Post-Closing Trial Balance August 2023 Michael's bush Café. and Post-Closing Trial Balance As at 31st August 2023 Cash Accounts Receivable General & Office Supplies Inventory Pre-paid insurance Motor Vehicle $22,221 $0 $950 $19,856 $15,000 $30,000
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.
Make
![Shelly Beach Cafe accounting transactions for September 2023
01/09/2023 Paid $3,000 using cash for a 6 month social media campaign.
Paid Bush Providores latest account of $5, 650 with cash.
Received the September telephone bill valued at $475 payable on the 28th
September.
Bush Providores delivered 59,460 worth on inventory payable on account.
03/09/2023
05/09/2023
06/09/2023
07/09/2023 Weekly Cafe sales of $16,651 banked.
07/09/2023 Weekly cabin sales of $3,750 banked.
07/09/2023 Cost of sales (inventory used) $4,966.
07/09/2023
07/09/2023
11/09/2023
12/09/2023
14/09/2023 Weekly Cafe sales of $13,559 banked.
14/09/2023
Weekly cabin sales of $2,250 banked.
Cost of sales (inventory used) $4,210.
Paid the cleaner cash wages for 3 cabins cleaned.
Paid Alice and Camilla cash wages for the week ended 14/09/2023
14/09/2023
14/09/2023
14/09/2023
15/09/2023 Paid for a guide cash for ICMS group bush walk $400.
16/09/2023
Paid $180 cash for fuel for the Landcruiser.
Bush Providores delivered S8,374 worth of inventory payable on account.
Paid Bush Providores account from 06/09/2023.
Invoiced balance to ICMS for their stay (5 Cabins I week).
Weekly Cafe sales of $15,021 banked.
Cost of sales (inventory used) $5,158.
Paid the cleaner cash for 5 cabins cleaned
Paid Alice and Camilla wages for the week ended 21/09/2023
Received a 50% cash deposit for 5 cabins in November 2023
Paid $730 cash for Landcruiser service
19/09/2023
20/09/2023
21/09/2023
21/09/2023
21/09/2023
21/09/2023
21/09/2023
22/09/2023
23/09/2023
Paid the cleaner cash wages for 5 cabins cleaned.
Paid Alice and Camilla cash wages for the week ended 07/09/2023.
Paid last month's Endeavour Energy electricity bill of $2,150.
Paid $175 cash for fuel for the Landcruiser.
24/09/2023 Paid Bush Air Conditioning Services cash for Air Conditioner repair
$1,250.
Shelly Beach Cafe accounting transactions for September 2023
28/09/2023 Weekly Cafe sales $14,351 banked
28/09/2023 Weekly Cabin sales $1,500 banked
28/09/2018
28/09/2023
Cost of sales (inventory used) $4,388.
28/09/2023 Paid the cleaner cash for 2 cabins cleaned
Paid the telephone bill received on 05/09/2023.
30/09/2023
Paid Michael and Roberta's wage for September 2023.
Note: This may not represent all the transactions for the period. You will need also need to
reference the background information provided on page 1 to see what other transactions are
relevant for September.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc0a0eb44-0d82-4149-bd9e-63330869cded%2Fc62e29b7-cf62-4916-bcff-e66651dca44b%2Fq8i896t_processed.jpeg&w=3840&q=75)
![Post-Closing Trial Balance August 2023
Michael's bush Café. and Post-Closing Trial Balance As at 31st August
2023
Cash
Accounts Receivable
General & Office Supplies
Inventory
Pre-paid insurance
Motor Vehicle
Accumulated Depreciation
(Motor Vehicle)
Plant & Equipment
Accumulated Depreciation
(Plant & Equipment)
Goodwill
Accounts Payable
Salaries Payable
Bank Loan
Deposits received
Capital
Retained Earnings
TOTAL
$22,221
$0
$950
$19,856
$15,000
$30,000
$115,000
$159,832
$362,859
$800
$6,400
$18,242
$12,000
$250,000
$1,875
$50,000
$23,542
$362,859](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc0a0eb44-0d82-4149-bd9e-63330869cded%2Fc62e29b7-cf62-4916-bcff-e66651dca44b%2Fnm501fc_processed.jpeg&w=3840&q=75)
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