Provide the Trial Balance of the given transaction: JOURNAL ENTRIES Date/# Account Title Debit Credit a. Cash 250,000.00 Supplies 34,000.00 Jai, Capital 284,000.00 To record the investment of Jai b. Office Furniture 4,600.00 Cash 4,600.00 To record purchase of furniture c. Office Furniture 12,000.00 Cash 12,000.00 To record purchsae of furniture d. Utilities Expense 4,500.00 Accounts Payable 4,500.00 To record water expense e. Cash 23,000.00 Service Revenue 23,000.00 To record offering of service f. Accounts Receivable 34,000.00 Service Revenue 34,000.00 To record offering of service g. Accounts Payable 4,500.00 Cash 4,500.00 To record payment of payable h. Jai, Withdrawal 10,000.00 Cash 10,000.00 To record owner's withdrawal 376,600.00 376,600.00
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.
Provide the
| Date/# | Account Title | Debit | Credit |
| a. | Cash | 250,000.00 | |
| Supplies | 34,000.00 | ||
| Jai, Capital | 284,000.00 | ||
| To record the investment of Jai | |||
| b. | Office Furniture | 4,600.00 | |
| Cash | 4,600.00 | ||
| To record purchase of furniture | |||
| c. | Office Furniture | 12,000.00 | |
| Cash | 12,000.00 | ||
| To record purchsae of furniture | |||
| d. | Utilities Expense | 4,500.00 | |
| Accounts Payable | 4,500.00 | ||
| To record water expense | |||
| e. | Cash | 23,000.00 | |
| Service Revenue | 23,000.00 | ||
| To record offering of service | |||
| f. | 34,000.00 | ||
| Service Revenue | 34,000.00 | ||
| To record offering of service | |||
| g. | Accounts Payable | 4,500.00 | |
| Cash | 4,500.00 | ||
| To record payment of payable | |||
| h. | Jai, Withdrawal | 10,000.00 | |
| Cash | 10,000.00 | ||
| To record owner's withdrawal | |||
| 376,600.00 | 376,600.00 |
Step by step
Solved in 3 steps
