Adjusted Trial Balance At Cash Accounts Receivable Supplies

Adjusted trial balance at cash accounts receivable

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Adjusted Trial Balance At September 30, 2018 Cash Accounts Receivable Supplies Prepaid Rent Equipment Accumulated Depreciation Software Accumulated Amortization Logo and Trademarks Accounts Payable Deferred Revenue Salaries and Wages Payable Income Tax Payable Interest Payable Note Payable Common Stock Retained Earnings Dividends Sales Revenue Service Revenue Salaries and Wages Expense Rent Expense Utilities Expense Advertising Expense Depreciation Expense Supplies Expense Amortization Expense Interest Expense Income Tax Expense Total Debit $ 16,900 3,750 250 4,800 9,600 9,000 300 0 9,750 2,400 600 500 400 350 250 100 200 $ 59,150 Credit $ 400 250 10,700 200 1,950 200 100 20,000 10,000 0 12,100 3,250 $ 59,150 What is Net Income? Net Income = $800 What is Retained Earnings (Ending)? RE = 0 + $800 - $0 = $800
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After posting these closing entries, all the income statement accounts and the dividend account will have a zero balance. Closing Temporary Accounts Retained Earnings (-SE) Dividends (-D) xx xx Sales Revenue (-R) Service Revenue (-R) Salaries and Wages Expense (-E) Rent Expense (-E) Utilities Expense (-E) Advertising Expense (-E) Depreciation Expense (-E) Supplies Expense (-E) Amortization Expense (-E) Interest Expense (-E) Income Tax Expense (-E) Retained Earnings (+SE) 9,750 2,400 600 500 400 350 250 100 200 800 12,100 3,250 Partial Listing of T-accounts
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Post-Closing Trial Balance Final check that all debits still equal credits and that all temporary accounts have been closed. Contains balances for only permanent accounts. Is the last step in the accounting process. NOODLECAKE, INC. Adjusted Trial Balance At September 30, 2018 Cash Accounts Receivable Supplies Prepaid Rent Equipment Accumulated Depreciation Software Accumulated Amortization Logo and Trademarks Accounts Payable Deferred Revenue Salaries and Wages Payable Income Tax Payable Interest Payable Note Payable Common Stock Retained Earnings Dividends Sales Revenue Service Revenue Salaries and Wages Expense Rent Expense Utilities Expense Advertising Expense Depreciation Expense Supplies Expense Amortization Expense Interest Expense Income Tax Expense Total Debit $ 16,900 3,750 250 4,800 9,600 9,000 300 0 0 0 0 0 0 0 0 0 0 $ 44,600 Credit $ 400 250 10,700 200 1,950 200 100 20,000 10,000 800 0 0 $ 44,600
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In-Class Exercises 03 1-
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Learning Objective 4-6 Explain how adjustments affect financial results.
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Adjusted Financial Results Adjustments help to ensure that all revenues and expenses are reported in the period in which they are earned and incurred. Without adjustments, the financial statements present an incomplete and misleading picture of the company’s financial performance.
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C hapter 4 The End The End
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