1 OrderDate Region Rep Item Units Unit Cost Total 2 1/6/2019 East Jones Pencil 95 1.99 189.05 3 1/23/2019 4 2/9/2019 5 2/26/2019 6 3/15/2019 7 4/1/2019 8 4/18/2019 9 5/5/2019 Central Kivell Binder 50 19.99 999.5 36 Jardine Gill Central Pencil 4.99 179.64 Central Pen 27 19.99 539.73 West Sorvino Pencil 56 2.99 167.44 East Jones Binder 60 4.99 299.4 Central Andrews Pencil 75 1.99 149.25 Central Jardine Pencil 90 4.99 449.1 10 5/22/2019 11 6/8/2019 12 6/25/2019 Thompson Pencil Binder West 32 1.99 63.68 East Jones 60 8.99 539.4 Central 90 4.99 449.1 Morgan Howard Pencil Binder Binder Pencil Desk 13 7/12/2019 East 29 1.99 57.71 14 7/29/2019 15 8/15/2019 16 9/1/2019 17 9/18/2019 18 10/5/2019 19 10/22/2019 East Parent 81 19.99 1619.19 East Jones 35 4.99 174.65 Smith Jones Central 2 125 250 East Pen Set 16 15.99 255.84 Central Morgan Binder 28 8.99 251.72 East Jones Pen 64 8.99 575.36 20 11/8/2019 East Parent Pen 15 19.99 299.85 21 11/25/2019 Central Kivell Pen Set 96 4.9 479.04 22 12/12/2019 Central Smith Pencil 67 1.29 86.43 23 12/29/2019 East Parent Pen Set 74 15.99 1183.26 24 1/15/2020 25 2/1/2020 26 2/18/2020 Central Gill Binder 46 8.99 413.54 Central Smith Binder 87 15 1305 East Jones Binder 4 4.99 19.96 27 3/7/2020 28 3/24/2020 West Sorvino Binder 7 19.99 139.93 Central Jardine Pen Set 50 4.99 249.5 29 4/10/2020 30 4/27/2020 31 5/14/2020 32 5/31/2020 33 6/17/2020 34 7/4/2020 Central Andrews Pencil 66 1.99 131.34 East Howard Pen 96 4.99 479.04 Central Gill Gill Kivell Pencil Binder 53 1.29 68.37 Central 80 8.99 719.2 Central Desk 125 625 East Jones Pen Set 62 4.99 309.38 35 7/21/2020 36 8/7/2020 37 8/24/2020 38 9/10/2020 Central 55 12.49 686.95 Morgan Kivell Pen Set Central Pen Set 42 23.95 1005.9 West Sorvino Desk 275 825 Central Gill Pencil 7 1.29 9.03 39 9/27/2020 40 10/14/2020 41 10/31/2020 West Sorvino Pen 76 1.99 151.24 1139.43 Thompson Binder Andrews Jardine Jardine Andrews West 57 19.99 Central Pencil 14 1.29 18.06 42 11/17/2020 Central 4.99 Binder Binder 11 54.89 43 12/4/2020 44 12/21/2020 Central 94 19.99 1879.06 Central Binder 28 4.99 139.72
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.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
