On December 31, Hawkin's records show the following accounts. Cash Accounts Receivable Supplies Equipment Accounts Payable Hawkin, Capital, December 1 Hawkin, Withdrawals Services Revenue Wages Expense Rent Expense Utilities Expense $ 5,900 1,000 Assets Cash Accounts receivable Equipment Supplies QS 1-17 (Algo) Preparing a balance sheet LO P2 Total Assets 3,600 14,800 6,400 15,300 Use the above information to prepare a December balance sheet for Hawkin. 1,800 16,400 8,000 1,900 1,100 HAWKIN Balance Sheet December 31 Liabilities 5,900 Accounts payable 1,000 14,800 Equity 3,600 Hawkin, Capital $ 25,300 Total Liabilities and Equity $ 6,400 23,300 29,700
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.
![ment
Use the following information for the Quick Studies below. (Algo)
[The following information applies to the questions displayed below.]
On December 31, Hawkin's records show the following accounts.
$ 5,900
1,000
3,600
14,800
6,400
7400
15, 300
Cash
Accounts Receivable
Supplies
Equipment
Accounts Payable
Hawk
Hawkin, Capital, December 1
Hawkin, Withdrawals
Services Revenue
Wages Expense
Rent Expense
Utilities Expense
QS 1-17 (Algo) Preparing a balance sheet LO P2
Use the above information to prepare a December balance sheet for Hawkin.
Assets
Cash
Accounts receivable
Equipment
Supplies
Total Assets
15,300
1,800
16,400
8,000
1,900
1,100
$
HAWKIN
Balance Sheet
December 31
Liabilities
5,900 Accounts payable
1,000
14,800 Equity
3,600 Hawkin, Capital
$ 25,300 Total Liabilities and Equity
$
$
< Prev
M
6,400
23,300
29,700
6
Saved
of 10
Next >
C](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F70cc9d25-a69b-47bc-ac76-4d1d1a1f1526%2F8dcb8f58-0678-4cd0-a39a-9a15925d0443%2Foqb237a_processed.jpeg&w=3840&q=75)
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 2 images
