Frank Arzillo opened Arzillo TV Repair Shop on November 1. Complete the following for Frank. a) Journalize the transactions for November 1-15. b) Post the transactions to the General Ledger. c) Prepare a Trial Balance. Use the pages in your workbook that are meant for the following question: Pg. 145 Ex. 10. You can find these pages beginning on Pg. 80 of your workbook. Use as many pages as you need. Nov. 1 Arzillo invested $25 000 cash in the business. Cheque 82. Borrowed $10 000 from Royal Bank. Purchased equipment for $4 500 (analysis kit), Cheque 1. Received $700 cash for repair services performed during the week, Cash Sales Slips 1–5. Paid $300 for advertising in the Kingston Whig Standard, Cheque 2. Purchased supplies worth $300 from Electronics Co. Ltd., Invoice 4264. Repaired a TV set for V. Milligan, who will pay the $90 fee at a later date, Invoice 1. 1 8 Paid $150 to reduce the amount owing to Electronics Co. Ltd., Cheque 3. Bought a $35 000 van for the business. Paid $10 000 as a down payment to Learn Motors, Cheque 4. The balance owing is $25 000. Received $90 from V. Milligan for Invoice 1. 10 15 24
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.
Can you please help me with this question its apart of my homework.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 3 images
