Closing Entries (Net Loss) Use the following partial listing of T accounts to complete this exercise. Accum. Depr.—Delivery Equip. 185.1     Bal. 100 Wages Payable 219     Bal. 200 Saburo Goto, Capital 311     Bal. 4,000 Saburo Goto, Drawing 312 Bal. 800     Income Summary 313         Delivery Fees 401     Bal. 2,200 Wages Expense 511 Bal. 1,800     Advertising Expense 512 Bal. 80     Rent Expense 521 Bal. 500     Supplies Expense 523 Bal. 120     Phone Expense 525 Bal. 58     Electricity Expense 533 Bal. 44     Insurance Expense 535 Bal. 30     Gas and Oil Expense 538 Bal. 38     Depr. Exp.— Del. Equip. 541 Bal. 100     Miscellaneous Expense 549 Bal. 33       Required: 1.  Prepare closing entries in general journal form dated January 31, 20--. Then post the closing entries to the T accounts. Page: 1   DATE DESCRIPTION   POST. REF. DEBIT CREDIT   1 20-- Jan. 31     fill in the blank fb356bfc3062ff2_2 fill in the blank fb356bfc3062ff2_3 fill in the blank fb356bfc3062ff2_4 1 2       fill in the blank fb356bfc3062ff2_6 fill in the blank fb356bfc3062ff2_7 fill in the blank fb356bfc3062ff2_8 2 3             3 4 Jan. 31     fill in the blank fb356bfc3062ff2_10 fill in the blank fb356bfc3062ff2_11 fill in the blank fb356bfc3062ff2_12 4 5       fill in the blank fb356bfc3062ff2_14 fill in the blank fb356bfc3062ff2_15 fill in the blank fb356bfc3062ff2_16 5 6       fill in the blank fb356bfc3062ff2_18 fill in the blank fb356bfc3062ff2_19 fill in the blank fb356bfc3062ff2_20 6 7       fill in the blank fb356bfc3062ff2_22 fill in the blank fb356bfc3062ff2_23 fill in the blank fb356bfc3062ff2_24 7 8       fill in the blank fb356bfc3062ff2_26 fill in the blank fb356bfc3062ff2_27 fill in the blank fb356bfc3062ff2_28 8 9       fill in the blank fb356bfc3062ff2_30 fill in the blank fb356bfc3062ff2_31 fill in the blank fb356bfc3062ff2_32 9 10       fill in the blank fb356bfc3062ff2_34 fill in the blank fb356bfc3062ff2_35 fill in the blank fb356bfc3062ff2_36 10 11       fill in the blank fb356bfc3062ff2_38 fill in the blank fb356bfc3062ff2_39 fill in the blank fb356bfc3062ff2_40 11 12       fill in the blank fb356bfc3062ff2_42 fill in the blank fb356bfc3062ff2_43 fill in the blank fb356bfc3062ff2_44 12 13       fill in the blank fb356bfc3062ff2_46 fill in the blank fb356bfc3062ff2_47 fill in the blank fb356bfc3062ff2_48 13 14       fill in the blank fb356bfc3062ff2_50 fill in the blank fb356bfc3062ff2_51 fill in the blank fb356bfc3062ff2_52 14 15             15 16 Jan. 31     fill in the blank fb356bfc3062ff2_54 fill in the blank fb356bfc3062ff2_55 fill in the blank fb356bfc3062ff2_56 16 17       fill in the blank fb356bfc3062ff2_58 fill in the blank fb356bfc3062ff2_59 fill in the blank fb356bfc3062ff2_60 17 18             18 19 Jan. 31     fill in the blank fb356bfc3062ff2_62 fill in the blank fb356bfc3062ff2_63 fill in the blank fb356bfc3062ff2_64 19 20       fill in the blank fb356bfc3062ff2_66 fill in the blank fb356bfc3062ff2_67 fill in the blank fb356bfc3062ff2_68 20 21             21 2.  Post the closing entries to the T accounts. If there is more than one closing entry for an account, enter in the order given in the journal. Accum. Depr.—Delivery Equip. 185.1     Bal. 100 Wages Payable 219     Bal. 200 Saburo Goto, Capital 311 Closing fill in the blank 4cf0be0d7072f8e_1 Bal. 4,000 Closing fill in the blank 4cf0be0d7072f8e_2         Bal. fill in the blank 4cf0be0d7072f8e_3 Saburo Goto, Drawing 312 Bal. 800 Closing fill in the blank 4cf0be0d7072f8e_4 Income Summary 313 Closing fill in the blank 4cf0be0d7072f8e_5 Closing fill in the blank 4cf0be0d7072f8e_6     Closing fill in the blank 4cf0be0d7072f8e_7 Delivery Fees 401 Closing fill in the blank 4cf0be0d7072f8e_8 Bal. 2,200 Wages Expense 511 Bal. 1,800 Closing fill in the blank 4cf0be0d7072f8e_9 Advertising Expense 512 Bal. 80 Closing fill in the blank 4cf0be0d7072f8e_10 Rent Expense 521 Bal. 500 Closing fill in the blank 4cf0be0d7072f8e_11 Supplies Expense 523 Bal. 120 Closing fill in the blank 4cf0be0d7072f8e_12 Phone Expense 525 Bal. 58 Closing fill in the blank 4cf0be0d7072f8e_13 Electricity Expense 533 Bal. 44 Closing fill in the blank 4cf0be0d7072f8e_14 Insurance Expense 535 Bal. 30 Closing fill in the blank 4cf0be0d7072f8e_15 Gas and Oil Expense 538 Bal. 38 Closing fill in the blank 4cf0be0d7072f8e_16 Depr. Exp.—Delivery Equip. 541 Bal. 100 Closing fill in the blank 4cf0be0d7072f8e_17 Miscellaneous Expense 549 Bal. 33 Closing fill in the blank 4cf0be0d7072f8e_18

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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.