please answer with working please answer with everything like explanation , computation , formulation with steps no copy paste please answer in text not image thanks need complete and correct answer Part 1 Create a Tabular Analysis Chart to record transactions and complete the following Business Transactions: 1. August 3rd, Bruce's Original T's issued $25,000 of common stock in exchange for cash. 2. August 7th, Bruce's Original T's paid $10,000 to purchase land. 3. August 8th, Bruce's Original T's prepaid rent for 3 months in the amount of $2,400. 4. August 10th, Bruce's Original T's purchased $5,000 in supplies from Lola's Shirt supply on account. 5. August 12th, Bruce's Original T's paid for a new advertising campaign, $1000 per month. 6. August 15th, Bruce's Original T's sold $5,000 worth of merchandise to another store on account. 7. August 17th, Bruce's Original T's received a $4,000 payment in advance from Coastal T's for consulting work to be completed in September. 8. August 18th, Bruce's Original T's paid in full for the supplies purchased on account in #4. 9. August 19th, Bruce negotiated the cost of work for a new shirt printing system. 10.August 20th, Bruce's Original T's Collected payment of $5,000 for payment of merchandise sold on a account to another store in transaction #6. 11.August 25th, Bruce's Original T's sold $1,400 in shirts to a new customer in exchange for cash 12.August 27th, Bruce's Original T's paid its employees $2,050 dollars for their biweekly payroll. 13.August 29th, Bruce's Original T's paid its monthly utility bill for $250.00 to United Utility. 14.August 31st, Bruce's Original T's received $2,500 as payment for consulting services performed for Lexie's shirt shop. 15.August 31st, Bruce's Original T's counted supplies and its end of month count shows $2,100 in supplies on hand. 16.August 31st, Bruce's Original T's adjusted prepaid rent of $800 for the month of August. 17.August 31st, Bruces Original T's will pay wages of $2200 to its employees in September for work completed in August 18.August 31st, Bruce's Original T's sold $2,250 in merchandise on account to Haley's Distribution Company Part 2 Prepare a Balance Sheet using the information and totals from the tabular analysis. List all asset names and total balances individually. List all liabilities names and total balances individually.
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.
please answer with working please answer with everything like explanation , computation , formulation with steps no copy paste please answer in text not image thanks need complete and correct answer
Part 1
Create a Tabular Analysis Chart to record transactions and complete the following Business Transactions:
1. August 3rd, Bruce's Original T's issued $25,000 of common stock in exchange for cash.
2. August 7th, Bruce's Original T's paid $10,000 to purchase land.
3. August 8th, Bruce's Original T's prepaid rent for 3 months in the amount of $2,400.
4. August 10th, Bruce's Original T's purchased $5,000 in supplies from Lola's Shirt supply on account.
5. August 12th, Bruce's Original T's paid for a new advertising campaign, $1000 per month.
6. August 15th, Bruce's Original T's sold $5,000 worth of merchandise to another store on account.
7. August 17th, Bruce's Original T's received a $4,000 payment in advance from Coastal T's for consulting work to be completed in September.
8. August 18th, Bruce's Original T's paid in full for the supplies purchased on account in #4.
9. August 19th, Bruce negotiated the cost of work for a new shirt printing system.
10.August 20th, Bruce's Original T's Collected payment of $5,000 for payment of merchandise sold on a account to another store in transaction #6.
11.August 25th, Bruce's Original T's sold $1,400 in shirts to a new customer in exchange for cash
12.August 27th, Bruce's Original T's paid its employees $2,050 dollars for their biweekly payroll.
13.August 29th, Bruce's Original T's paid its monthly utility bill for $250.00 to United Utility.
14.August 31st, Bruce's Original T's received $2,500 as payment for consulting services performed for Lexie's shirt shop.
15.August 31st, Bruce's Original T's counted supplies and its end of month count shows $2,100 in supplies on hand.
16.August 31st, Bruce's Original T's adjusted prepaid rent of $800 for the month of August.
17.August 31st, Bruces Original T's will pay wages of $2200 to its employees in September for work completed in August
18.August 31st, Bruce's Original T's sold $2,250 in merchandise on account to Haley's Distribution Company
Part 2
Prepare a Balance Sheet using the information and totals from the tabular analysis. List all asset names and total balances individually. List all liabilities names and total balances individually.
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