Ween trading Worksheet As on June 30 Unadjusted trial balance Adjustments Adjusted trial balance Income statement Balance sheet Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash ccounts receivables "urchases Utilty expense upplies 19,700 19,700 19,700 44,000 44,000 44,000 119,200 119,200 119,200 20,500 20,500 20,500 1,250 1,000 250 250 48,000 quipment icence and permits repaid rent 48,000 48,000 1,260 1,260 1,260 45,000 15,000 30,000 30,000 reight in Dwners capital "urchase returns ccounts payable 2,400 2,400 2,400 75,000 8,500 75,000 75,000 8,500 8,500 835,500 835,500 835,500 290,560 200,000 ales revenue 290,560 290,560 ank loan lotes payable 200,000 8,000 200,000 8,000 8,000 Inearned revenue 4,000 2,000 2,000 2,000 urchase discount 600 600 600 repaid advertising 10,000 5,000 5,000 5,000 urniture 40,000 40,000 40,000 Computer reight out 75,000 75,000 75,000 3,120 3,120 3,120 ales return and allowances 11,700 11,700 11,700 ales salaries expenses 24,000 24,000 24,000 33,000 Office salaries expenses Drawings Delivery van 33,000 33,000 22,000 22,000 22,000 850,000 850,000 2,030 850,000 ales discount 2,030 2,030 lotes receivable 26,000 26,000 26,000 "repaid insurance ost of goods sold 24,000 2,000 22,000 22,000 10,900 10,900 10,900 (10,900) 15,000 10,900 (10,900) hventory cent expense Depreciation expense-equipment ccumulated depreciation - equipment upplies expense dvertising expense Depreciation expense-furniture ccumulated depreciation - furniture nterest expense hterest payable Depreciation expense-delivery van ccumulated depreciation - delivery van nterest receivable 15,000 15,000 1,025 1,025 1,025 1,025 1,025 1,025 1,000 1,000 5,000 1,000 5,000 5,000 330 330 330 330 330 330 20 20 20 20 20 7,000 7,000 7,000 7,000 7,000 7,000 15 15 15 nterest revenue 15 15 15 2,000 nsurance expense Cent revenue ad debt expense 2,000 2,000 2,000 2,000 2,000 1,410 1,410 1,410 rovison for bad debts 1,410 1,410 (1,410) 1,422,160 1,422,160 45,700 45,700 1,431,960 1,431,960 259,635 301,675 1,170,915 1,128,875 42,040 301,675 301,675 1,170,915 1,170,915 otal let income 42,040 otal 20
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 help me answer the opening entries and reversing entries.
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