PARRISH 3-3 CHART OF ACCOUNTS POSTING Would you please post the following events directly using the provided Chart of Accounts CHART OF ACCOUNTSCash in Bank #110Parts Inventory #150Equipment #180Notes Payable #220Repair Fees #410COGS #510Rent Expense #520 1) Jim Starts Motor Repair on 11/1/27 by issuing 100 shares of non par commons stack (what is non par?) to himself for $10000 cash. He deposits the cash to his business checking account. 2) JIm gets $5000 loan from bank to use for additional start up funds. The 5% loan is due in one year. The bank deposits the proceeds into JIm's business checking acount 11/2/27 3) Jim rents space for repair shop for one month and pays $800 cash 4) 11/3/27 Jim buys equipment for $2000 and pays cash 5) Jim buys parts inventory for $500 and pays cash 6) Jim's first customer Don asks Jim to repair boat motor. Jim uses $30 in parts. He gives Don a sales invoice for $60 in parts and $100 in Labor. Don gives JIm a check for $160
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.
PARRISH 3-3 CHART OF ACCOUNTS POSTING
Would you please post the following events directly using the provided Chart of Accounts
CHART OF ACCOUNTS
Cash in Bank #110
Parts Inventory #150
Equipment #180
Notes Payable #220
Repair Fees #410
COGS #510
Rent Expense #520
1) Jim Starts Motor Repair on 11/1/27 by issuing 100 shares of non par commons stack (what is non par?) to himself for $10000 cash. He deposits the cash to his business checking account.
2) JIm gets $5000 loan from bank to use for additional start up funds. The 5% loan is due in one year. The bank deposits the proceeds into JIm's business checking acount 11/2/27
3) Jim rents space for repair shop for one month and pays $800 cash
4) 11/3/27 Jim buys equipment for $2000 and pays cash
5) Jim buys parts inventory for $500 and pays cash
6) Jim's first customer Don asks Jim to repair boat motor. Jim uses $30 in parts. He gives Don a sales invoice for $60 in parts and $100 in Labor. Don gives JIm a check for $160
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