Journalize the adjusting entries necessary at the end of the month for the following items: (If an amount box does not require an entry, leave it blank.) a. The beginning balance of the Supplies account was $245. During the month the company bought additional supplies in the amount of $735. At the end of the month a physical inventory showed $343 of unused supplies. fill in the blank bae1cffa7ff404d_2 fill in the blank bae1cffa7ff404d_3 fill in the blank bae1cffa7ff404d_5 fill in the blank bae1cffa7ff404d_6 b. The company has a 12% Note Payable in the amount of $17,000 due in six months. The interest expense of $170 for the month has not been recorded. fill in the blank 84f239fac07d043_2 fill in the blank 84f239fac07d043_3 fill in the blank 84f239fac07d043_5 fill in the blank 84f239fac07d043_6 c. The company has two employees. The manager is paid on the fifteenth of every month for work performed during the first half of the month and on the first of the following month for the work performed during the second half of the month. His monthly salary is $5,500. The other employee is paid $650 for each five-day work week (Monday–Friday). The last day of the month fell on Thursday. fill in the blank ff5e76fcdfabfd2_2 fill in the blank ff5e76fcdfabfd2_3 fill in the blank ff5e76fcdfabfd2_5 fill in the blank ff5e76fcdfabfd2_6 d. The unearned fees account shows a balance of $46,000. According to the manager 60% of that amount has been earned. fill in the blank c18121fad03fff0_2 fill in the blank c18121fad03fff0_3 fill in the blank c18121fad03fff0_5 fill in the blank c18121fad03fff0_6 e. At the end of the month, $5,700 of services had been performed but not yet billed. fill in the blank 2a5617fdaf90f8b_2 fill in the blank 2a5617fdaf90f8b_3 fill in the blank 2a5617fdaf90f8b_5 fill in the blank 2a5617fdaf90f8b_6
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.
Journalize the
a. The beginning balance of the Supplies account was $245. During the month the company bought additional supplies in the amount of $735. At the end of the month a physical inventory showed $343 of unused supplies.
| fill in the blank bae1cffa7ff404d_2 | fill in the blank bae1cffa7ff404d_3 | ||
| fill in the blank bae1cffa7ff404d_5 | fill in the blank bae1cffa7ff404d_6 |
b. The company has a 12% Note Payable in the amount of $17,000 due in six months. The interest expense of $170 for the month has not been recorded.
| fill in the blank 84f239fac07d043_2 | fill in the blank 84f239fac07d043_3 | ||
| fill in the blank 84f239fac07d043_5 | fill in the blank 84f239fac07d043_6 |
c. The company has two employees. The manager is paid on the fifteenth of every month for work performed during the first half of the month and on the first of the following month for the work performed during the second half of the month. His monthly salary is $5,500. The other employee is paid $650 for each five-day work week (Monday–Friday). The last day of the month fell on Thursday.
| fill in the blank ff5e76fcdfabfd2_2 | fill in the blank ff5e76fcdfabfd2_3 | ||
| fill in the blank ff5e76fcdfabfd2_5 | fill in the blank ff5e76fcdfabfd2_6 |
d. The unearned fees account shows a balance of $46,000. According to the manager 60% of that amount has been earned.
| fill in the blank c18121fad03fff0_2 | fill in the blank c18121fad03fff0_3 | ||
| fill in the blank c18121fad03fff0_5 | fill in the blank c18121fad03fff0_6 |
e. At the end of the month, $5,700 of services had been performed but not yet billed.
| fill in the blank 2a5617fdaf90f8b_2 | fill in the blank 2a5617fdaf90f8b_3 | ||
| fill in the blank 2a5617fdaf90f8b_5 | fill in the blank 2a5617fdaf90f8b_6 |
Journal Entry is a record of a transaction in account System
Adjusted Entries are made at the end of the period to make adjustments as per the accrual concept.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
