Complete the required steps of the Accounting Cycle given in the spreadsheet. 1 Add file
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.
Please prepare T accounts, General Journal General Ledger, Unadjusted
![A
B
E F
G
H
Fresented below are the Chart of Accounts for Hahn Engineering
6
Services
AS
7
8.
Hahn Engineering Services
Chart of Accounts
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110 Cash
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120 AR from Converge
130 Supplies
140 Office Equipment
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15
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145 Accumulated Depreciation - Office Equipment
17
150 Furnitures
18
155 Accumulated Depreciation - Furnitures
19
210 Notes Payable to Metro Bank
220 AP to Balingit Furniture
230 AP to Laser Marketing
310 C. Hahn, Capital
320 C. Hahn, Drawings
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21
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24
410 Service Revenue
510 Rent Expense
520 Taxes and Licenses Expense
530 Salaries Expenses
540 Utility Expense
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27
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29
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36
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Sheet1](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fafd6b2d2-0f2a-4ea4-9290-45de32bc62ee%2F971fcda5-e0c6-4f66-8376-ddd7864666ec%2F7po0bus_processed.png&w=3840&q=75)
![Presented below are the transactions of Engr. Charlie Hahn for the month of
August, 2019.
DATE
TRANSACTION
AUGUST 3 Charlie invested P1,000,000.00 in a firm depositing cash in a bank account with the name Hahn Engineering Services.
5 Borrowed money from Metro Bank, signing a promissory note for P500,000.
6 Purchased tables and chairs for cash, P75,000, paying P25,000 and the rest on account.
7 Purchased office equipment – 3 computers and 2 printers, P60,000, from Octagon.
8 Paid rent for office space, P15,000.
12 Purchased additional tables and chairs on account from Balingit Furniture, P20,000.
13 Paid business licenses and taxes, P4,500.
14 Received cash for engineering services rendered, P95,000.
15 Paid employees' salaries, P32,000.
17 Sent a check to Balingit Furniture as payment for payables on tables and chairs bought.
19 Paid water and electric bills, P5,800.
21 Bought office supplies from Laser Marketing, P5,000 paying 50% and the balance on account.
23 Rendered engineering services to Converge on account, P38,700.
24 Withdrew cash for personal use, P8,000.
26 Collected P25,000 from Converge on a service previously rendered on account.
27 Paid P1,500 of the account with Laser Marketing.
29 Rendered services to ProLift Gym, P55,000.
30 Paid employees' salaries, P36,500.
Complete the required steps of the Accounting Cycle given in the spreadsheet.
1 Add file](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fafd6b2d2-0f2a-4ea4-9290-45de32bc62ee%2F971fcda5-e0c6-4f66-8376-ddd7864666ec%2Fwizbxi_processed.png&w=3840&q=75)
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