Post the following General Journal entries into the General Ledger: Hint: you may not need to fill in every box GENERAL JOURNAL Page 1 Date Description Post Debit Credit 1/1 Insurance Expense 20,000 Cash 20,000 1/5 Supplies Expense 5,000 Cash 5,000 1/7 Cash 6,000 Accounts Receivable 6,000 GENERAL LEDGER ACCOUNT NAME: _CASH_____________________ ACCOUNT NUMBER: 11 DATE ITEM P. REF DEBIT CREDIT DR BALANCE CR BALANCE ACCOUNT NAME: _Accounts Receivable_______ _ ACCOUNT NUMBER: 12 DATE ITEM P. REF DEBIT CREDIT DR BALANCE CR BALANCE ACCOUNT NAME: Insurance Expense __________ ACCOUNT NUMBER: 53 DATE ITEM P. REF DEBIT CREDIT DR BALANCE CR BALANCE ACCOUNT NAME: _Supplies Expense ACCOUNT NUMBER: 54 DATE ITEM P. REF DEBIT CREDIT DR BALANCE CR BALANCE 15 points QUESTION 13 Prepare an Income Statement, Balance Sheet, and Statement of Owner’s Equity. Assume that the capital account started with a beginning balance of $10,000. Hint: There were $2,000 of contributions during the period. Bogie Company Adjusted Trial Balance December 31, 2019 Cash $8,100 Accounts Receivable 2,300 Prepaid Expenses 750 Equipment 13,400 Accumulated Depreciation 1,200 Accounts Payable 1,700 Notes Payable – Due on June 30, 2020 5,000 Bogie Myer, Capital 12,000 Bogie Myer, Drawing 870 Fees Earned 8,570 Wages Expense 1,450 Rent Expense 900 Utilities Expense 475 Depreciation Expense 150 Miscellaneous Expense 75 $28,470 $28,470
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.
QUESTION 12
-
Post the following General
Journal entries into the General Ledger:Hint: you may not need to fill in every box
GENERAL JOURNAL Page 1
Date
Description
Post
Debit
Credit
1/1
Insurance Expense
20,000
Cash
20,000
1/5
Supplies Expense
5,000
Cash
5,000
1/7
Cash
6,000
Accounts Receivable 6,000
GENERAL LEDGER
ACCOUNT NAME: _CASH_____________________ ACCOUNT NUMBER: 11
DATE
ITEM
P. REF
DEBIT
CREDIT
DR BALANCE
CR BALANCE
ACCOUNT NAME: _Accounts Receivable_______ _ ACCOUNT NUMBER: 12
DATE
ITEM
P. REF
DEBIT
CREDIT
DR BALANCE
CR BALANCE
ACCOUNT NAME: Insurance Expense __________ ACCOUNT NUMBER: 53
DATE
ITEM
P. REF
DEBIT
CREDIT
DR BALANCE
CR BALANCE
ACCOUNT NAME: _Supplies Expense ACCOUNT NUMBER: 54
DATE
ITEM
P. REF
DEBIT
CREDIT
DR BALANCE
CR BALANCE
15 points
QUESTION 13
-
Prepare an Income Statement,
Balance Sheet , and Statement of Owner’s Equity. Assume that the capital account started with a beginning balance of $10,000.Hint: There were $2,000 of contributions during the period.
Bogie Company
Adjusted
Trial Balance December 31, 2019
Cash
$8,100
Accounts Receivable
2,300
Prepaid Expenses
750
Equipment
13,400
Accumulated Depreciation 1,200
Accounts Payable
1,700
Notes Payable – Due on June 30, 2020
5,000
Bogie Myer, Capital
12,000
Bogie Myer, Drawing
870
Fees Earned
8,570
Wages Expense
1,450
Rent Expense
900
Utilities Expense
475
Depreciation Expense
150
Miscellaneous Expense
75
$28,470
$28,470
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