в с Demo Consulting End-of-Period Spreadsheet For the Year Ended August 31, 20Y9 Unadjusted Trial Balance D Adjusted Trial Balance 4 Adjustments 6 Account Title Dr. Cr. Dr. Cr. Cr. Dr. 182,500 234,500 27,600 775,000 400,000 8 Cash 9 Accounts Receivable 10 Supplies 11 Land 12 Office Equipment 13 Accumulated Depreciation 14 Accounts Payable 15 Salaries Payable 16 Common Stock 17 Retained Earnings 182,500| 234,500 5,000 775,000 22,600 400,000 60,200 41,500| 11,800 72,000 41,500 13,500 100,000 810,000 13,500 100,000 810,000 30,000 |1,480,000| 829,600 18 Dividends 19 Fees Earned 30,000 1,480,000 20 Salary Expense 21 Supplies Expense 22 Depreciation Expense 23 Miscellaneous Expense 13,500 22,600 11,800 843,100 22,600 11,800 12.500 47.900 2.517.000 2.517.000 12,500 2,491.700 2.491,700 47,900 24 25
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.
Financial statements from the end-of-period spreadsheet
Demo Consulting is a consulting firm owned and operated by Jesse Flatt.
The following end-ofperiod spreadsheet was prepared for the year
ended August S1, 20Y9:
Based on the preceding spreadsheet, prepare an income statement,
statement of
Consulting. During the year ended August 31, 2019, $15,000 of additional
common stock was issued.
Trending now
This is a popular solution!
Step by step
Solved in 6 steps with 6 images
