Post the amounts to the general ledger account for Cash. List the accounts in chronological order. If no amount is required, leave the entry box blank. ACCOUNT Cash ACCOUNT NO. 111 DATE ITEM POST. REF. DEBIT CREDIT BALANCE DEBIT CREDIT 20-- June 30 Balance ✓ 37,485 July fill in the blank a3ca46fbefa5fa8_1 21 fill in the blank a3ca46fbefa5fa8_2 fill in the blank a3ca46fbefa5fa8_3 fill in the blank a3ca46fbefa5fa8_4 fill in the blank a3ca46fbefa5fa8_5 fill in the blank a3ca46fbefa5fa8_6 21 fill in the blank a3ca46fbefa5fa8_7 fill in the blank a3ca46fbefa5fa8_8 fill in the blank a3ca46fbefa5fa8_9 fill in the blank a3ca46fbefa5fa8_10 fill in the blank a3ca46fbefa5fa8_11
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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Following is the chart of accounts of the C. Gervais Clinic:
| Assets | Revenue |
| 111 Cash | 411 Professional Fees |
| 113 |
|
| 115 Supplies | Expenses |
| 117 Prepaid Insurance | 511 Salary Expense |
| 124 Equipment | 512 Rent Expense |
| 513 Laboratory Expense | |
| Liabilities | 514 Utilities Expense |
| 221 Accounts Payable | |
| Owner's Equity | |
| 311 C. Gervais, Capital | |
| 312 C. Gervais, Drawing |
Dr. Gervais completed the following transactions during July:
| July 1 | Bought laboratory equipment on account from Laser Surgical Supply Company, $4,050, paying $1,555 in cash and placing the remainder on account, Ck. No. 1730. | |
| 3 | Paid the office rent for the current month, $1,525, Ck. No. 1731. | |
| 5 | Received cash on account from patients, $825. | |
| 6 | Bought supplies on account from McRae Supply Company, $800, Inv. No. 3455. | |
| 7 | Received and paid the bill for laboratory services, $1,785, Ck. No. 1732. | |
| 8 | Bought insurance for one year, $2,625, CK. No. 1733. | |
| 12 | Performed medical services for patients on account, $6,758. | |
| 15 | Performed medical services for patients for cash, $5,582. | |
| 16 | The equipment purchased on July 1 was found to be broken. Dr. Gervais returned the damaged part and received a reduction in his bill, $584, Inv. No. 3162, Credit Memo No. 141. | |
| 18 | Paid the salary of the part-time nurse, $2,520, Ck. No. 1734. | |
| 24 | Received and paid the telephone bill for the month, $898, Ck. No. 1735. | |
| 28 | Performed medical services for patients on account, $8,063. | |
| 29 | Dr. Gervais withdrew cash for his personal use, $2,760, Ck. No. 1736. |
2. Post the amounts to the general ledger account for Cash. List the accounts in chronological order. If no amount is required, leave the entry box blank.
| ACCOUNT | Cash | ACCOUNT NO. | 111 | ||||||
DATE |
ITEM |
POST. REF. |
DEBIT |
CREDIT |
BALANCE | ||||
| DEBIT | CREDIT | ||||||||
| 20-- | |||||||||
| June | 30 | Balance | ✓ | 37,485 | |||||
| July | fill in the blank a3ca46fbefa5fa8_1 | 21 | fill in the blank a3ca46fbefa5fa8_2 | fill in the blank a3ca46fbefa5fa8_3 | fill in the blank a3ca46fbefa5fa8_4 | fill in the blank a3ca46fbefa5fa8_5 | |||
| fill in the blank a3ca46fbefa5fa8_6 | 21 | fill in the blank a3ca46fbefa5fa8_7 | fill in the blank a3ca46fbefa5fa8_8 | fill in the blank a3ca46fbefa5fa8_9 | fill in the blank a3ca46fbefa5fa8_10 | ||||
| fill in the blank a3ca46fbefa5fa8_11 | 21 | fill in the blank a3ca46fbefa5fa8_12 | fill in the blank a3ca46fbefa5fa8_13 | fill in the blank a3ca46fbefa5fa8_14 | fill in the blank a3ca46fbefa5fa8_15 | ||||
| fill in the blank a3ca46fbefa5fa8_16 | 21 | fill in the blank a3ca46fbefa5fa8_17 | fill in the blank a3ca46fbefa5fa8_18 | fill in the blank a3ca46fbefa5fa8_19 | fill in the blank a3ca46fbefa5fa8_20 | ||||
| fill in the blank a3ca46fbefa5fa8_21 | 21 | fill in the blank a3ca46fbefa5fa8_22 | fill in the blank a3ca46fbefa5fa8_23 | fill in the blank a3ca46fbefa5fa8_24 | fill in the blank a3ca46fbefa5fa8_25 | ||||
| fill in the blank a3ca46fbefa5fa8_26 | 21 | fill in the blank a3ca46fbefa5fa8_27 | fill in the blank a3ca46fbefa5fa8_28 | fill in the blank a3ca46fbefa5fa8_29 | fill in the blank a3ca46fbefa5fa8_30 | ||||
| fill in the blank a3ca46fbefa5fa8_31 | 22 | fill in the blank a3ca46fbefa5fa8_32 | fill in the blank a3ca46fbefa5fa8_33 | fill in the blank a3ca46fbefa5fa8_34 | fill in the blank a3ca46fbefa5fa8_35 | ||||
| fill in the blank a3ca46fbefa5fa8_36 | 22 | fill in the blank a3ca46fbefa5fa8_37 | fill in the blank a3ca46fbefa5fa8_38 | fill in the blank a3ca46fbefa5fa8_39 | fill in the blank a3ca46fbefa5fa8_40 | ||||
| fill in the blank a3ca46fbefa5fa8_41 | 22 | fill in the blank a3ca46fbefa5fa8_42 | fill in the blank a3ca46fbefa5fa8_43 | fill in the blank a3ca46fbefa5fa8_44 | fill in the blank a3ca46fbefa5fa8_45 | ||||
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