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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