can you please help me provide a 10- column worksheet as at December 31
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.
can you please help me provide a 10- column worksheet as at December 31
![The following account balances appeared in the general ledger of Dr. Robin Rubio at the end of
December 2009, the second year of his private medical practice:
Cash
P350,403
205,000
7,550
11,500
155,000
15,500
Accounts Receivable
Allowance for Bad Debts
Prepaid Supplies
Library
Accumulated Depreciation-Library
Medical Equipment
Accumulated Depreciation-Medical Equipment
Loans Payable
Accounts Payable
SS and EC Premiums Payable
HDMF Premiums Payable
PhilHealth Premiums Payable
Withholding Taxes Payable
Rubio, Capital
96,000
2,000
200,000
18,000
200
100
75
427
180,650
42,000
729,000
1,100
Rubio, Personal
Medical Fees Earned
HDMF Premium Expense
PhilHealth Premium Expense
Salaries Expense
Rent Expense
SS and EC Premium Expense
825
72,000
110,000
4,974
9,000
75,700
20,000
Taxes and Licenses
Utilities Expense
Interest Expense
Data for adjustments follows:](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa577969f-e6fc-409a-8f9a-f2c585b6bffc%2Faa948abf-c0bd-45e1-9efa-8e8c1fa45e8b%2F3ffza1j_processed.png&w=3840&q=75)
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