For the past several years, Aaron Jones has operated a consulting business from his home on a part- time basis. As of December 1, 20X1, Aaron decided to move to rented quarters and incorporate his business as Progress Consulting Inc. Progress Consulting was authorized to issue 100,000 shares of $1 par value common stock. Progress Consulting entered into the following transactions during PROGRESS CONSULTING General Journal December 1 to December 31, 20X1 December: Date Page: Aaron Jones invested the following assets in the business: cash, $6,500; supplies, $1,250; and office equipment, $27,900. Mr. Jones received common stock in an amount equal to his investment. 1st Description Post. Ref. Debit Credit 2nd Paid $4,500 for rent for December 20X1 through February 28, 20X2. Paid $1,800 for a one year premium on property and casualty insurance. The policy covers the period December 1, 20X1 to November 30, 20X2 3rd Received $3,500 cash from a client as an advance payment for services to be performed in the future. 4th Purchased additional office equipment on account from Payne Company for $1,800. Sth 10th Paid $2,300 for a newspaper advertisement. 11th Paid Payne Company for part of the debt incurred on December 5, $900. 12th Billed clients for services performed on account, $1,200. 17th Received cash payment from client for services performed on this date, $8,451.* 18th Paid $1,151 for supplies.* 20th Billed clients for services performed on account, $1,100. 24th Received cash payment from client for services performed on this date, $1,850. 25th Received cash from clients as payment on account, $1,300. 30th Paid $330 for utilities for December. 31st Paid cash dividend of $2,45).* *THIS IS VERY IMPORTANT TO SUCCESSFUL COMPLETION OF THE PROJEC There are three numbers in the project that you must fill in to complete the project. These nur are displayed with underscore symbols (i.e. _ ) and have an asterisk symbol at the end of thei Enter the LAST 3 digits in YOUR NSU Student ID Card in the place of the three underscore symbols for each of the numbers. For example, if your student id number is 123456, then yo amount of cash received on December 17th would be $8,456. Every student's project will b and you will NOT receive credit if you do not use YOUR ID number to complete the proje Student's Name:

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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.