н м HOUSTON VETERINARY HOSPITAL Worksheet December 31, 2018 Account Names Unadjusted Trial Balance Adjuitments Adjusted Trial Balance Income Statement Balarce Shet Debit Credit Debit Credit Debit Cradit Debit Credi Debit Credit Cash $ 31,200 $ 31,200 Arrnunts Rerakable 1,200 C 5 1,400 10, 100 Office Supplies 1,500 $ 275 b) 1,225 Prepaid Rent 4,000 600 (a) 5,400 Equipment 21,000 27,000 Accumulated Depreciation-Cquipment Accounts Payabe Utiities Payable Salaries Payable Unearned Reveue 1,900 1,500 $ 3,400 3,400 310 310 1,075 (e) 1,075 13,000 () 1,300 11,700 Comman Strk 41,000 41,000 Retained Earnings Dividends 55.690 55,600 24,000 28,000 Service Revenut 35.000 2,700 (d.1) 37,700 Rent Expense Salaries Expense Supplies Eaperse Utilities Experne 23,000 (a) 600 23,600 12,000 fe) 1,075 13,075 (b) 275 275 11,000 11,000 Deprecietion Ecerse Equipment 1,900 1,900 5 152,775 Total $ 144,400 S 148,400 $6,550 $6,s50 1 152,77S
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.
Preparing a worksheet, closing entries, and a post-closing
Houston Veterinary Hospital completed the following worksheet as of December 31, 2018.
Requirements
- Complete the worksheet for Houston Veterinary Hospital.
- Prepare the closing entries.
- Prepare a post-closing trial balance.
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