Can you plz just do the last 2 which will be in the picture and the 1st picture going to be the answer for the first 3 thats already answerd thank you in advance Financial Statements and Closing Entries Last Chance Company offers legal consulting advice to prison inmates. Last Chance Company prepared the end-of-period spreadsheet that follows at June 30, 20Y1, the end of the fiscal year: Last Chance Company End-of-Period Spreadsheet For the Year Ended June 30, 20Y1 Unadjusted Adjusted Trial Balance Adjustments Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 5,100 5,100 Accounts Receivable 22,750 (a) 3,750 26,500 Prepaid Insurance 3,600 (b) 1,300 2,300 Supplies 2,025 (c) 1,500 525 Land 80,000 80,000 Building 340,000 340,000 Accum. Depr.—Building 190,000 (d) 3,000 193,000 Equipment 140,000 140,000 Accum. Depr.—Equipment 54,450 (e) 4,550 59,000 Accounts Payable 9,750 9,750 Salaries and Wages Payable (f) 1,900 1,900 Unearned Rent 4,500 (g) 3,000 1,500 Tami Garrigan, Capital 361,300 361,300 Tami Garrigan, Drawing 20,000 20,000 Fees Earned 280,000 (a) 3,750 283,750 Rent Revenue (g) 3,000 3,000 Salaries and Wages Expense 145,100 (f) 1,900 147,000 Advertising Expense 86,800 86,800 Utilities Expense 30,000 30,000 Travel Expense 18,750 18,750 Depr. Exp.—Equipment (e) 4,550 4,550 Depr. Exp.—Building (d) 3,000 3,000 Supplies Expense (c) 1,500 1,500 Insurance Expense (b) 1,300 1,300 Misc. Expense 5,875 5,875 900,000 900,000 19,000 19,000 913,200 913,200
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 plz just do the last 2 which will be in the picture and the 1st picture going to be the answer for the first 3 thats already answerd
thank you in advance
Financial Statements and Closing Entries
Last Chance Company offers legal consulting advice to prison inmates. Last Chance Company prepared the end-of-period spreadsheet that follows at June 30, 20Y1, the end of the fiscal year:
| Last Chance Company | ||||||||
| End-of-Period Spreadsheet | ||||||||
| For the Year Ended June 30, 20Y1 | ||||||||
| Unadjusted | Adjusted | |||||||
| Adjustments | Trial Balance | |||||||
| Account Title | Dr. | Cr. | Dr. | Cr. | Dr. | Cr. | ||
| Cash | 5,100 | 5,100 | ||||||
| 22,750 | (a) | 3,750 | 26,500 | |||||
| Prepaid Insurance | 3,600 | (b) | 1,300 | 2,300 | ||||
| Supplies | 2,025 | (c) | 1,500 | 525 | ||||
| Land | 80,000 | 80,000 | ||||||
| Building | 340,000 | 340,000 | ||||||
| Accum. Depr.—Building | 190,000 | (d) | 3,000 | 193,000 | ||||
| Equipment | 140,000 | 140,000 | ||||||
| Accum. Depr.—Equipment | 54,450 | (e) | 4,550 | 59,000 | ||||
| Accounts Payable | 9,750 | 9,750 | ||||||
| Salaries and Wages Payable | (f) | 1,900 | 1,900 | |||||
| Unearned Rent | 4,500 | (g) | 3,000 | 1,500 | ||||
| Tami Garrigan, Capital | 361,300 | 361,300 | ||||||
| Tami Garrigan, Drawing | 20,000 | 20,000 | ||||||
| Fees Earned | 280,000 | (a) | 3,750 | 283,750 | ||||
| Rent Revenue | (g) | 3,000 | 3,000 | |||||
| Salaries and Wages Expense | 145,100 | (f) | 1,900 | 147,000 | ||||
| Advertising Expense | 86,800 | 86,800 | ||||||
| Utilities Expense | 30,000 | 30,000 | ||||||
| Travel Expense | 18,750 | 18,750 | ||||||
| Depr. Exp.—Equipment | (e) | 4,550 | 4,550 | |||||
| Depr. Exp.—Building | (d) | 3,000 | 3,000 | |||||
| Supplies Expense | (c) | 1,500 | 1,500 | |||||
| Insurance Expense | (b) | 1,300 | 1,300 | |||||
| Misc. Expense | 5,875 | 5,875 | ||||||
| 900,000 | 900,000 | 19,000 | 19,000 | 913,200 | 913,200 |
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