Journalize the entries to record the transactions of Gelora Raya.
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.
July 1. Sold merchandise on account to Larita, Rp. 33,450,000, terms FOB shipping point, n/EOM. The cost of merchandise sold was Rp. 20,000,000.
July 2. Sold merchandise for Rp. 86,000,000 plus 8% sales tax to retail cash customers. The cost of merchandise sold was Rp. 51,600,000.
July 5. Sold merchandise on account to PT Pesona, Rp. 17,500,000 terms FOB destination, 1/10, n/30. The cost of merchandise sold was Rp. 10,000,000.
July 8. Sold merchandise for Rp. 112,000,000 plus 8% sales tax to retail customers who used VISA cards. The cost of merchandise sold was Rp. 67,200,000
July 13. Sold merchandise to customers who used MasterCard Rp. 96,000,000. The cost of merchandise sold was Rp. 57,600,000.
July 14. Sold Merchandise on account to Hadi Putra, Rp. 16,000,000, terms FOB shipping point, 1/10, n/30. The cost of merchandise sold was Rp. 9,000,000.
July 15. Received check for amount due from PT. Pesona for sale on July 5.
July 16. Issued credit memo for Rp. 3,000,000 to Hadi Putra for merchandise returned from sale on July 14. The cost of the merchandise returned was Rp. 1,800,000.
July 18. Sold merchandise on account to PT. Jenius, Rp. 11,350,000 terms FOB shipping point, 2/10, n/30. Paid Rp. 475,000 for freight and added it to the invoice. The cost of merchandise sold was Rp. 6,800,000.
July 24. Received check for amount due from Hadi Putra for sale on July 14 less credit memo of July 16.
July 28. Received check for amount due from PT. Jenius for sale of July 18.
July 31. Paid Bagus delivery service Rp. 8,550,000 for merchandise delivered during July to customers under shopping terms of FOB destinations.
July 31. Received check for amount due from Larita for sale of July 1.
Aug. 3. Paid bank Dana Jaya Rp. 3,770,000 for service fees for handling Master card and visa sales during July.
Aug 10. Paid Rp. 41,260,000 to state sales tax division for taxes owed on sales.
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