Instructions Chart of Accounts Journal Instructions Chart of Accounts Prospect Realty Co. pays weekly salaries of $19.220 on Monday for a sr-day workweek ending the preceding Saturday CHART OF ACCOUNTS Prospect Realty Co. Joumalize the necessary adiusting entry at the end of the accounting period assuming that the period ends on Friday Refer to the Chart of Accounts for eract wording of account teles Round your answer to the nearest dolar General Ledger ASSETS REVENUE 11 Cash 41 Fees Eaned 12 Accounts Receivable 13 Supplies EXPENSES 14 Prepaid insurance 81 Advertising Expense 15 Land 52 Insurance Expense 10 Equipment 53 Rent Expense 17 Accumulated Depreciation-Equipment 54 Salaries Expense 55 Supplies Expense LIABILITIES 60 Ubilites Expense 21 Accounts Payable 57 Depreciation Expense 22 Uneaned Fees 50 Miscellaneous Expense 23 Salaries Payable Journal 24 Taes Payable Joumalize the necessary adiusting entry at the end of the accounting period assuming that the period ends on Frday July 31. Refer to the Chart of Accounts for eraet wording of account teles Round your answer to the nearest dollar EQUITY 31 Common Stock AGE 10 32 Retained Eanings 33 Dividends JOURNAL ACCOUNTINO EQUATION DATE DESCRPTION POST. RET. DENT CREDIT ASSETS LIABLITES COUITY Adjusting Entries Salaries Expense Salaries Pryable
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.
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