Lauryn Iverson owns a business called Fresh Flower.Selected general ledger accounts are given below. Chapter 5, Problem 1MP, Lauryn Iverson owns a business called Fresh Flowers. Selected general ledger accounts are given, example 1. Instructions: 1.Journalize the following transactions completed during march of the current year. Use page 25 of the journal given in the Working Papers. Source documents are abbreviated as follows : check, C; memorandum, M; calculator tape,T. Transactions: Mar. 21. Paid cash to establish a petty cash fund, $300.00.C220 24. Paid cash for repairs, $180.00.C221. 26. Paid cash for supplies, $75.00.C222. 27. Received notice from the bank of a dishonoured check from Aki Suzuki, $215.00, plus $35.00 fee; total, $250.00. M44. 28. Paid cash for miscellaneous expense, $60.00.C223. 31. Paid cash to owner for personal use, $500.00.C224. 31. Received cash from sales, $700.00.T31. 2. Prepare a petty cash report for March 31 of the current year using the following information: Petty cash slips supported payment of $97.00 for Supplies and $185.00 for Miscellaneous Expense. Actual amount of cash in the petty cash box is $15.00. 3. Continue using the journal and journalize the following Transaction: Mar.31.Paid cash to replenish the petty cash fund, $285.00 C225. 4. On March 31 of the current year, Fresh Flowers received a bank statement datedMarch 30. Prepare a bank statement reconciliation. Use March 31 of the current year as the date. The following information is obtained from the March 30 bank statement and from the records of the business. Bank statement balance $3,658.00 Bank service charge 30.00 Outstanding deposit, March 31 700.00 Outstanding checks, Nos. 224 and 225 Checkbook balance on check stub No. 226 3, 603.00 5. Continue using the journal and journalize the following transaction: Transaction : Mar.31. Received bank statement showing March bank service charge, $30.00. M45.
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.
Lauryn Iverson owns a business called Fresh Flower.Selected general ledger accounts are given below.
Chapter 5, Problem 1MP, Lauryn Iverson owns a business called Fresh Flowers. Selected general ledger accounts are given, example 1.
Instructions:
1.Journalize the following transactions completed during march of the current year. Use page 25 of the journal given in the Working Papers. Source documents are abbreviated as follows : check, C;
memorandum, M; calculator tape,T.
Transactions:
Mar.
21. Paid cash to establish a petty cash fund, $300.00.C220
24. Paid cash for repairs, $180.00.C221.
26. Paid cash for supplies, $75.00.C222.
27. Received notice from the bank of a dishonoured check from Aki Suzuki, $215.00, plus $35.00 fee; total, $250.00. M44.
28. Paid cash for miscellaneous expense, $60.00.C223.
31. Paid cash to owner for personal use, $500.00.C224.
31. Received cash from sales, $700.00.T31.
2. Prepare a petty cash report for March 31 of the current year using the following information: Petty cash slips supported payment of $97.00 for Supplies and $185.00 for Miscellaneous Expense. Actual amount of cash in the petty cash box is $15.00.
3. Continue using the journal and journalize the following
Transaction:
Mar.31.Paid cash to replenish the petty cash fund, $285.00 C225.
4. On March 31 of the current year, Fresh Flowers received a bank statement datedMarch 30. Prepare a
Bank statement balance $3,658.00
Bank service charge 30.00
Outstanding deposit, March 31 700.00
Outstanding checks, Nos. 224 and 225
Checkbook balance on check stub No. 226 3, 603.00
5. Continue using the journal and journalize the following transaction:
Transaction :
Mar.31. Received bank statement showing March bank service charge, $30.00. M45.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 3 images
