supplies adirance aid equipme lated depreciation store equipment s payable id Capital a returns and allowances Bases salaries expense e salaries expense sportation expesse wlaneous geomal expense Expense - ripples expense eciation expense-stre equipment salaries payable e salaries payable of goods sold Unadjusted Trial Balance Adjustments Debil Cred Debit Credit Great company 10-colums Worksheet For the month ended June 30, 2021 37,380 99.671 191.310 15610 14,24 40,290 60,400 445 3.28.065 1,290 42,650 160.540 9.750 5240 4258 2416 11,300 19,390 2.80.258 7.20.592 1.475 56,690 1.000 1,000 000 4,000 1,000 1.000 2.500 1,000 100 000 56.000 Adjusted Trial Balance Income Statement Balance Sheet Credit Debit Credit Debit Debit Credit 37.880 2.50.000 11610 13,248 35.290 60,400 4485 3.28.065 1,290 1.06420 42,650 120.540 9.750 5240 5258 2416 1,000 4,000 2.500 19.390 280,250 7.70,593 3.235 1675 3,000 $6,000 4485 1,290 106420 42.650 $750 Jone's 2416 5,000 4,000 7.70.992 3735 56,090 37,880 99.678 11,610 11,24 35.290 40,400 143 19 2.215 30
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.
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Worksheet is prepared as below:
Great company
10-column Worksheet
For the month ended June 30, 2021
Unadjusted Trial Balance Adjustments
Debit
Credit Debit Credit
1
2
3
4
5 Particulars
6 Cash
7 Accounts receivable
8 Merchandise inventory
9 Store supplies
10 Prepaid insurance
11 Prepaid rent
12 Store equipment
13 Accumulated depreciation-store equipment
14 Accounts payable
15 A. David, Capital
16 Sales
bete
17 Sales returns and allowances
18 Purchases
19 Purchase returns and allowances
20 Freight in
21 Sales salaries expense
22 Advertising expense
23 Office salaries expense
24 Transportation expense
25 Unities expense
26 Miscellaneous general expense
27 Interest Income
28 Interest expense
29 Rent Expense
30 Store supplies expense
31 Depreciation expense-stare equipment
32 Sales salaries payable
33 Office salaries payable
34 Cost of goods sold
35 Netloss
36 Total
Step3
c)
OL
37,880
99,678
193,310
15,610
14,248
40,290
*****
60,400
Rent expense
4485
3.28.065
5,290
1,03,420
Prepaid rent
42,650
1,60540
9,750
5,240
4,258
2416
Store supplies expense
Store supplies
11,880
59,390
2,80,258
7,70,592
Sales salaries expense
3,735
1,675
Office salaries expense
56.690
Sales salaries payable
3.000
1,60,000
Office salaries payable
1,000
5,000
4,000
2,500
4,000
1,000
5.000
Adjusted Trial Balance Income Statement Balance Sheet
Debit
Credit Debit Credit Debit Credit
2,500
3,000
1,60,000
56.690
?
37,380
99,678
2,50,000
11.610
13,248
35,290
35,40
60,400
Great company
Adjusting entries
For the month ended June 30, 2021
Date
Particulars
June 30, 2021 Miscellaneous general expense
Prepaid insurance
4,485
3,28,065
5,290
1,06,420
42,6501
3,20,540
Depreciation expense
Accumulated depreciaion-store equipment
9,750
5,240
5,258
2,416
5,000
4,000
2,500
14,380
59,390
2,30,258
7,70,592
3,735
1,675
3,000
1.60.000
56,690
4,485
3,28,065
5.290
1,06,420
42,650
3,20,540
9,750
5,240
5,258
56,690
Ass
8,922
11,27,530 11,27,530 2,32,190 2,32,190 13,49,720 13,49,720 8,41,614 8,41,614 5,05,106 5,08,106
2,416
5,000
4.000
2.500
X
7,70,592
P4.000
P5.000
3,735
1,675
√x
L/F Debit Credit
P1,000
P2,5000
P3,0000
37,880
99,673
2,50,000
11,610
P160,000
35,290
60,400
14,380
59,390
2,71,336
3.000
1,60,000
P1,000
P4,000
|P5,000
P2,500
P3,0000
P160,000
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Step4
d)
Ottice salaries payable
The statement of comprehensive income is
prepared as follows:
Great company
Stament of comprehensive income
For the month ended June 30, 2021
1
2
3
4
5 Partuiculars
6 Sales revenue
7 Less: Sales returns and allowances
8 Net sales revenue
9 Less: Cost of goods sold
10 Gross Profit
11 Less: Operating expenses
12 Sales salaries expense
13 Advertising expense
14 Office salaries expense
15 Transportation expense
16 Utilities expense
17 Miscellaneous general expense
18 Rent Expense
19 Store supplies expense
20 Depreciation expense-store equipment
21 Operating income
22 Non-operating items:
23 Add: Interest income
24 Less: Interest expense
25 Net income
?
P100,000
Amount Amount
7,70,592
4.485
Therefore the net loss for the period is
P8,922.
7,66,107
2.72.930
4,93,177
1,06,420
42,650
3,20,540
9,750
5,240
5,258
5,000
4,000
2.500 5.01.358
-8,181
|X
1,675
2.416
-8,922
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