Click in the account title sections of the journal entry and select the correct account titles to be debited and credited from the pick list. Correct debit/credit selections will turn the cells green. Assume the business commenced operations on January 1, and the summary entries below are the only ones related to job costing activities. Calculate and enter the correct amounts that vould appear in financial statements as of the end of January. Correct values will turn the cells green. GENERAL JOURNAL Date During Jan. GENERAL JOURNAL Date During Jan. During Jan. Raw Materials Inventory Accounts Payable To record purchase of raw materials During Jan. GENERAL JOURNAL Date Salaries Payable Factory Overhead During Jan. Work in Process Inventory Raw Materials Inventory GENERAL JOURNAL Date To transfer $10,000 of raw materials to production, incur $8,000 of direct labor, and apply $12,000 of overhead Accounts Accounts Receivable Finished Goods Inventory Work in Process Inventory To transfer completed units to finished goods Sales Accounts GENERAL JOURNAL Date Cost of Goods Sold Accounts To record sales of finished goods Accounts. Accounts Finished Goods Inventory To transfer finished goods to cost of goods sold Debit 25,000 Debit 30,000 Debit 20,000 Debit 45,000 Debit 15,000 Credit 25,000 Credit 10,000 8,000 12,000 Credit 20,000 Credit 45,000 Credit 15,000
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.
1. How much is the total Asset for the company in its
2. How much is the total Equity for the company in its Balance sheet?
3. How much is the total Cash in its Balance sheet?
4. How much is the total inventory balance in its Balance sheet?
5. How much is the Net Income for the company in its Income Statement?
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