h. Čollected accounts receivable on December 8, $9. i. Paid accounts payable on December 9, $12. j. Received a $5 deposit on December 10 for work to start January 15, 2019. Data for adjusting journal entries on December 31: k. Amortization for 2018, $5. 1. Supplies of $6 were counted on December 31, 2018. m. Depreciation for 2018, $3. n. Accrued interest on notes payable of $3. o. Wages earned but not yet paid, $4. p. Income tax for 2018 was $4 and will be paid in 2019. (Enter all of your answers in thousands of dollars. (i.e., $100,000 should be entered as $100).) General Journal Statement of Retained Earnings General Income Requirement Ledger Trial Balance Balance Sheet Analysis Statement Prepare the journal entries to record transactions (a) through (). Then prepare the necessary adjusting entries (k) through (p) to correctly report net income for the period. Then record the closing entry as of December 31. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 10 11 12 13 14 15 16 17 <> ..... Record entry to close revenue and expense accounts to retained earnings. Combine the closing of revenue and expenses into one entry.
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.
How to record a closing summary
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