https://v2.cengagenow.com/ilm/takeAssignment/takeAssignmentMain.do?invoker-assignments&etakeAssignmentSessionLocator-assignment-take&unprogres purnal entry to close the Fees Earned No results Options Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Income Statement Balance Sheet Account Title Debit Credit Credit Debit Debit Credit Cash 16,000 16,000 Accounts Receivable 6,000 6,000 Supplies 2,000 2,000 Equipment 19,000 19,000 Accumulated Depr. 6,000 6,000 Accounts Payable 10,000 10,000 Wages Payable 2,000 2,000 Common Stock 5,000 5,000 Retained Earnings 8,753 8,753 Dividends 1,000 1,000 Fees Earned 44,318 44,318 21,155 Wages Expense 21,155 Rent Expense 5,810 5,810 Depreciation Expense 5,106 5,106 76.071 1121 Pre 140 items 12:39 here to search 10/6/2 hp entMain.do?invoker=assignments& takeAssignmentSessionLocator=assignment-take&unprogres entry to close the Fees Earned Options No results Accounts Payable 10,000 10,000 Wages Payable 2,000 2,000 Cormmon Stock 5,000 5,000 Retained Earnings 8,753 8,753 Dividends 1,000 1,000 Fees Earned 44,318 44,318 Wages Expense 21,155 21,155 Rent Expense 5,810 5,810 Depreciation Expense 5,106 5,106 < Totals 76,071 76,071 32,071 44,000 44,318 31,753 Net Income (Loss) 12,247 12,247 44,000 44,318 44,318 44,000 The journal entry to close revenues and expenses would involve: a. debits to Fees Earned and Retained Earnings and credits to the expense accounts b. debits to the expense accounts and credits to Retained Earnings and Fees Earned Oc C. debits to the expense accounts and Retained Earnings and a credit to Fees Earned d. a debit to Fees Earned and credits to the expense accounts and Retained Earnings Previous All work saved. e rch Wi 8 hp
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.
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