G. Outreach Signals Company End-of-Period Spreadsheet 1 2 3 For the Year Ended December 31, 20Y1 Unadjusted Trial Balance Adjusted Trial Balance 4. Adjustments 6 Account Title Dr. Cr. Dr. Cr. Dr. Cr. 8 Cash 9 Accounts Receivable 10 Prepaid Insurance 11 Supplies 12 Land 13 Building 14 Accum. Depr.-Building 15 Equipment 16 Accum. Depr.-Equipment 17 Accounts Payable 18 Salaries and Wages Payable 19 Unearned Rent 20 Inez Villanueva, Capital 21 Inez Villanueva, Drawing 22 Fees Eamed 23 Rent Revenue 24 Salaries and Wages Expense 256,820 25 Advertising Expense 26 Utilties Expense 27 Depr. Exp.--Bulding 28 Repairs Expense 29 Depr. Exp.-–Equipment 30 Insurance Expense 31 Supplies Expense 32 Misc. Expense 33 34 20,500 63,800 6,600 4,700 154,300 787,000 20,500 83,500 1,900 (a) 19.700 (b) 4,700 |(c) 3,540 1,160 154,300 787,000 402.000 |()14,200| 416,200 192,000 192,000 (e) 7,100 157,600 24,700 164,700 24,700 7,700 (© 7,700| 3,300 (g) 2,000 375,000 1,300 375.000 16,000 16,000 |(a)19,700 (9) 2,000 612,000 631,700 2,000 (0 7,700 264,520 34,200 17,900 14,200 13,930 7,100 4,700 3,540 6,850 58,940 1,623,300 1,623,300 34,200 17,900 (d) 14.200 13,930 (e) 7,100 (b) 4,700 (@ 3.540 6,850 1.574.600 1,574600 58.940
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.
I have done the post closting
- Based upon the end-of-period spreadsheet, journalize the closing entries.
- Prepare a post-closing trial balance.
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