The trial balance of VILLAR REALTY for June 30, 2019 VILLAR REALTY Trial Balance June 30, 2019 DEBIT P 650,000 100,000 108,000 28,800 9,000 90,000 CREDIT Cash Accounts Receivable Prepaid Rent Prepaid insurance on Automobile Supplies on Hand office Equipment Accumulated Depreciation-Office Equipment P 21,600 Automobile 240,000 Accumulated Depreciation- Automobile Accounts Payabie Notes Payable Unearned Management Fees M Villar, Capital M Villar, drawing Sales commissions Revenue 60,000 10,800 150.000 46,800 1,337,400 705, 000 900,000 72,000 Management Service Revenue Salaries Expense Advertising Expense Automobile Expense Miscellaneous Expense 599,400 9,000 53,400 P2 528,600 P25AR, 600 TOTAL PREPARE a ten - column work sheet for the year ended June 30, 2019 using the following Data for adjustments: a. Insurance expense on automobile for the year is P14,400 b. Rent expense for the year is P72,000 c. Depreciation expense is: Office equipment, P10,800, automobile P48,000 d. Salaries incurred but unpaid as of June 30 amounts to P 9,990 e. Supplies on hand as of June 30 P 3,000 1. The unearned management fees were received and recorded on April 1, 2019 The advance payment covered 6 month's management of an apartment building E Accrued interest on notes payable, P15,000. Prepare the following financial statements: a. Income Statement b. Balance sheet C. Statement of nuners equity
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.
create a ten column
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
