Question

In: Accounting

Prepare an Adjusted trial balance Date Account Number from Chart of Accounts tab Account Title from...

Prepare an Adjusted trial balance

Date Account Number from Chart of Accounts tab Account Title from Chart of Accounts tab Debit Credit
31-Mar 512 Insurance Expense             200
117 Prepaid Insurance              200
31-Mar 514 Repair Supplies expense             450
119 Repair Supplies              450
31-Mar 515 Dep Expense- Repair Equipment             120
145 Accum Dep- Repair expense              120
31-Mar 516 Income Tax Expense               65
213 Income Tax Payable                65

Solutions

Expert Solution

Preparation of Adjusted Trial Balance

Once the posting is complete and the new balances have been calculated, we prepare the adjusted trial balance. As before, the adjusted trial balance is a listing of all accounts with the ending balances and in this case it would be adjusted balances.

Particulars​​​​​​ Debit Credit

Prepaid Insurance (It may be disclosed in debit side with negative sign) 200

Account Payable ( Repair Expense payable) 450

Accumulated Depreciation 120

Income Tax Payable 65

Insurance Expenses 200

Repair Supplier Expense 450

Depreciation expenses 120

Income Tax Expenses 65

Total 835 835


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