Date Transaction description 1 Issued Cheque No. 750 for $8,700 to pay Realty Bites for two month's worth of rent in advance. 3 Paid the full amount owing to Big Telco, Cheque No. 751. 3 Made payment of $751 to Integer Energy for 3 months of electricity up to and including 31 May, Cheque No. 752. 4 Paid sales staff wages of $12,858 for the week up to and including yesterday, Cheque No. 753. Note that $7,429 of this payment relates to the wages expense incurred during the last week of May.(Wage expenses is 7429 and wages payable is (5429) 6 Jerry Technology paid the full amount owing on their account.(amount is 3522) 6 Issued Cheque No. 754 to Office Supplies Warehouse for the purchase of $544 worth of office supplies. POST JOURNAL ENTRIES AND LEDGER ACCOUNTS.
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.
| Week 1 | |
| Date | Transaction description |
| 1 | Issued Cheque No. 750 for $8,700 to pay Realty Bites for two month's worth of rent in advance. |
| 3 | Paid the full amount owing to Big Telco, Cheque No. 751. |
| 3 | Made payment of $751 to Integer Energy for 3 months of electricity up to and including 31 May, Cheque No. 752. |
| 4 | Paid sales staff wages of $12,858 for the week up to and including yesterday, Cheque No. 753. Note that $7,429 of this payment relates to the wages expense incurred during the last week of May.(Wage expenses is 7429 and wages payable is (5429) |
| 6 | Jerry Technology paid the full amount owing on their account.(amount is 3522) |
| 6 |
Issued Cheque No. 754 to Office Supplies Warehouse for the purchase of $544 worth of office supplies. POST |
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 6 images
