On January 15, Tundra Co. sold merchandise to customers for cash of $52.000 (cost $35,500) Merchandise costing $13,500 was sold to customers for $19,800 on January 17, terms 2/10, n/30 Sales totalling $381,000 (cost $258,000) were recorded on January 20 to customers using MasterCard, assume the credit card charges a 2% fee. On January 25, sales of $94,000 (cost $63,200) were made to debit card customers. The bank charges Tundra a flat fee of 0.5% on all debit card transactions Required: Prepare journal entries for each of the transactions described (assume a perpetual inventory system)
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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On January 15, Tundra Co. sold merchandise to customers for cash of $52,000 (cost $35,500) Merchandise costing $13,500 was sold
to customers for $19,800 on January 17, terms 2/10, n/30. Sales totalling $381,000 (cost $258,000) were recorded on January 20 to
customers using MasterCard, assume the credit card charges a 2% fee. On January 25, sales of $94,000 (cost $63,200) were made to
debit card customers. The bank charges Tundra a flat fee of 0.5% on all debit card transactions.
2 oress
Required:
Prepare journal entries for each of the transactions described (assume a perpetual inventory system)
View transaction list
Journal entry worksheet
1
2
Note: Enter debts before credits
Date
Jan 15 Cash
Sales
Record entry
4
Record the sale of merchandise to cash customers.
5
General Journal
Clear entry
6
7
8
Debit
52,000
Credit
>
View general journal](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7b8e1547-f0e2-45fd-b208-f2c216f27c1a%2F1a08a96a-e8a8-4e99-96ec-5e0b8ce1cf3c%2Fjncx12t_processed.jpeg&w=3840&q=75)
![Kesler Co. deposits all receipts intact on the day received and makes all payments by cheque. On July 31, 2023, after all posting was
completed, its Cash account showed a $10.909 debit balance. However, Kesler's July 31 bank statement showed only $10,031 on
deposit in the bank on that day along with the following information.
a. Outstanding cheques, $2,744.
b. Included with the July cancelled cheques returned by the bank was a $28 debit memo for bank services.
c. Cheque #919, returned with the cancelled cheques, was correctly drawn for $786 in payment of the utility bill and was paid by the
bank on July 15. However, it had been recorded with a debit to Utilities Expense and a credit to Cash as though it were for $876.
d. The July 31 cash receipts, $3,684, were placed in the bank's night depository after banking hours on that date and were unrecorded
by the bank at the time the July bank statement was prepared.
Required:
a. Prepare a bank reconciliation for Kesler Co. at July 31.
Bank Statement
Bank statement balance i
Add:
Deduct:
Adjusted bank balance
$
KESLER CO.
Bank Reconciliation
July 31, 2023
0
Company's Books
Book balance of cash
Add:
Deduct
Adjusted book balance
$
0
D](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7b8e1547-f0e2-45fd-b208-f2c216f27c1a%2F1a08a96a-e8a8-4e99-96ec-5e0b8ce1cf3c%2F96wi3or_processed.jpeg&w=3840&q=75)
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