Journalize the following adjusting entries. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) 1. Supplies on hand are valued at $1,260. 2. Accrued salaries payable are $490. 3. Depreciation for the month is $290. 4. Services were performed to satisfy $520 of unearned service revenue.
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 following
1. | Supplies on hand are valued at $1,260. | |
2. | Accrued salaries payable are $490. | |
3. | Depreciation for the month is $290. | |
4. | Services were performed to satisfy $520 of unearned service revenue. |
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Account Titles and Explanation
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Debit
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Credit
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Part 2 is the pictures. Post the above adjusting entries. Cant figure out what's wrong here?
![Post the above adjusting entries. (Post entries in the order of journal entries passed in the previous question.)
Cash
11/1 Bal.
3,540 | 11/8
1,220
11/10
1,880 11/20
2,570
11/12
3,810 | 11/22
510
11/29
850 11/25
1,080
11/30 Bal.
4,700
Accounts Receivable
11/1 Bal.
3.010 11/10
1,880
11/27
990
11/30 Bal.
2,120
Supplies
11/1 Bal.
1,870
11/30
1260
11/27
1,370
11/30 Bal.
1980
Equipment
11/1 Bal.
10,750
11/15
3,750
11/30 Bal.
14,500
Accumulated Depreciation-Equipment
11/1 Bal.
500
11/30
290
11/30 Bal.
790
Accounts Payable
> | >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F74de8af3-9f00-4c99-b68c-034ef14efc68%2F447f2747-0e16-451c-a0fd-c52e735e233f%2Fw2f4jfv_processed.png&w=3840&q=75)
![Accounts Payable
2,570 | 11/1 Bal.
11/20
3,050
11/15
3,750
11/17
1,370
11/30 Bal.
5,600
Unearned Service Revenue
11/30
520
11/1 Bal.
400
11/29
850
11/30 Bal.
730
Salaries and Wages Payable
11/8
720 11/1 Bal.
720
11/30
490
11/30 Bal.
490
Common Stock
11/1 Bal.
10,750
11/30 Bal.
10,750
Retained Earnings
11/1 Bal.
3,750
11/30 Bal.
3,750
Service Revenue
11/12
3,810
11/27
990
11/30
520
11/30 Bal.
5320
Depreciation Expense
11/30
290
11/30 Bal.
290
Supplies Expense
11/30
1260
11/30 Bal.
1260
Salaries and Wages Expense
11/8
500
11/25
1,080
11/30
490
11/30 Bal.
2070
Rent Expense
11/22
510
11/30 Bal.
510](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F74de8af3-9f00-4c99-b68c-034ef14efc68%2F447f2747-0e16-451c-a0fd-c52e735e233f%2F2hn7ziw_processed.png&w=3840&q=75)
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