Prepare an income statement. 2. Prepare a statement of owner's equity. If an amount is zero, enter "0". 3. Prepare a balance sheet. The following trial balance is taken after one month of operation. TJ's Paint Service Trial Balance July 31, 20 -- Account Title ACCOUNT NO. DEBIT BALANCE CREDIT BALANCE Cash 101 4,260 Accounts Receivable 122 1,056 Supplies 141 840 Paint Equipment 183 878 Accounts Payable 202 2,165 TJ Ulza, Capital 311 3,120 TJ Ulza, Drawing 312 505 Painting Fees 401 3,660 Wages Expense 511 924 Rent Expense 521 294 Phone Expense 525 41 Transportation Expense 526 52 Utilities Expense 533 66 Miscellaneous Expense 549 29 8,945 8,945 Prepare an income statement. TJ's Paint Service Income Statement For Month Ended July 31, 20-- $fill in the blank 6981bffa0fc2ff4_3 $fill in the blank 6981bffa0fc2ff4_6 fill in the blank 6981bffa0fc2ff4_8 fill in the blank 6981bffa0fc2ff4_10 fill in the blank 6981bffa0fc2ff4_12 fill in the blank 6981bffa0fc2ff4_14 fill in the blank 6981bffa0fc2ff4_16 fill in the blank 6981bffa0fc2ff4_18 $fill in the blank 6981bffa0fc2ff4_20 Statement of Owners' Equity 2. Prepare a statement of owner's equity. If an amount is zero, enter "0". TJ's Paint Service Statement of Owner's Equity For Month Ended July 31, 20-- $fill in the blank 6a6c89ff301407b_2 fill in the blank 6a6c89ff301407b_4 Total investment $fill in the blank 6a6c89ff301407b_5 $fill in the blank 6a6c89ff301407b_7 fill in the blank 6a6c89ff301407b_9 fill in the blank 6a6c89ff301407b_11 $fill in the blank 6a6c89ff301407b_13 Balance Sheet 3. Prepare a balance sheet. TJ's Paint Service Balance Sheet July 31, 20-- Assets Liabilities $fill in the blank a8bf5b03603afcd_2 $fill in the blank a8bf5b03603afcd_4 fill in the blank a8bf5b03603afcd_6 fill in the blank a8bf5b03603afcd_8 Owner's Equity fill in the blank a8bf5b03603afcd_10 fill in the blank a8bf5b03603afcd_12 Total assets $fill in the blank a8bf5b03603afcd_13 Total liabilities & owner's equity $fill in the blank a8bf5b03603afcd_14
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 an income statement.
2. Prepare a statement of owner's equity. If an amount is zero, enter "0".
3. Prepare a
The following
| TJ's Paint Service Trial Balance July 31, 20 -- |
|||
|---|---|---|---|
Account Title |
ACCOUNT NO. |
DEBIT BALANCE |
CREDIT BALANCE |
| Cash | 101 | 4,260 | |
| Accounts Receivable | 122 | 1,056 | |
| Supplies | 141 | 840 | |
| Paint Equipment | 183 | 878 | |
| Accounts Payable | 202 | 2,165 | |
| TJ Ulza, Capital | 311 | 3,120 | |
| TJ Ulza, Drawing | 312 | 505 | |
| Painting Fees | 401 | 3,660 | |
| Wages Expense | 511 | 924 | |
| Rent Expense | 521 | 294 | |
| Phone Expense | 525 | 41 | |
| Transportation Expense | 526 | 52 | |
| Utilities Expense | 533 | 66 | |
| Miscellaneous Expense | 549 | 29 | |
| 8,945 | 8,945 |
Prepare an income statement.
| TJ's Paint Service | ||
| Income Statement | ||
| For Month Ended July 31, 20-- | ||
| $fill in the blank 6981bffa0fc2ff4_3 | ||
| $fill in the blank 6981bffa0fc2ff4_6 | ||
| fill in the blank 6981bffa0fc2ff4_8 | ||
| fill in the blank 6981bffa0fc2ff4_10 | ||
| fill in the blank 6981bffa0fc2ff4_12 | ||
| fill in the blank 6981bffa0fc2ff4_14 | ||
| fill in the blank 6981bffa0fc2ff4_16 | ||
| fill in the blank 6981bffa0fc2ff4_18 | ||
| $fill in the blank 6981bffa0fc2ff4_20 |
2. Prepare a statement of owner's equity. If an amount is zero, enter "0".
| TJ's Paint Service | ||
| Statement of Owner's Equity | ||
| For Month Ended July 31, 20-- | ||
| $fill in the blank 6a6c89ff301407b_2 | ||
| fill in the blank 6a6c89ff301407b_4 | ||
| Total investment | $fill in the blank 6a6c89ff301407b_5 | |
| $fill in the blank 6a6c89ff301407b_7 | ||
| fill in the blank 6a6c89ff301407b_9 | ||
| fill in the blank 6a6c89ff301407b_11 | ||
| $fill in the blank 6a6c89ff301407b_13 |
3. Prepare a balance sheet.
| TJ's Paint Service Balance Sheet July 31, 20-- |
|||
|---|---|---|---|
| Assets | Liabilities | ||
| $fill in the blank a8bf5b03603afcd_2 | $fill in the blank a8bf5b03603afcd_4 | ||
| fill in the blank a8bf5b03603afcd_6 | |||
| fill in the blank a8bf5b03603afcd_8 | Owner's Equity | ||
| fill in the blank a8bf5b03603afcd_10 | fill in the blank a8bf5b03603afcd_12 | ||
| Total assets | $fill in the blank a8bf5b03603afcd_13 | Total liabilities & owner's equity | $fill in the blank a8bf5b03603afcd_14 |
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