Prepare a trial balance for Charlie's Detective Service as of January 31, 20--. If an amount box does not require an entry, leave it blank. Trial Balance Charles Chadwick opened a business called Charlie's Detective Service in January 20--. At the end of January the accounts had the following balances: Accounts Payable $3,589 Accounts Receivable $3,077 Cash $24,848 Charles Chadwick, Capital $29,726 Charles Chadwick, Drawing $2,572 Computer Equipment $7,682 Office Furniture $4,514 Office Supplies $201 Professional Fees $12,106 Rent Expense $1,703 Utilities Expense $824 Prepare a trial balance for Charlie's Detective Service as of January 31, 20--. If an amount box does not require an entry, leave it blank. Charlie's Detective Service Trial Balance January 31, 20-- Account Debit Balance Credit Balance fill in the blank aa9048f81013fdc_2 fill in the blank aa9048f81013fdc_3 fill in the blank aa9048f81013fdc_5 fill in the blank aa9048f81013fdc_6 fill in the blank aa9048f81013fdc_8 fill in the blank aa9048f81013fdc_9 fill in the blank aa9048f81013fdc_11 fill in the blank aa9048f81013fdc_12 fill in the blank aa9048f81013fdc_14 fill in the blank aa9048f81013fdc_15 fill in the blank aa9048f81013fdc_17 fill in the blank aa9048f81013fdc_18 fill in the blank aa9048f81013fdc_20 fill in the blank aa9048f81013fdc_21 fill in the blank aa9048f81013fdc_23 fill in the blank aa9048f81013fdc_24 fill in the blank aa9048f81013fdc_26 fill in the blank aa9048f81013fdc_27 fill in the blank aa9048f81013fdc_29 fill in the blank aa9048f81013fdc_30 fill in the blank aa9048f81013fdc_32 fill in the blank aa9048f81013fdc_33
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.
. Prepare a
Trial Balance
Charles Chadwick opened a business called Charlie's Detective Service in January 20--. At the end of January the accounts had the following balances:
| Accounts Payable | $3,589 |
| $3,077 | |
| Cash | $24,848 |
| Charles Chadwick, Capital | $29,726 |
| Charles Chadwick, Drawing | $2,572 |
| Computer Equipment | $7,682 |
| Office Furniture | $4,514 |
| Office Supplies | $201 |
| Professional Fees | $12,106 |
| Rent Expense | $1,703 |
| Utilities Expense | $824 |
Prepare a trial balance for Charlie's Detective Service as of January 31, 20--. If an amount box does not require an entry, leave it blank.
| Charlie's Detective Service | ||
| Trial Balance | ||
| January 31, 20-- | ||
| Account | Debit Balance | Credit Balance |
| fill in the blank aa9048f81013fdc_2 | fill in the blank aa9048f81013fdc_3 | |
| fill in the blank aa9048f81013fdc_5 | fill in the blank aa9048f81013fdc_6 | |
| fill in the blank aa9048f81013fdc_8 | fill in the blank aa9048f81013fdc_9 | |
| fill in the blank aa9048f81013fdc_11 | fill in the blank aa9048f81013fdc_12 | |
| fill in the blank aa9048f81013fdc_14 | fill in the blank aa9048f81013fdc_15 | |
| fill in the blank aa9048f81013fdc_17 | fill in the blank aa9048f81013fdc_18 | |
| fill in the blank aa9048f81013fdc_20 | fill in the blank aa9048f81013fdc_21 | |
| fill in the blank aa9048f81013fdc_23 | fill in the blank aa9048f81013fdc_24 | |
| fill in the blank aa9048f81013fdc_26 | fill in the blank aa9048f81013fdc_27 | |
| fill in the blank aa9048f81013fdc_29 | fill in the blank aa9048f81013fdc_30 | |
| fill in the blank aa9048f81013fdc_32 | fill in the blank aa9048f81013fdc_33 |
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