Beacon Signals Company maintains and repairs warning lights, such as Beacon Signals Company prepared the following end-of period spreadsheet at December 31, 2019, the end of the fiscal year:Beacon Signals CompanyEnd-of-Period SpreadsheetFor the Year Ended December 31, 2019Unadjusted Trial Balance Adjustments Adjusted Trial BalanceAccount Title Dr. Cr. Dr. Cr. Dr. Cr.Cash 13,000.00 13,000.00Accounts Receivable 40,500.00 (a) 12,500.00 53,000.00Prepaid Insurance 4,200.00 (b) 3,000.00 1,200.00Supplies 3,000.00 (c) 2,250.00 750.00Land 98,000.00 98,000.00Building 500,000.00 500,000.00Accumulated Depreciation-Building 255,300.00 (d) 9,000.00 264,300.00Equipment 121,900.00 121,900.00Accumulated Depreciation-Equipment 100,100.00 (e) 4,500.00 104,600.00Accounts Payable 15,700.00 15,700.00Salaries and Wages Payable (f) 4,900.00 4,900.00Unearned Rent 2,100.00 (g) 1,300.00 800.00Sarah Colin, Capital 238,100.00 238,100.00Sarah Colin, Drawing 10,000.00 10,000.00Fees Earned 388,700.00 (a) 12,500.00 401,200.00Rent Revenue (g) 1,300.00 1,300.00Salaries and Wages Expense 163,100.00 (f) 4,900.00 168,000.00Advertising Expense 21,700.00 21,700.00Utilities Expense 11,400.00 11,400.00Depreciation Expense-Building (d) 9,000.00 9,000.00Repairs Expense 8,850.00 8,850.00Depreciation Expense-Equipment (e) 4,500.00 4,500.00Insurance Expense (b) 3,000.00 3,000.00Supplies Expense (c) 2,250.00 2,250.00Miscellaneous Expense 4,350.00 4,350.001,000,000.00 1,000,000.00 37,450.00 37,450.00 1,030,900.00 1,030,900.00Required:1. Prepare an income statement for the year ended December 31. If a net loss has been incurred, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of text items other than account names. You will not need to enter colons (:) on the income statement.2. Prepare a statement of owner’s equity for the year ended December 31. No additional investments were made during the year. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of text items.3. Prepare a balance sheet as of December 31. Fixed assets must be entered in order according to account number. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of text items other than account names. You will not need to enter colons (:) or the word "Less" on the balance sheet; they will automatically insert where necessary.4. Based upon the end-of-period spreadsheet, journalize the closing entries. Explanations should be omitted. If you are unsure of account titles, see the chart of accounts.5. Prepare a post-closing trial balance.Hopefully this is all the information needed. I've uploaded this question 3 times and keep getting it rejected but this is the best I can do since I'm only able to upload one picture and it wont fit. Previously the person who rejected it said my question had ended at Depreciation Expense so here is the text from there on incase it happens again. I asked this question and only the first part was answered and the rest left blank so I'm still lost. Please help!Depreciation Expense-Building (d) 9,000.00 9,000.00Repairs Expense 8,850.00 8,850.00Depreciation Expense-Equipment (e) 4,500.00 4,500.00Insurance Expense (b) 3,000.00 3,000.00Supplies Expense (c) 2,250.00 2,250.00Miscellaneous Expense 4,350.00 4,350.001,000,000.00 1,000,000.00 37,450.00 37,450.00 1,030,900.00 1,030,900.00Required:1. Prepare an income statement for the year ended December 31. If a net loss has been incurred, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of text items other than account names. You will not need to enter colons (:) on the income statement.2. Prepare a statement of owner’s equity for the year ended December 31. No additional investments were made during the year. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of text items.3. Prepare a balance sheet as of December 31. Fixed assets must be entered in order according to account number. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of text items other than account names. You will not need to enter colons (:) or the word "Less" on the balance sheet; they will automatically insert where necessary.4. Based upon the end-of-period spreadsheet, journalize the closing entries. Explanations should be omitted. If you are unsure of account titles, see the chart of accounts.5. Prepare a post-closing trial balance.
