The adjusted trial balance columns of the worksheet for Sunland Company are as follows. Complete the worksheet. SUNLAND COMPANY Worksheet (partial) For the Month Ended April 30, 2020 Adjusted Trial Balance Income Statement Balance Sheet Account Titles Dr. Cr. Dr. Cr. Dr. Cr. Cash 12,000 enter a debit amount enter a credit amount enter a debit amount enter a credit amount Accounts Receivable 7,800 enter a debit amount enter a credit amount enter a debit amount enter a credit amount Prepaid Rent 2,200 enter a debit amount enter a credit amount enter a debit amount enter a credit amount Equipment 23,200 enter a debit amount enter a credit amount enter a debit amount enter a credit amount Accumulated Depreciation—Equipment 5,300 enter a debit amount enter a credit amount enter a debit amount enter a credit amount Notes Payable 5,800 enter a debit amount enter a credit amount enter a debit amount enter a credit amount Accounts Payable 4,800 enter a debit amount enter a credit amount enter a debit amount enter a credit amount Owner’s Capital 29,750 enter a debit amount enter a credit amount enter a debit amount enter a credit amount Owner’s Drawings 3,800 enter a debit amount enter a credit amount enter a debit amount enter a credit amount Service Revenue 15,600 enter a debit amount enter a credit amount enter a debit amount enter a credit amount Salaries and Wages Expense 10,600 enter a debit amount enter a credit amount enter a debit amount enter a credit amount Rent Expense 900 enter a debit amount enter a credit amount enter a debit amount enter a credit amount Depreciation Expense 750 enter a debit amount enter a credit amount enter a debit amount enter a credit amount Interest Expense 80 enter a debit amount enter a credit amount enter a debit amount enter a credit amount Interest Payable 80 enter a debit amount enter a credit amount enter a debit amount enter a credit amount Totals 61,330 61,330 enter a debit amount enter a credit amount enter a debit amount enter a credit amount Net Income enter a debit amount enter a credit amount enter a debit amount
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 adjusted
Complete the worksheet.
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SUNLAND COMPANY
Worksheet (partial) For the Month Ended April 30, 2020 |
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Adjusted Trial Balance
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Income Statement
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Account Titles
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Dr.
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Cr.
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Dr.
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Cr.
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Dr.
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Cr.
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Cash
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12,000 |
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enter a credit amount
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enter a debit amount
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enter a credit amount
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7,800 |
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enter a credit amount
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enter a debit amount
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enter a credit amount
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Prepaid Rent
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2,200 |
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enter a credit amount
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enter a debit amount
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enter a credit amount
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Equipment
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23,200 |
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enter a credit amount
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enter a debit amount
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5,300 |
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enter a credit amount
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enter a debit amount
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enter a credit amount
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Notes Payable
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5,800 |
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enter a credit amount
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enter a debit amount
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enter a credit amount
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Accounts Payable
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4,800 |
enter a debit amount
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enter a credit amount
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enter a debit amount
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enter a credit amount
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Owner’s Capital
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29,750 |
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enter a credit amount
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enter a debit amount
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enter a credit amount
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Owner’s Drawings
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3,800 |
enter a debit amount
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enter a credit amount
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enter a debit amount
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enter a credit amount
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Service Revenue
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15,600 |
enter a debit amount
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enter a credit amount
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enter a debit amount
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enter a credit amount
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Salaries and Wages Expense
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10,600 |
enter a debit amount
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enter a credit amount
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enter a debit amount
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enter a credit amount
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Rent Expense
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900 |
enter a debit amount
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enter a credit amount
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enter a debit amount
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enter a credit amount
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Depreciation Expense
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750 |
enter a debit amount
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enter a credit amount
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enter a debit amount
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enter a credit amount
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Interest Expense
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80 |
enter a debit amount
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enter a credit amount
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enter a debit amount
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enter a credit amount
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Interest Payable
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80
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enter a debit amount | enter a credit amount | enter a debit amount | enter a credit amount | ||||||
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Totals
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61,330
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61,330
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enter a debit amount
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enter a credit amount
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enter a debit amount
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enter a credit amount
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Net Income
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enter a debit amount | enter a credit amount | enter a debit amount |
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