 Office Equipment 12 Accumulated Depreciation 13 Accounts Payable 14 Salaries Payable 15 Common Stock 16 Retained Earnings 17 Dividends 18 Fees Earned 19 Salary Expense 20 Supplies Expense 21 Depreciation Expense 22 Miscellaneous Expense 23 24 21,500 51,150 2,400 32,000 21,500 51,150 750 32,000 900 1,650 4,500 3,350 5,400 3,350 2,000 20,000 52,200 2,000 20,000 52.200 10,000 10,000 279,000 279,000 2,000 1,650 900 242,000 1,650 900 2.000 361,950 240,000 2.000 359.050 359,050 4,550 4.,550 361,950
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.
Financial statements from the end-of-period spreadsheet
Triton Consulting is a consulting firm owned and operated by Jayson
Neese. The following end-of-period spreadsheet was prepared for the
year ended April 30, 20Y3:
Based on the preceding spreadsheet, prepare an income statement,
statement of
Consulting. During the year ended April 30, 20Y3, common stock of
$5,000 was issued.
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