Prepare the Unadjusted Trial Balance for Smart Touch Learning for December 31st. Check your spelling carefully and do not abbreviate. Enter the account names exactly as provided in the Chart of Accounts. Enter the accounts in the order of Assets, Liabilities, Equity, Revenues, and Expenses. ACCOUNT Accounts Receivable 600 Cash 35,270 Common Stock 36,800 Dividends 4,200 Furniture 13,400 Office Supplies 400 Prepaid Insurance 1,800 Rent Expense 2,000 Salaries Expense 2,000 Service Revenue 19,100 Unearned Revenue 4,000 Utilities Expense 230 December 31, 2016Month ended December 31, 2016Smart Books LearningSmart Touch LearningUnadjusted Trial Balance December 31, 2016Month ended December 31, 2016Smart Books LearningSmart Touch LearningUnadjusted Trial Balance December 31, 2016Month ended December 31, 2016Smart Books LearningSmart Touch LearningUnadjusted Trial Balance Balance Account Title Debit Credit Total A single underline below a cell represents subtotal. A double underline below a cell represents grand total. A T is drawn. The vertical line divides the account into its left and right sides. The left side of the T-account is called the debit side and the right side is called the credit side. The account name is at the top, above the horizontal line.
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.
Prepare the Unadjusted
| ACCOUNT | |
|---|---|
| Accounts Receivable | 600 |
| Cash | 35,270 |
| Common Stock | 36,800 |
| Dividends | 4,200 |
| Furniture | 13,400 |
| Office Supplies | 400 |
| Prepaid Insurance | 1,800 |
| Rent Expense | 2,000 |
| Salaries Expense | 2,000 |
| Service Revenue | 19,100 |
| Unearned Revenue | 4,000 |
| Utilities Expense | 230 |
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December 31, 2016Month ended December 31, 2016Smart Books LearningSmart Touch LearningUnadjusted Trial Balance
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December 31, 2016Month ended December 31, 2016Smart Books LearningSmart Touch LearningUnadjusted Trial Balance
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December 31, 2016Month ended December 31, 2016Smart Books LearningSmart Touch LearningUnadjusted Trial Balance
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Balance
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Account Title
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Debit
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Credit
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Total
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A single underline below a cell represents subtotal.
A double underline below a cell represents grand total.
A T is drawn. The vertical line divides the account into its left and right sides. The left side of the T-account is called the debit side and the right side is called the credit side. The account name is at the top, above the horizontal line.
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