Jungle Publishing completed the following transactions for one subscriber during 2021: i (Click the icon to view the transactions.) Requirement 1. Journalize these transactions (explanations not required). Then report any liability on the company's balance sheet at December 31, 2021. (Record debits first, then credits. Check your spelling carefully and do not abbreviate. Do not use hyphens or dashes in any account name. Exclude explanations from journal entries.) Start by journalizing the October 1st transaction. Recall Jungle Publishing sold a one-year subscription, collecting cash of $2,400, plus sales tax of 10%. Journal Entry Accounts Date Oct Date Nov 1 Next, journalize the November 15th transaction. Recall Jungle Publishing remitted (paid) the sales tax to the state of Florida. Journal Entry Accounts Date Dec 15 31 Debit || Accounts Debit Make the necessary adjustment at year-end, December 31, to record the amount of subscription revenue earned during the year. Journal Entry Credit Debit Credit C Credit More info Oct 1 Nov 15 Dec 31 Sold a one-year subscription, collecting cash of $2,400, plus sales tax of 10%. The subscription will begin on October 1. Remitted (paid) the sales tax to the state of Florida. Made the necessary adjustment at year-end. Print Done X Report the liability on the company's balance sheet at December 31, 2021. (Check your spelling carefully and do not abbreviate. Do not use hyphens or dashes in any account name. If an input field is not used in the table leave the field empty, do not enter a label or enter a zero.)
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.
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