On November 1, Carley Equipment had a beginning balance in the Office Supplies account of $500. During the month, Carley purchased $2,300 of office supplies. At November 30, Carley Equipment had $200 of office supplies on hand. Requirements 1. Record the adjusting entry required at November 30. 2. The Office Supplies T-account has been opened for you. Enter the beginning balance and purchase of office supplies. Post the adjusting entry to the two accounts involved, and show their balances at November 30. Requirement 1. Record the adjusting entry required at November 30. (Record debits first, then credits. Select the explanation the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Νow 30 Requirement 2. The Office Supplies T-account has been opened for you. Enter the beginning balance and purchase of office supplies. Post the adjusting entry to the two accounts involved, and show their balances at November 30. Use "Nov. 1" as a posting reference to enter the beginning balance of the Office Supplies account, and use "Nov. purchases" as a posting reference to post the purchase of office supplies during the month. Select the account name of the other account affected by the Office Supplies adjustment. Post the adjustment to the twe accounts using a "Nov. 30" posting reference, and then calculate and enter the ending balance of the accounts using a "Bal." posting reference. Office Supolies
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.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
