Purchased inflatable rides and inflation equipment on June 2, paying $30,450 cash. Received $7,200 cash from casual hourly rentals at the mall on June 3. Rented rides and equipment to customers for $12,550. Received cash of $3,600 on June 4 and the rest is due f Received $3,900 from a large corporate customer on June 5 as a deposit on a party booking for July 4. Began to prepare for the July 4 party by purchasing and receiving various party supplies on June 6 on account On June 7, paid $8,350 in cash for renting equipment that was used and returned during the first week of this m . On June 8, prepaid next month's mall space rental charge of $8,350. 1. Received $2,750 on June 9 from customers on accounts receivable. 1. Paid $1,400 for running a television ad on June 10. E. Paid $4,400 in wages to employees on June 30 for work done during the month. Requirement General Journal General Ledger Trial Balance Analysis Refer to the revenues and expenses shown on the unadjusted trial balance to calculate preliminary net income and net profit margin. (Round your Net Profit Margin answer to 1 decimal place.) Preliminary Net Income Net Profit Margin Determine whether the net profit margin is better earned by a close competitor. % worse than the 30.0 purcent
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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