Journalize the following selected transactions for Long Company's first month of operations in a two-column journal, identifying each entry by letter. Omit explanations. If an amount box does not require an entry, leave it blank. a. Received $18,000 from Katie Long, owner, as an investment in the business. fill in the blank 0fc8d7040026053_2 fill in the blank 0fc8d7040026053_3 fill in the blank 0fc8d7040026053_5 fill in the blank 0fc8d7040026053_6 b. Purchased equipment for $27,000, paying $10,000 in cash and giving a note payable for the remainder. fill in the blank 5b0a5ef84f9efee_2 fill in the blank 5b0a5ef84f9efee_3 fill in the blank 5b0a5ef84f9efee_5 fill in the blank 5b0a5ef84f9efee_6 fill in the blank 5b0a5ef84f9efee_8 fill in the blank 5b0a5ef84f9efee_9 c. Paid $2,300 for rent for April. fill in the blank a37a6ffe2ff3024_2 fill in the blank a37a6ffe2ff3024_3 fill in the blank a37a6ffe2ff3024_5 fill in the blank a37a6ffe2ff3024_6 d. Purchased $1,500 of supplies on account. fill in the blank d1f5f70a8fdefe0_2 fill in the blank d1f5f70a8fdefe0_3 fill in the blank d1f5f70a8fdefe0_5 fill in the blank d1f5f70a8fdefe0_6 e. Recorded $9,800 of fees earned on account. fill in the blank f6ff75f31fc3f85_2 fill in the blank f6ff75f31fc3f85_3 fill in the blank f6ff75f31fc3f85_5 fill in the blank f6ff75f31fc3f85_6 f. Received $7,500 in cash for fees earned. fill in the blank 7283e90bf00bfe8_2 fill in the blank 7283e90bf00bfe8_3 fill in the blank 7283e90bf00bfe8_5 fill in the blank 7283e90bf00bfe8_6 g. Paid $1,200 to creditors on account. fill in the blank b2aba80cffdd05b_2 fill in the blank b2aba80cffdd05b_3 fill in the blank b2aba80cffdd05b_5 fill in the blank b2aba80cffdd05b_6 h. Paid wages of $3,425. fill in the blank abafaf015f8dfd8_2 fill in the blank abafaf015f8dfd8_3 fill in the blank abafaf015f8dfd8_5 fill in the blank abafaf015f8dfd8_6 i. Received $7,900 from customers on account. fill in the blank 9ca1ab085fb904f_2 fill in the blank 9ca1ab085fb904f_3 fill in the blank 9ca1ab085fb904f_5 fill in the blank 9ca1ab085fb904f_6 j. Recorded owner's withdrawal of $1,875. fill in the blank 72ce27f16010f8b_2 fill in the blank 72ce27f16010f8b_3 fill in the blank 72ce27f16010f8b_5 fill in the blank 72ce27f16010f8b_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 following selected transactions for Long Company's first month of operations in a two-column journal, identifying each entry by letter. Omit explanations. If an amount box does not require an entry, leave it blank.
a. Received $18,000 from Katie Long, owner, as an investment in the business.
| fill in the blank 0fc8d7040026053_2 | fill in the blank 0fc8d7040026053_3 | ||
| fill in the blank 0fc8d7040026053_5 | fill in the blank 0fc8d7040026053_6 |
b. Purchased equipment for $27,000, paying $10,000 in cash and giving a note payable for the remainder.
| fill in the blank 5b0a5ef84f9efee_2 | fill in the blank 5b0a5ef84f9efee_3 | ||
| fill in the blank 5b0a5ef84f9efee_5 | fill in the blank 5b0a5ef84f9efee_6 | ||
| fill in the blank 5b0a5ef84f9efee_8 | fill in the blank 5b0a5ef84f9efee_9 |
c. Paid $2,300 for rent for April.
| fill in the blank a37a6ffe2ff3024_2 | fill in the blank a37a6ffe2ff3024_3 | ||
| fill in the blank a37a6ffe2ff3024_5 | fill in the blank a37a6ffe2ff3024_6 |
d. Purchased $1,500 of supplies on account.
| fill in the blank d1f5f70a8fdefe0_2 | fill in the blank d1f5f70a8fdefe0_3 | ||
| fill in the blank d1f5f70a8fdefe0_5 | fill in the blank d1f5f70a8fdefe0_6 |
e. Recorded $9,800 of fees earned on account.
| fill in the blank f6ff75f31fc3f85_2 | fill in the blank f6ff75f31fc3f85_3 | ||
| fill in the blank f6ff75f31fc3f85_5 | fill in the blank f6ff75f31fc3f85_6 |
f. Received $7,500 in cash for fees earned.
| fill in the blank 7283e90bf00bfe8_2 | fill in the blank 7283e90bf00bfe8_3 | ||
| fill in the blank 7283e90bf00bfe8_5 | fill in the blank 7283e90bf00bfe8_6 |
g. Paid $1,200 to creditors on account.
| fill in the blank b2aba80cffdd05b_2 | fill in the blank b2aba80cffdd05b_3 | ||
| fill in the blank b2aba80cffdd05b_5 | fill in the blank b2aba80cffdd05b_6 |
h. Paid wages of $3,425.
| fill in the blank abafaf015f8dfd8_2 | fill in the blank abafaf015f8dfd8_3 | ||
| fill in the blank abafaf015f8dfd8_5 | fill in the blank abafaf015f8dfd8_6 |
i. Received $7,900 from customers on account.
| fill in the blank 9ca1ab085fb904f_2 | fill in the blank 9ca1ab085fb904f_3 | ||
| fill in the blank 9ca1ab085fb904f_5 | fill in the blank 9ca1ab085fb904f_6 |
j. Recorded owner's withdrawal of $1,875.
| fill in the blank 72ce27f16010f8b_2 | fill in the blank 72ce27f16010f8b_3 | ||
| fill in the blank 72ce27f16010f8b_5 | fill in the blank 72ce27f16010f8b_6 |
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
