QuickBooks - Computerized Accounting. Issues with my Balance Sheet and Profit and Loss Summary Can you give me any advice that can reconcile these account balances? I have submitted the Profit and Loss Summary Along with the Balance Sheets I created in Quickbooks; along with pictures documenting what the accounts are meant to be. Any help you be appreciated! Puppy Luv Pampered Pooch - Allison Young Profit and Loss July 1 - August 10, 2026 TOTAL Income Pooch Services 743.50 Taxes and Licenses 50.00 Total Income $793.50 GROSS PROFIT $793.50 Expenses Automobile Expense 15.23 Dues and Subscriptions 250.00 Equipment Rental 389.10 Marketing 1,033.00 Meals & Entertainment 245.00 Office Supplies & Software 63.54 Pooch Supplies 2,604.46 Postage 47.00 Taxes & Licenses 450.00 Utilities 16.84 Total Expenses $5,114.17 NET OPERATING INCOME $ -4,320.67 NET INCOME $ -4,320.67 Puppy Luv Pampered Pooch - Allison Young Balance Sheet As of August 10, 2026 TOTAL ASSETS Current Assets Bank Accounts Los Angeles City Bank 51,521.63 Total Bank Accounts $51,521.63 Accounts Receivable Accounts Receivable (A/R) 220.50 Total Accounts Receivable $220.50 Other Current Assets Prepaid Expenses 3,300.00 Undeposited Funds 0.00 Total Other Current Assets $3,300.00 Total Current Assets $55,042.13 Fixed Assets Equipment 16,000.00 Total Fixed Assets $16,000.00 TOTAL ASSETS $71,042.13 LIABILITIES AND EQUITY Liabilities Current Liabilities Accounts Payable Accounts Payable (A/P) 315.80 Total Accounts Payable $315.80 Credit Cards Los Angeles Credit Union 47.00 Total Credit Cards $47.00 Total Current Liabilities $362.80 Total Liabilities $362.80 Equity Owner's Investment 75,000.00 Retained Earnings Net Income -4,320.67 Total Equity $70,679.33 TOTAL LIABILITIES AND EQUITY $71,042.13
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.
Can you give me any advice that can reconcile these account balances? I have submitted the Profit and Loss Summary Along with the Balance Sheets I created in Quickbooks; along with pictures documenting what the accounts are meant to be. Any help you be appreciated!
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TOTAL
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743.50 |
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50.00 |
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$793.50 |
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$793.50 |
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|
|
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15.23 |
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|
250.00 |
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389.10 |
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1,033.00 |
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|
245.00 |
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63.54 |
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2,604.46 |
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47.00 |
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450.00 |
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16.84 |
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$5,114.17 |
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$ -4,320.67 |
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$ -4,320.67 |
Puppy Luv Pampered Pooch - Allison Young
Balance Sheet
As of August 10, 2026
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|---|---|
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TOTAL
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51,521.63 |
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$51,521.63 |
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|
|
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220.50 |
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$220.50 |
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|
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3,300.00 |
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0.00 |
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$3,300.00 |
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$55,042.13 |
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|
|
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16,000.00 |
|
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$16,000.00 |
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$71,042.13 |
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|
|
|
|
|
|
|
|
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315.80 |
|
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$315.80 |
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|
|
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47.00 |
|
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$47.00 |
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$362.80 |
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$362.80 |
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|
|
|
75,000.00 |
|
|
|
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-4,320.67 |
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$70,679.33 |
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|
$71,042.13 |
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