Instructions: 1. Post the transactions on the sales journal to the accounts receivable ledger. 2. Total, prove, and rule the sales journal. 3. Post the sales journal to the general 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.
![10
10-3 Application Problem: Journalizing cash receipts L04, 5
AAONLINE
1. Go to www.cengage.com/login
2. Click on AA Online to access.
3. Go to the online assignment and follow
the instructions.
The cash receipts journal for Health Fashions is given in the Working Papers.
Instructions:
Journalize the following transactions completed during November of the current year on page 11
of the cash receipts journal. Source documents are abbreviated as follows: receipt, R; sales invoice,
S; terminal summary, TS. Save the cash receipts journal to complete Problem 10-4.
Transactions:
Nov. 6. Received cash on account from Paulson Medical Clinic covering S587 for
$1,547.15, less 2% discount. R568.
7.
Recorded cash and credit card sales, $3,480.00, plus sales tax, $208.80; total,
$3,688.80. TS41.
8.
Received cash on account from Mason College covering S588 for $679.19, less
2% discount. R569.
14.
Recorded cash and credit card sales, $2,940.00, plus sales tax, $176.40; total,
$3,116.40. TS42.
16. Received cash on account from Trannon Emergency Center, $2,184.14, covering
S585. R570.
21. Recorded cash and credit card sales, $2,875.00, plus sales tax, $172.50; total,
$3,047.50. TS43.
28. Received cash on account from Central Medical Clinic, $1,648.96, covering
S584. R571.
10-4 Application Problem: Posting from a cash receipts journal L06,7
Use Health Fashions' cash receipts journal from Problem 10-3 and the accounts receivable and general ledgers from Problem
10-2.
Instructions:
1. Post the transactions from the cash receipts journal to the accounts receivable ledger.
2. Total and prove the cash receipts journal.
3. Prove cash. On November 30, the balance on the next unused check stub was $17,882.35.
4. Rule the cash receipts journal.
5. Post the cash receipts journal to the general ledger.
6. Prepare a schedule of accounts receivable.
10-M Mastery Problem: Journalizing sales and cash receipts
transactions LO2, 3, 4, 5, 6, 7
Tra
A
2.
3
4
C](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2c29c7de-47e0-4e6f-8d58-22660876de45%2F959d1472-6594-4873-b341-e084c1fa7295%2Fi7brak_processed.jpeg&w=3840&q=75)
![of sal
amounts will b
business may elect not to recognize
any impact on the amount of sales
Research the sales tax laws of your
state. Contact a local business or
Apply Your Understanding
INSTRUCTIONS: Download problem instructions for Excel Stokisauks, ond Peachtree fron: the textbook
companion website at www.C21accounting.com.
1. Journalize and post transactions on
account to the sales journal.
2. Print the sales journal and accounts
receivable ledger.
10-1 Application Problem: Journalizing sales on account 20:
AAONLINE
1. Go to www.cengage.com/login
2. Click on AA Online to access.
3. Go to the online assignment and follow
the instructions.
owed?
Health Fashions is a clothing store specializing in uniforms for medical providers.
Instructions:
Journalize the following transactions completed during November of the current year
on page 11 of the sales journal given in the Working Papers. The sales tax rate is 6%.
The sales invoice source document is abbreviated as S. Save your work to complete
Problem 10-2.
Transactions:
Nov. 2. Sold merchandise on account to Paulson Medical Clinic, $2,049.00, plus sales
tax. $589.
4. Sold merchandise on account to Central Medical Clinic, $694.00, plus sales
tax. $590.
7. Sold merchandise on account to Mason College, $1,648.00. Mason College is
exempt from paying sales tax. 5591.
9. Sold merchandise on account to Trannon Emergency Center, $828.00, plus
sales tax. S592.
19. Sold merchandise on account to Fairview Hospital, $1,948.00, plus sales tax.
S593.
25. Sold merchandise on account to Central Medical Clinic, $3,482.00, plus sales
tax. $594.
10-2 Application Problem: Posting from a sales journal L03
The accounts receivable ledger forms and selected general ledger accounts for Health Fashions are given in the
Working Papers. Use the sales journal from Problem 10-1. Save your work to complete Problem 10-4.
Instructions:
1. Post the transactions on the sales journal to the accounts receivable ledger.
2. Total, prove, and rule the sales journal.
3. Post the sales journal to the general ledger.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2c29c7de-47e0-4e6f-8d58-22660876de45%2F959d1472-6594-4873-b341-e084c1fa7295%2Fcf8b2yn_processed.jpeg&w=3840&q=75)
![](/static/compass_v2/shared-icons/check-mark.png)
Step by step
Solved in 6 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
![College Accounting, Chapters 1-27](https://www.bartleby.com/isbn_cover_images/9781337794756/9781337794756_smallCoverImage.gif)