Tamarisk Golf Inc. was organized on July 1, 2020. Quarterly financial statements are prepared. The unadjusted trial balance and adjusted trial balance on September 30 are shown here. TAMARISK GOLF INC. TRIAL BALANCE SEPTEMBER 30, 2020 Unadjusted Adjusted Dr. Cr. Dr. Cr. Cash $6,584 $6,584 Accounts Receivable 385 935 Prepaid Rent 1,937 1,088 Supplies 1,300 255 Equipment 15,130 15,130 Accumulated Depreciation-Equipment $329 Notes Payable $5,400 5,400 Accounts Payable 983 983 Salaries and Wages Payable 594 Interest Payable 54 Unearned Rent Revenue 970 759 Common Stock 14,203 14,203 Retained Earnings 0 0 Dividends 652 652 Service Revenue 13,651 14,201 Rent Revenue 691 902 Salaries and Wages Expense 8,555 9,149 Rent Expense 903 1,752 Depreciation Expense 329 Supplies Expense 1,045 Utilities Expenses 452 452 Interest Expense 54 Totals $35,898 $35,898 $37,425 $37,425 No. Date Account Titles and Explanation Debit Credit 1. Sep. 30 A/R 550 Service Rev. 550 (To record accrued service revenue) 2. Sep. 30 Rent Exp. 849 Prepaid Rent 849 (To record expired rent) 3. Sep. 30 Supplies Exp. 1045 Supplies 1045 (To record supplies used) 4. Sep. 30 Depreciation Exp. 329 Accumulated Depr.-Equipment 329 (To record depreciation on equipment) 5. Sep. 30 Interest Exp. 54 Interest Payable 54 (To record interest accrued on the note) 6. Sep. 30 Unearned Rent Rev. 211 Rent Revenue 211 (To record rent revenue earned) 7. Sep. 30 Salaries & Wages Exp. 594 Salaries and Wages Payable 594 (To record accrued wages) Rev (Service Rev $14201 + Rent Rev $902)= $15103 Exp (S&W $9149+ Rent $1752+ Depreciation $329 +Supplies $1045+ Utilities $452 + Interest $54)= $12781 Net income $2322 I got all of the above done ... can I get some help with the Retained Earning Statement please?
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.
Tamarisk Golf Inc. was organized on July 1, 2020. Quarterly financial statements are prepared. The unadjusted
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TAMARISK GOLF INC.
TRIAL BALANCE SEPTEMBER 30, 2020 |
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Unadjusted
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Adjusted
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Dr.
|
Cr.
|
Dr.
|
Cr.
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|||||
| Cash | $6,584 | $6,584 | ||||||
| 385 | 935 | |||||||
| Prepaid Rent | 1,937 | 1,088 | ||||||
| Supplies | 1,300 | 255 | ||||||
| Equipment | 15,130 | 15,130 | ||||||
| $329 | ||||||||
| Notes Payable | $5,400 | 5,400 | ||||||
| Accounts Payable | 983 | 983 | ||||||
| Salaries and Wages Payable | 594 | |||||||
| Interest Payable | 54 | |||||||
| Unearned Rent Revenue | 970 | 759 | ||||||
| Common Stock | 14,203 | 14,203 | ||||||
| 0 | 0 | |||||||
| Dividends | 652 | 652 | ||||||
| Service Revenue | 13,651 | 14,201 | ||||||
| Rent Revenue | 691 | 902 | ||||||
| Salaries and Wages Expense | 8,555 | 9,149 | ||||||
| Rent Expense | 903 | 1,752 | ||||||
| Depreciation Expense | 329 | |||||||
| Supplies Expense | 1,045 | |||||||
| Utilities Expenses | 452 | 452 | ||||||
| Interest Expense | 54 | |||||||
| Totals |
$35,898
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$35,898
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$37,425
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$37,425
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No.
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Date
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Account Titles and Explanation
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Debit
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Credit
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| 1. | Sep. 30 |
A/R
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550
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Service Rev.
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550
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(To record accrued service revenue)
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| 2. | Sep. 30 |
Rent Exp.
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849
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Prepaid Rent
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849
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(To record expired rent)
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| 3. | Sep. 30 |
Supplies Exp.
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1045
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Supplies
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1045
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(To record supplies used)
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| 4. | Sep. 30 | Depreciation Exp. |
329
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Accumulated Depr.-Equipment
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329
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(To record depreciation on equipment)
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| 5. | Sep. 30 |
Interest Exp.
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54
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Interest Payable
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54
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(To record interest accrued on the note)
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| 6. | Sep. 30 |
Unearned Rent Rev.
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211
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Rent Revenue
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211
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(To record rent revenue earned)
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| 7. | Sep. 30 |
Salaries & Wages Exp.
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594
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Salaries and Wages Payable
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594
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(To record accrued wages)
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Rev (Service Rev $14201 + Rent Rev $902)= $15103
Exp (S&W $9149+ Rent $1752+ Depreciation $329 +Supplies $1045+ Utilities $452 + Interest $54)= $12781
Net income $2322
I got all of the above done ... can I get some help with the Retained Earning Statement please?
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