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.
Beacon Signals Company maintains and repairs warning lights, such as Beacon Signals Company prepared the following end-of period spreadsheet at December 31, 2019, the end of the fiscal year:
Beacon Signals Company
End-of-Period Spreadsheet
For the Year Ended December 31, 2019
Unadjusted
Account Title Dr. Cr. Dr. Cr. Dr. Cr.
Cash 13,000.00 13,000.00
Accounts Receivable 40,500.00 (a) 12,500.00 53,000.00
Prepaid Insurance 4,200.00 (b) 3,000.00 1,200.00
Supplies 3,000.00 (c) 2,250.00 750.00
Land 98,000.00 98,000.00
Building 500,000.00 500,000.00
Equipment 121,900.00 121,900.00
Accumulated Depreciation-Equipment 100,100.00 (e) 4,500.00 104,600.00
Accounts Payable 15,700.00 15,700.00
Salaries and Wages Payable (f) 4,900.00 4,900.00
Unearned Rent 2,100.00 (g) 1,300.00 800.00
Sarah Colin, Capital 238,100.00 238,100.00
Sarah Colin, Drawing 10,000.00 10,000.00
Fees Earned 388,700.00 (a) 12,500.00 401,200.00
Rent Revenue (g) 1,300.00 1,300.00
Salaries and Wages Expense 163,100.00 (f) 4,900.00 168,000.00
Advertising Expense 21,700.00 21,700.00
Utilities Expense 11,400.00 11,400.00
Depreciation Expense-Building (d) 9,000.00 9,000.00
Repairs Expense 8,850.00 8,850.00
Depreciation Expense-Equipment (e) 4,500.00 4,500.00
Insurance Expense (b) 3,000.00 3,000.00
Supplies Expense (c) 2,250.00 2,250.00
Miscellaneous Expense 4,350.00 4,350.00
1,000,000.00 1,000,000.00 37,450.00 37,450.00 1,030,900.00 1,030,900.00
Required:
1. Prepare an income statement for the year ended December 31. If a net loss has been incurred, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of text items other than account names. You will not need to enter colons (:) on the income statement.
2. Prepare a statement of owner’s equity for the year ended December 31. No additional investments were made during the year. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of text items.
3. Prepare a balance sheet as of December 31. Fixed assets must be entered in order according to account number. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of text items other than account names. You will not need to enter colons (:) or the word "Less" on the balance sheet; they will automatically insert where necessary.
4. Based upon the end-of-period spreadsheet, journalize the closing entries. Explanations should be omitted. If you are unsure of account titles, see the chart of accounts.
5. Prepare a post-closing trial balance.
Hopefully this is all the information needed. I've uploaded this question 3 times and keep getting it rejected but this is the best I can do since I'm only able to upload one picture and it wont fit. Previously the person who rejected it said my question had ended at Depreciation Expense so here is the text from there on incase it happens again. I asked this question and only the first part was answered and the rest left blank so I'm still lost. Please help!
Depreciation Expense-Building (d) 9,000.00 9,000.00
Repairs Expense 8,850.00 8,850.00
Depreciation Expense-Equipment (e) 4,500.00 4,500.00
Insurance Expense (b) 3,000.00 3,000.00
Supplies Expense (c) 2,250.00 2,250.00
Miscellaneous Expense 4,350.00 4,350.00
1,000,000.00 1,000,000.00 37,450.00 37,450.00 1,030,900.00 1,030,900.00
Required:
1. Prepare an income statement for the year ended December 31. If a net loss has been incurred, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of text items other than account names. You will not need to enter colons (:) on the income statement.
2. Prepare a statement of owner’s equity for the year ended December 31. No additional investments were made during the year. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of text items.
3. Prepare a balance sheet as of December 31. Fixed assets must be entered in order according to account number. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of text items other than account names. You will not need to enter colons (:) or the word "Less" on the balance sheet; they will automatically insert where necessary.
4. Based upon the end-of-period spreadsheet, journalize the closing entries. Explanations should be omitted. If you are unsure of account titles, see the chart of accounts.
5. Prepare a post-closing trial balance.
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