The unadjusted trial balance as of December 31, 2024, the end of the annual accounting period for Super Employment Services, follows: Requirements: 1. Journalize Super's adjusting entries at December 31, 2024. Use the letter (a, b, and so on) as the date. 2. The accounts listed in the unadjusted trial balance, together with their unadjusted balances as of December 31, 2024, have been opened for you in T-account form. Post the adjusting entries to T-accounts. Determine the ending balances in the T-accounts on December 31, 2024. 3. Prepare an adjusted trial balance. 4. Prepare a partial worksheet including the account names, unadjusted trial balance, adjustments, and adjusted trial balance. More info a. Office Supplies on hand at year-end, $200. b. Depreciation on furniture, $2,000. c. Depreciation on building, $1,000. d. Salaries owed but not yet paid, $500. e. Accrued service revenue, $1,300. f. $3,000 of the unearned revenue has been earned.
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.
The unadjusted
Requirements:
|
1.
|
Journalize
Super's
December
31,
2024.
Use the letter
(a,
b,
and so on) as the date. |
|
2.
|
The accounts listed in the unadjusted trial balance, together with their unadjusted balances as of
December
31,
2024,
have been opened for you in T-account form. December
31,
2024.
|
|
3.
|
Prepare an adjusted trial balance.
|
|
4.
|
Prepare a partial worksheet including the account names, unadjusted trial balance, adjustments, and adjusted trial balance.
|
|
a.
|
Office Supplies on hand at year-end,
$200.
|
|
b.
|
$2,000.
|
|
c.
|
Depreciation on building,
$1,000.
|
|
d.
|
Salaries owed but not yet paid,
$500.
|
|
e.
|
Accrued service revenue,
$1,300.
|
|
f.
|
$3,000
of the unearned revenue has been earned. |
Thank you !!!
An accounting worksheet is prepared to determine the accuracy of the financial statements of the entity prepared at the end of the period. A worksheet consists of columns such as debit and credit under the trial balance, debit, and credit under Adjustments to the trial balance, Income & expense under the income statement, and liabilities & assets for a balance sheet. It is a kind of summary of all the final accounts prepared at the close of the year.
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