Work Sheet and Adjusting Entries Complete the Adjustments columns for a partial work sheet for Jim Jacobs' Furniture Repair. Jim Jacobs' Furniture Repair Work Sheet (Partial) For Year Ended December 31, 20-- Trial Balance Adjustments Adjusted Trial Balance Account Title Debit Credit Debit Credit Debit Credit Cash 100 fill in the blank 1 fill in the blank 2 100 Supplies 850 fill in the blank 3 fill in the blank 4 200 Prepaid Insurance 900 fill in the blank 5 fill in the blank 6 300 Delivery Equipment 3,600 fill in the blank 7 fill in the blank 8 3,600 Accumulated Depreciation—Delivery Equipment 600 fill in the blank 9 fill in the blank 10 800 Wages Payable fill in the blank 11 fill in the blank 12 100 Jim Jacobs, Capital 4,000 fill in the blank 13 fill in the blank 14 4,000 Repair Fees 1,650 fill in the blank 15 fill in the blank 16 1,650 Wages Expense 600 fill in the blank 17 fill in the blank 18 700 Advertising Expense 200 fill in the blank 19 fill in the blank 20 200 Supplies Expense fill in the blank 21 fill in the blank 22 650 Insurance Expense fill in the blank 23 fill in the blank 24 600 Depreciation Expense—Delivery Equipment fill in the blank 25 fill in the blank 26 200 6,250 6,250 fill in the blank 27 fill in the blank 28 6,550 6,550
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.
Work Sheet and
Complete the Adjustments columns for a partial work sheet for Jim Jacobs' Furniture Repair.
| Jim Jacobs' Furniture Repair Work Sheet (Partial) For Year Ended December 31, 20-- |
||||||
|---|---|---|---|---|---|---|
| Adjustments | Adjusted Trial Balance | |||||
| Account Title | Debit | Credit | Debit | Credit | Debit | Credit |
| Cash | 100 | fill in the blank 1 | fill in the blank 2 | 100 | ||
| Supplies | 850 | fill in the blank 3 | fill in the blank 4 | 200 | ||
| Prepaid Insurance | 900 | fill in the blank 5 | fill in the blank 6 | 300 | ||
| Delivery Equipment | 3,600 | fill in the blank 7 | fill in the blank 8 | 3,600 | ||
| 600 | fill in the blank 9 | fill in the blank 10 | 800 | |||
| Wages Payable | fill in the blank 11 | fill in the blank 12 | 100 | |||
| Jim Jacobs, Capital | 4,000 | fill in the blank 13 | fill in the blank 14 | 4,000 | ||
| Repair Fees | 1,650 | fill in the blank 15 | fill in the blank 16 | 1,650 | ||
| Wages Expense | 600 | fill in the blank 17 | fill in the blank 18 | 700 | ||
| Advertising Expense | 200 | fill in the blank 19 | fill in the blank 20 | 200 | ||
| Supplies Expense | fill in the blank 21 | fill in the blank 22 | 650 | |||
| Insurance Expense | fill in the blank 23 | fill in the blank 24 | 600 | |||
| Depreciation Expense—Delivery Equipment | fill in the blank 25 | fill in the blank 26 | 200 | |||
| 6,250 | 6,250 | fill in the blank 27 | fill in the blank 28 | 6,550 | 6,550 |
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