LAMPERT ROOFING Worksheet For the Month Ended March 31, 2022 Account Titles Trial Balance Dr. Cr. Cash Accounts Receivable Supplies Equipment Accumulated Depreciation—Equipment Accounts Payable Unearned Service Revenue Owner’s Capital Owner’s Drawings Service Revenue Salaries and Wages Expense Miscellaneous Expense Totals 4,500 3,200 2,000 11,000 1,100 1,300 400 23,500 1,250 2,500 550 12,900 6,300 23,500 Other data A physical count reveals only $480 of roofing supplies on hand Depreciation for March is $250 Unearned revenue amounted to $260 Accrued Miscellaneous expenses are $700 Prepaid salaries $300 Instructions: Each student from the group as per your assigned names will prepare: Adjusting journal entries Posting of adjustments Adjusted trial balance
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.
LAMPERT ROOFING
Worksheet
For the Month Ended March 31, 2022
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Account Titles |
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Dr. |
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Cr. |
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Cash Supplies Equipment Accounts Payable Unearned Service Revenue Owner’s Capital Owner’s Drawings Service Revenue Salaries and Wages Expense Miscellaneous Expense Totals
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4,500 3,200 2,000 11,000
1,100
1,300
400 23,500 |
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1,250 2,500 550 12,900
6,300
23,500 |
Other data
- A physical count reveals only $480 of roofing supplies on hand
- Depreciation for March is $250
- Unearned revenue amounted to $260
- Accrued Miscellaneous expenses are $700
- Prepaid salaries $300
Instructions:
Each student from the group as per your assigned names will prepare:
Adjusting journal entries - Posting of adjustments
- Adjusted trial balance
- Income statement
Balance sheet
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