MY Autobody's adjusted trial balance on December 31, 2023, appears in the work sheet as follows: Debit $ 29,000 2,300 5,200 93,000 Account No. 101 Cash 124 Shop supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation, equipment 201 Accounts payable 210 Wages payable 301 Mike Yang, capital 302 Mike Yang, withdrawals 401 Repair revenue 612 Depreciation expense, equipment 623 637 640 650 690 Wages expense Insurance expense Rent expense Office supplies expense Utilities expense Totals 41,000 Credit $ 8,500 20,000 9,860 150,000 166,630 9,500 105,500 2,400 57,350 5,800 3,940 $354,990 $354,990 There were no investments by the owner during the year. Prepare an income statement for the year ended December 31, 2023.

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 resu…

Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.

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 a…

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…

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 repor…