Please verify that all June 1 balances are in the ledgers by comparing them to the May 31, 2021 trial balance before posting. There are two tabs in the Excel spreadsheet: Income Statement Accounts and Balance Sheet Accounts. You will need both tabs to post to all the accounts. Use the given information from the General Journal below to fill in the Ledger for the balance sheet and income statement account sheets through the month of June. General Journal Date Description Post Ref. Debit Credit June 3 Inventory 116 50,400 Accounts Payable 210 50,400 June 6 Accounts Receivable 111 17,400 Sales 410 17,400 Costs Of Goods Sold 510 12,000 Inventory 116 12,000 June 8 Notes Receivable 114 500 Bad Debt Expense 522 500 June 10 Cash 104 40,000 Salaries Payable 211 40,000 Cash 104 26,000 Office Salaries Expense 530 26,000 June 12 Cash 104 48,400 Account Payable 210 48,400 June 15 Accounts Receivable 111 31,900 Sales 410 31,900 Cash 104 22,000 Inventory 116 22,000 June 18 Cash 104 15,400 Accounts Receivable 111 15,400 June 25 Cash 104 40,000 Sales Salaries Expense 520 40,000 Cash 104 26,000 Office Salaries Expense 530 26,000 June 30 Accounts Receivable 111 53,650 Sales 410 53,650 Costs Of Goods Sold 510 37,000 Inventory 116 37,000 June 30 Cash 104 1,710 Credit Card expense 525 1,710
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.
Please verify that all June 1 balances are in the ledgers by comparing them to the May 31, 2021
Use the given information from the General Journal below to fill in the Ledger for the balance sheet and income statement account sheets through the month of June.
General Journal
|
Date |
Description |
Post Ref. |
Debit |
Credit |
|
June 3 |
Inventory |
116 |
50,400 |
|
|
|
Accounts Payable |
210 |
|
50,400 |
|
June 6 |
|
111 |
17,400 |
|
|
|
Sales |
410 |
|
17,400 |
|
|
Costs Of Goods Sold |
510 |
12,000 |
|
|
|
Inventory |
116 |
|
12,000 |
|
June 8 |
Notes Receivable |
114 |
500 |
|
|
|
|
522 |
|
500 |
|
June 10 |
Cash |
104 |
40,000 |
|
|
|
Salaries Payable |
211 |
|
40,000 |
|
|
Cash |
104 |
26,000 |
|
|
|
Office Salaries Expense |
530 |
|
26,000 |
|
June 12 |
Cash |
104 |
48,400 |
|
|
|
Account Payable |
210 |
|
48,400 |
|
June 15 |
Accounts Receivable |
111 |
31,900 |
|
|
|
Sales |
410 |
|
31,900 |
|
|
Cash |
104 |
22,000 |
|
|
|
Inventory |
116 |
|
22,000 |
|
June 18 |
Cash |
104 |
15,400 |
|
|
|
Accounts Receivable |
111 |
|
15,400 |
|
June 25 |
Cash |
104 |
40,000 |
|
|
|
Sales Salaries Expense |
520 |
|
40,000 |
|
|
Cash |
104 |
26,000 |
|
|
|
Office Salaries Expense |
530 |
|
26,000 |
|
June 30 |
Accounts Receivable |
111 |
53,650 |
|
|
|
Sales |
410 |
|
53,650 |
|
|
Costs Of Goods Sold |
510 |
37,000 |
|
|
|
Inventory |
116 |
|
37,000 |
|
June 30 |
Cash |
104 |
1,710 |
|
|
|
Credit Card expense |
525 |
|
1,710 |
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