Journalize the required entries for the following items: a. Austin Company pays daily wages of $645 (Monday–Friday). Paydays are every other Friday. Journalize the Monday, January 31 adjusting entry, assuming that the previous payday was Friday, January 21. If an amount box does not require an entry, leave it blank. Jan. 31 fill in the blank 1771e2fb806b028_2 fill in the blank 1771e2fb806b028_3 fill in the blank 1771e2fb806b028_5 fill in the blank 1771e2fb806b028_6 b. Journalize the transaction to record Austin Company's payroll on Friday, February 4. If an amount box does not require an entry, leave it blank. Feb. 4 fill in the blank 499d0306f033fb9_2 fill in the blank 499d0306f033fb9_3 fill in the blank 499d0306f033fb9_5 fill in the blank 499d0306f033fb9_6 fill in the blank 499d0306f033fb9_8 fill in the blank 499d0306f033fb9_9 c. Annual depreciation expense on the company's fixed assets is $39,600. Journalize the adjusting entry to recognize depreciation for the month of January. If an amount box does not require an entry, leave it blank. Jan. 31 fill in the blank 905a58f50f82ff2_2 fill in the blank 905a58f50f82ff2_3 fill in the blank 905a58f50f82ff2_5 fill in the blank 905a58f50f82ff2_6 d. The company's Office Supplies account shows a debit balance of $3,755. A count of office supplies on hand on January 31 shows $635 worth of supplies on hand. Journalize the January 31 adjusting entry for Office Supplies. If an amount box does not require an entry, leave it blank. Jan. 31 fill in the blank a8306000a032fac_2 fill in the blank a8306000a032fac_3 fill in the blank a8306000a032fac_5 fill in the blank a8306000a032fac_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 required entries for the following items:
a. Austin Company pays daily wages of $645 (Monday–Friday). Paydays are every other Friday. Journalize the Monday, January 31
| Jan. 31 | fill in the blank 1771e2fb806b028_2 | fill in the blank 1771e2fb806b028_3 | |
| fill in the blank 1771e2fb806b028_5 | fill in the blank 1771e2fb806b028_6 |
b. Journalize the transaction to record Austin Company's payroll on Friday, February 4. If an amount box does not require an entry, leave it blank.
| Feb. 4 | fill in the blank 499d0306f033fb9_2 | fill in the blank 499d0306f033fb9_3 | |
| fill in the blank 499d0306f033fb9_5 | fill in the blank 499d0306f033fb9_6 | ||
| fill in the blank 499d0306f033fb9_8 | fill in the blank 499d0306f033fb9_9 |
c. Annual
| Jan. 31 | fill in the blank 905a58f50f82ff2_2 | fill in the blank 905a58f50f82ff2_3 | |
| fill in the blank 905a58f50f82ff2_5 | fill in the blank 905a58f50f82ff2_6 |
d. The company's Office Supplies account shows a debit balance of $3,755. A count of office supplies on hand on January 31 shows $635 worth of supplies on hand. Journalize the January 31 adjusting entry for Office Supplies. If an amount box does not require an entry, leave it blank.
| Jan. 31 | fill in the blank a8306000a032fac_2 | fill in the blank a8306000a032fac_3 | |
| fill in the blank a8306000a032fac_5 | fill in the blank a8306000a032fac_6 |
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