Problem 6.4A (Algo) Worksheet, journalizing and posting adjusting and closing entries, and the postclosing trial balance. LO 6 - 1, 6 - 2 A partially completed worksheet for At Home Pet Grooming Service, a firm that grooms pets at the owner's home, follows. Required: Complete the worksheet. Record the adjusting entries in the general journal (transactions 1-3). Record the closing entries in the general journal (transactions 4-7). Post the adjusting entries and the closing entries to the general ledger accounts. Hint: Be sure to enter
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.
![Account Name
101: Cash
111: Accounts receivable
121: Supplies
131: Prepaid advertising
141: Equipment
142: Accumulated depreciation-Equipment
202: Accounts payable
301: Shara Johns, Capital
302: Shara Johns, Drawing
401: Fees income
519: Salaries expense
523: Utilities expense
520: Supplies expense
526: Advertising expense
511: Depreciation expense-Equipment
Totals
Net income
Trial Balance
Debit
$ 31,250
5,050
4,400
3,200
20,200
2,200
AT HOME PET GROOMING SERVICE
Worksheet
Month Ended December 31, 20X1
Adjustments
5,000
720
Credit
5,200
37,500
29,320
Debit
1,700
1,500
500
$72,020 $ 72,020 $ 3,700
Credit
$
1,700
1,500
500
Adjusted Trial Balance
Debit Credit
$ 31,250
5,050
2,700
1,700
20,200
2,200
5,000
720
500
5,200
37,500
29,320
▶▶▶
Income Statement
Debit
Credit
29,320
1,700
1,500
500
3,700 $ 72,520 $ 72,520 $
Balance Sheet
Debit
$ 31,250
5,050
2,700
1,700
20,200
2,200
5,000
720
1,700
1,500
500
9,420 $ 29,320 $ 63,100
19,900
$ 29,320 $ 29,320 $ 63,100
Credit
500
5,200
37,500
$ 43,200
19,900
$ 63,100](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Febb0f025-e67c-462f-aeb9-aebe40f810b0%2Fd742746e-77f8-442b-a17a-a8456bad1403%2F5or28e_processed.png&w=3840&q=75)
![Problem 6.4A (Algo) Worksheet, journalizing and posting adjusting and closing
entries, and the postclosing trial balance. LO 6-1, 6-2 A partially completed
worksheet for At Home Pet Grooming Service, a firm that grooms pets at the
owner's home, follows. Required: Complete the worksheet. Record the
adjusting entries in the general journal (transactions 1-3). Record the closing
entries in the general journal (transactions 4-7). Post the adjusting entries
and the closing entries to the general ledger accounts. Hint: Be sure to enter
beginning balances. Prepare a postclosing trial balance. Analyze: What total
debits were posted to the general ledger to complete all closing entries for the
month of December? (I did complete everything, however I can't find the last
part, the "Analisis", to whoever who can give me that answer thank you so
much).](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Febb0f025-e67c-462f-aeb9-aebe40f810b0%2Fd742746e-77f8-442b-a17a-a8456bad1403%2F7ovhl1_processed.png&w=3840&q=75)
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