The extracted Trial Balance from the ledger of Amazon Traders, Income Statement and BalanceSheet templates have been provided. The trial balance needs to be balanced in terms of debit andcredits. You need to review and check the trial balance ensuring any errors are corrected andcomplete the worksheet for Income Statement and Balance Sheet.Answer:Trial Balance Income StatementDebit Credit DebitCredit31,4831,900Accounts Receivable 3,700Accounts PayableAccountsBuildingBankGST CollectedGST PaidSalesCost of Goods SoldOffice EquipmentInventoryDelivery ExpensesInsuranceElectricityTelephoneSalariesRatesDiscount AllowedRentCommission IncomeCapital (opening)Net ProfitTotals2,00021,11895013,8324752285321902,4702381,0074845,0002,60044,59380727,60780,607 80,607Balance SheetDebit Credit Prepare an Income Statement for year ended 30 June.Answer:Amazon Traders - Income Statement for the year ended 30 June$ $SalesGross ProfitAdd Other Revenue:Total Operating IncomeTotal Operating Expenses:Net Profit (Loss)Task 11Prepare a Balance Sheet on 30 June.Answer:Amazon Traders - Balance Sheet as of 30 June$ $Current AssetsNon-Current AssetsTotal AssetsCurrent LiabilitiesTotal LiabilitiesNet AssetsOwners' Equity||=│|

A trail balance statement is one of the statement which are just prepared by the company so that it…

The extracted Trial Balance from the ledger of Amazon Traders, Income Statement and Balance Sheet templates have been provided. The trial balance needs to be balanced in terms of debit and credits. You need to review and check the trial balance ensuring any errors are corrected and complete the worksheet for Income Statement and Balance Sheet.

The extracted Trial Balance from the ledger of Amazon Traders, Income Statement and Balance Sheet templates have been provided. The trial balance needs to be balanced in terms of debit and credits. You need to review and check the trial balance ensuring any errors are corrected and complete the worksheet for Income Statement and Balance Sheet.

College Accounting (Book Only): A Career Approach

12th Edition

ISBN:9781305084087

Author:Cathy J. Scott

Publisher:Cathy J. Scott

Chapter11: Work Sheet And Adjusting Entries

Section: Chapter Questions

Problem 4E

See similar textbooks

Similar questions

The general ledger of Jay Consulting shows the following balances at July 31: Jay has asked you to develop a worksheet that will serve as a trial balance (file name PTB). Use the data provided as input for your model. Review the Model-Building Problem Checklist on page 154 to ensure that your worksheet is complete. Print the worksheet when done. Check figure: Total debits, 17,731. To test your model, use the following balances at August 31: Print the worksheet when done. Check figure: Total debits, 18,810. CHART (optional) Using the test data worksheet, prepare a pie chart showing the percentage of each asset to total assets. Print the chart when done.
The first step in posting the sales journal to the general ledger is to total and verify the equality of the amount columns. enter the date in the Date column of the ledger account. enter the new balance in the Balance columns of the ledger account. enter the ledger account number below the column totals in the journal.
2. According to the list items below, tick (√) either the debit column or credit column based to which side of the trial balance you would expect the item to appear.Items DEBIT CREDITOffice EquipmentCreditorsInsuranceCashRent payableDebtorsSalesRent receivableDrawingsMotor vehiclesLoan from CUMB BhdCapitalWagesPremisesCarriage inwards
Studypug.com Recliner Company wants to verify that all of its accounts are in balance. Which of the following will be prepared for this purpose? a.Balance sheet b.General ledger c.Trial balance d.Chart of accounts
Select the letter of the item below that best matches the definitions that follow. a. Balance Sheet Standard report. b. To date c. Summary Balance Sheet report d. QuickZoom e. Transactions by Account report f. % of Column g. Memorizing a report h. Divided by 1000 1. ________ When selected in the Modify Report window, this check box requires QuickBooks Accountant to add a column representing the percentage of each item compared to total assets. 2. ________ When selected in the Modify Report window, this check box requires QuickBooks Accountant to round amounts to the nearest whole dollar. 3. ________ The start of the reporting period. 4. ________ A financial statement reporting in detail the assets, liabilities, and equities of a business as of a certain date. 5. ________ A process by which modified reports are saved for later use. 6. ________ When selected in the Modify Report window, this check box requires QuickBooks Accountant to report amounts in thousands. 7. ________ The end…
List (a) through (j) in the order they would be performed in preparing and completing an end-of-period spreadsheet.a. Add the Debit and Credit columns of the Unadjusted Trial Balance columns of the spreadsheet to verify that the totals are equal.b. Add the Debit and Credit columns of the Balance Sheet and Income Statement columns of the spreadsheet to verify that the totals are equal.c. Add or deduct adjusting entry data to trial balance amounts, and extend amounts to the Adjusted Trial Balance columns.d. Add the Debit and Credit columns of the Adjustments columns of the spreadsheet to verify that the totals are equal.e. Add the Debit and Credit columns of the Balance Sheet and Income Statement columns of the spreadsheet to determine the amount of net income or net loss for the period.f. Add the Debit and Credit columns of the Adjusted Trial Balance columns of the spreadsheet to verify that the totals are equal.g. Enter the adjusting entries into the spreadsheet, based on the…
It is prepared with an objective to test the arithmetic accuracy of the accounts a. Ledger b. Books of Prime entry c. Trial Balance d. Journal
Requirements: Complete the table for Trial Balance, Adjsutments, Adjusted TB (HINT: The debit and credit should always equal, Also for adjustments there is a collection of accounts receivable, the rest is normal adjustments that affect the Temporary Accounts and Permanent Accounts) Additional Requirements: Prepare Income Statement, Changes in Owners Equity, Financial Statement
Read each definition below and write the number of the definition in the blank beside the appropriate term. The quiz solutions appear at the end of the chapter. Event External event Internal event Transaction Source document Account Chart of accounts General ledger Debit Credit Double-entry system Journal Posting Journalizing General journal Trial balance A numerical list of all accounts used by a company. A list of each account and its balance; used to prove equality of debits and credits. A happening of consequence to an entity. An entry on the right side of an account. An event occurring entirely within an entity. A piece of paper that is used as evidence to record a transaction. The act of recording journal entries. An entry on the left side of an account. The process of transferring amounts from a journal to the ledger accounts. An event involving interaction between an entity and its environment. A record used to accumulate amounts for each individual asset, liability, revenue, expense, and component of stockholders equity. A book, a file, a hard drive, or another device containing all of the accounts. A chronological record of transactions. Any event that is recognized in a set of financial statements. The journal used in place of a specialized journal. A system of accounting in which every transaction is recorded with equal debits and credits and the accounting equation is kept in balance.
A trial balance: lists only revenue and expense accounts; lists all accounts and their balances. will help detect omitted journal entries. detects all errors that could be made during the journalizing or posting steps of the accounting cycle.
When preparing a trial balance, which of the following is correct? a. The purpose of the trial balance is to prove that the total of all debit balances equals the total of all credit balances. b. Advertising Expense would normally be recorded as a credit. c. The trial balance is considered to be a financial statement. d. Supplies would normally be recorded as a credit.
SPRE ADSHEET, ADJUSTING ENTRIES, AND FIN ANCIAL STATEMENTS Lundberg Company had the following trial balance columns on its spreadsheet: Data for adjusting the accounts are as follows: Additional information needed to prepare the financial statements is as follows: Required 1. Prepare a 6-column spreadsheet. 2. Prepare the following financial statements and schedule: (a) income statement (b) schedule of cost of goods manufactured (c) statement of retained earnings (d) balance sheet