Required information [The following information applies to the questions displayed below.] MyBnB started a home rental company on January 1. As of November 30, MyBnB reported the following balances. The company does not yet have a balance in Retained Earnings because this is its first year of operations so no net income has been reported in prior years. Accounts Payable Cash Cleaning Expense Common Stock Unadj Trial Balance 5. Prepare an unadjusted trial balance, a preliminary income statement, statement of retained earnings, and classified balance sheet as of and for the year ended December 31. Complete this question by entering your answers in the tabs below. Income Statement $ 480 1,600 1,440 4,800 Stmt of Retained Earnings Equipment Repairs Expense Service Revenue Wages Expense Prepare an unadjusted trial balance. $ 3,840 320 3,200 1,280 Balance Sheet Show less A
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.
Please do not give solution in image format thanku
![Required information
[The following information applies to the questions displayed below.]
MyBnB started a home rental company on January 1. As of November 30, MyBnB reported the following
balances. The company does not yet have a balance in Retained Earnings because this is its first year of
operations so no net income has been reported in prior years.
Accounts Payable
Cash
Cleaning Expense
Common Stock
Stmt of
Retained
Earnings
Prepare an unadjusted trial balance.
5. Prepare an unadjusted trial balance, a preliminary income statement, statement of retained earnings, and classified
balance sheet as of and for the year ended December 31.
Complete this question by entering your answers in the tabs below.
Unadj Trial
Balance
Income
Statement
Unadj Trial
Balance
MYBNB
Unadiusted Trial Ralance
Accounts Payable
Cash
Total
$ 480
1,600
1,440
4,800
Income
Statement
Cleaning Expense
Common Stock
Equipment
Repairs Expense
Service Revenue
Wages Expense
Prepare an unadjusted trial balance.
Equipment
Repairs Expense
Service Revenue
Wages Expense
Balance Sheet
Stmt of
Retained
Earnings
MYBNB
Unadjusted Trial Balance
At December 31
$
Balance Sheet
Debit
0 $
Credit
< Unadj Trial Balance
$ 3,840
320
3,200
1,280
0
Show less A
Income Statement](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7f2c8743-ae88-4335-84a4-bac6b6124b54%2Fd067c97a-81fe-4f4f-a2a9-bfb42f3d4a03%2Fx3t7dmp_processed.jpeg&w=3840&q=75)
Trending now
This is a popular solution!
Step by step
Solved in 4 steps
