Cash Account Repair equipment Account Date Particular Amount Date Particular Amount Date Particular Amount Date Particular Amount Jan To Manarang Jan 2 Capital A/c 5000 Jan 3 By rent expenses 200 Jan 5 To Cash A/c 1000 31 By balance c/d 3000 To Accounts payable To Service By repairing equipment By supplies Jan 8 400 Jan 5 1000 Jan 5 2000 Income To Service Jan 30 Income 480 Jan 9 350 expenses 3000 3000 By accounts payable Jan 15 1000 By Salaries Jan 20 100 expenses Accounts Payable Account By Manarang withdrawls. Jan 25 500 Date Particular Amount Date Particular Amount By repairing equipment Jan 31 By balance c/d 2730 Jan To Cash A/c 1000 Jan 5 2000 15 Jan 5880 5880 To Balance c/d 1000 31 2000 2000 Manarang capital Account Date Particular Amount Date Particular Amount Jan 31 To Balance c/d 5000 Jan 2 By cash A/c 5000 Service Revenue Account Date Particular Amount Date Particular Amount 5000 5000 Jan 31 To Balance c/d 1130 Jan 8 By cash A/c 400 Jan 30 By cash A/c 480 By Accounts Jan 31 receivable Rent expense Account 250 Date Particular Amount Date Particular Amount Jan 1130 1130 Jan 3 To Cash A/c 200 By balance c/d 200 31 200 200
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.
Do its
![Cash Account
Repair equipment Account
Date Particular
Amount Date
Particular
Amount
Date Particular
Amount Date Particular
Amount
Jan
To Manarang
Jan 2 Capital A/c
5000
Jan 3 By rent expenses
200
Jan 5 To Cash A/c
1000
31
By balance c/d
3000
To Accounts
payable
To Service
By repairing
equipment
By supplies
Jan 8
400
Jan 5
1000
Jan 5
2000
Income
To Service
Jan 30 Income
480
Jan 9
350
expenses
3000
3000
By accounts
payable
Jan 15
1000
By Salaries
Jan 20
100
expenses
Accounts Payable Account
By Manarang
withdrawls.
Jan 25
500
Date Particular
Amount Date Particular
Amount
By repairing
equipment
Jan 31 By balance c/d
2730
Jan
To Cash A/c
1000
Jan 5
2000
15
Jan
5880
5880
To Balance c/d
1000
31
2000
2000
Manarang capital Account
Date Particular
Amount Date Particular
Amount
Jan 31 To Balance c/d
5000
Jan 2 By cash A/c
5000
Service Revenue Account
Date Particular
Amount Date Particular
Amount
5000
5000
Jan 31 To Balance c/d
1130
Jan 8 By cash A/c
400
Jan 30 By cash A/c
480
By Accounts
Jan 31 receivable
Rent expense Account
250
Date
Particular
Amount Date Particular
Amount
Jan
1130
1130
Jan 3 To Cash A/c
200
By balance c/d
200
31
200
200](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F01c1ecc3-c7c9-4ba3-831f-8d9ff681765f%2Fe10c02a1-95de-4846-93b9-6fb82c58d809%2F6vhppji_processed.png&w=3840&q=75)
![Supplies Account Account
Date Particular
Amount Date
Particular
Amount
Jan 9 To Cash A/c
350
Jan 31 By balance c/d
350
350
350
Salaries expenses Account
Date Particular
Amount Date Particular
Amount
Jan
Jan
To Cash A/c
100
By balance c/d
100
20
31
100
100
Manarang Withdrawl Account
Date
Particular
Amount Date Particular
Amount
Jan
Jan 25 To Cash A/c
500
By balance c/d
500
31
500
500
Accounts Receivable Account
Date Particular
Amount
Date Particular
Amount
To Service Income
250
Jan
Jan 31 By balance cid
250
31
A/c
250
250](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F01c1ecc3-c7c9-4ba3-831f-8d9ff681765f%2Fe10c02a1-95de-4846-93b9-6fb82c58d809%2Fl6uf6nt_processed.png&w=3840&q=75)
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