13) On December 19 of 2019 the company pays in full for the supplies pursbased on December 6 and December 10 of 2019. 14) On December 20 of 2019 Quincy corporation purchases supplies on account far $ 110. 15) On December 22 of 2019 Quincy Corporation sells product for$ 303 on account to a customer. 16) On December 31 of 2019 Quincy Corporation had incurred, but will not be paid until January 3 of 2020, S 1,051 of payroll expense. 17) A physical inventory on December 31 of 2019 revealed that s 126 remained in the supplies inventory. 18) Do a journal entry to account for insurance expense incurred in the mooth of Resember. Date the journal entry for December 31, 2019. 19) On December 31 of 2019, just before closing for the New Year, a customer stopped by to pick up S 403 of supplies. The billing department had already gone home for the holidays and the invoice will be sent to the customer after the New Year.
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.
Where am I going wrong. Its
I read all points and find some mistake as followa-
13 | 19 Dec | Accounts Payable A/c Dr | 567 |
purchase on 6 dec is 401 and on 16 dec is 166 total purchase is 567 |
|
To Cash | 567 | ||||
14 | 20 Dec | Supplies A/c Dr | 110 | You wrongly credit the receivables | |
To Accounts Payable | 110 | ||||
17 | 31 Dec |
Trading A/c (P&L) A/c Dr |
126 | ||
To Supplies |
126 | ||||
|
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18 | 31 Dec |
Insurance Exp. A/c Dr |
106 |
Insurance exp already paid on 10 dec only recognize exp for the year 2019 |
|
To Prepaid Insurance |
106 | ||||
|
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20 |
Dividend Exp A/c Dr |
158 | |||
To cash |
158 |
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