Akizuki started a new business called Fall Moon Ultimate. Fall Moon buys and sells premiumUltimate Frisbee clothes and gear. All purchases and sales are made on credit. Fall Moon usesthe perpetual inventory system and the 3-way match. Below is a partial list of events for the company. Analyze the three events below and for each state which accounts get debited, which accounts get credited, which special journal are they recorded in, and which subsidiary ledgers get updated from the transactions... 1. October 15, Shipped and billed (Sold) 500 Jerseys to Hanks Sports, Inc. for $7,500. Invoicenumber 200 was prepared. The discs cost Fall Moon $5,000. 2. October 17, Received $2,000 from Dog Town Discs for goods that were shipped and invoicedthe prior month. 3. October 20, Received an invoice for $3,000 from Three Dogs for inventory and performed the3-way match. The inventory was ordered on September 20 and received on October 20. Account Account Special Subsidiary Debited Credited Journal Ledger
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.
Akizuki started a new business called Fall Moon Ultimate. Fall Moon buys and sells premiumUltimate Frisbee clothes and gear. All purchases and sales are made on credit. Fall Moon usesthe perpetual inventory system and the 3-way match. Below is a partial list of events for the company. Analyze the three events below and for each state which accounts get debited, which accounts get credited, which special journal are they recorded in, and which subsidiary ledgers get updated from the transactions...
1.
October 15, Shipped and billed (Sold) 500 Jerseys to Hanks Sports, Inc. for $7,500. Invoicenumber 200 was prepared. The discs cost Fall Moon $5,000.
2.
October 17, Received $2,000 from Dog Town Discs for goods that were shipped and invoicedthe prior month.
3.
October 20, Received an invoice for $3,000 from Three Dogs for inventory and performed the3-way match. The inventory was ordered on September 20 and received on October 20.
Account Account Special Subsidiary
Debited Credited Journal Ledger
1.
2.
3.
In the space below, please answer transactions 1, 2, and 3, stating the accounts debited, accounts credited, which special journal is used, and which subsidiary ledgers are updated. You can copy the headers above
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