FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Concept explainers

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 resu…
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 a…
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…
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 repor…
Question

Show the closing entries and post-close trial balance

Your Name, Inc. Your Name, Inc. Post Close Trial Balance Adjusted Trial Balance 2020 Entries and Adjustments Debits Credits 277,200 259,100 1,000 194,000 7,500 198,000 15,500 31-Dec-19 31-Dec-20 DEBITS CREDITS 17.000 2,000 14,000 DEBITS CREDITS 35,100 1,000 150,000 Cash Marketable Securities Accounts Rec. 330,000 4,000 180.000 18,000 Allowance for Bad Debt 2,000 5,500 3,000 15,000 5,000 30,000 150,000 Inventory Prepaid Insurance 7.500 30,000 150,000 Land Building Accumulated Dep. - Building Equipment Accumulated Dep. - Equipment Accounts Payable Salaries Payable 45,000 5,000 50,000 100,000 20,000 120,000 20,000 9,000 23,000 180,000 1,100 43,000 12,000 1,100 177,000 Unearned Revenue 2,000 2,000 Interest Payable Income Taxes Payable Note Payable 1,120 9,136 56,000 1,120 9,136 56,000 100,000 60,000 100,000 22,000 3,000 3,000 100,000 50,000 80,000 22,000 333,000 Bonds Common Stock Additional Pd-in-Capital Retained Earnings 10,000 20,000 333,000 Additional Accounts: Sales Cost of Goods Sold Bad Debt Expense Depreciation Expense - Equipment Depreciation Exp. - Build. Salaries Expense Gain 330,000 330,000 198,000 7,500 23,000 5,000 26,400 198,000 7.500 23,000 5,000 26,400 200 200 Interest Expense Bond Interest Expense Insurance Expense Treasury Stock Dividends 1,120 10,000 15,500 2,800 3,000 1,120 10,000 15,500 2,800 3,000 Revenue 2,000 2,000 Income Tax Expense 9,136 1,312,656 1,312,656 795,056 795,056 9,136
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Transcribed Image Text:Your Name, Inc. Your Name, Inc. Post Close Trial Balance Adjusted Trial Balance 2020 Entries and Adjustments Debits Credits 277,200 259,100 1,000 194,000 7,500 198,000 15,500 31-Dec-19 31-Dec-20 DEBITS CREDITS 17.000 2,000 14,000 DEBITS CREDITS 35,100 1,000 150,000 Cash Marketable Securities Accounts Rec. 330,000 4,000 180.000 18,000 Allowance for Bad Debt 2,000 5,500 3,000 15,000 5,000 30,000 150,000 Inventory Prepaid Insurance 7.500 30,000 150,000 Land Building Accumulated Dep. - Building Equipment Accumulated Dep. - Equipment Accounts Payable Salaries Payable 45,000 5,000 50,000 100,000 20,000 120,000 20,000 9,000 23,000 180,000 1,100 43,000 12,000 1,100 177,000 Unearned Revenue 2,000 2,000 Interest Payable Income Taxes Payable Note Payable 1,120 9,136 56,000 1,120 9,136 56,000 100,000 60,000 100,000 22,000 3,000 3,000 100,000 50,000 80,000 22,000 333,000 Bonds Common Stock Additional Pd-in-Capital Retained Earnings 10,000 20,000 333,000 Additional Accounts: Sales Cost of Goods Sold Bad Debt Expense Depreciation Expense - Equipment Depreciation Exp. - Build. Salaries Expense Gain 330,000 330,000 198,000 7,500 23,000 5,000 26,400 198,000 7.500 23,000 5,000 26,400 200 200 Interest Expense Bond Interest Expense Insurance Expense Treasury Stock Dividends 1,120 10,000 15,500 2,800 3,000 1,120 10,000 15,500 2,800 3,000 Revenue 2,000 2,000 Income Tax Expense 9,136 1,312,656 1,312,656 795,056 795,056 9,136
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