July 31 (there are 3 boxes) plz help with July 31 journal entries (3 lines in total)
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 Inventory 100 units @ $15.00 each, July 4 Sale 80 units @ 19.00 each, july 11 purchase 150 units @ $16.30 each, july 13 Sale 120 units @ $18.80 each, July 20 Purchase 160 units @ $16.10 each, July 27 Sale 100 units @ $20.60 each.
Assume Periodic system. Prepare all
July 4
Sales revenue 1520
July 11 Purchases 2445
accounts payable 2445
july 13 Accounts receivalbe 2256
sales revenue 2256
july 20 purcahses 2576
accounts payable 2576
July 27 accounts receivalbe 2060
sales revenue 2060
July 31 (there are 3 boxes)
plz help with July 31 journal entries (3 lines in total)
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