In: Accounting
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 |
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