Required information [The following information applies to the questions displayed below.) Service World maintains a petty cash fund. The fund custodian encountered the following events. a. The fund was established when a check for $345 was cashed and deposited into a locked cash box. b. An employee submitted a receipt for a customer delivery costing $29 and was reimbursed in full from petty cash. C. Another employee submitted a receipt for $69 for locksmith repairs to the office door and was reimbursed in full from petty cash. d. An employee submitted a receipt for newspaper advertising that cost the company $59. She was given $59 from the petty cash box, e. The petty cash custodian received and cashed a check that fully replenished the petty cash fund. f. An employee submitted a receipt for $44 for supplies and was reimbursed in full from petty cash. g. An employee submitted a receipt for $74 for filling up his personal vehicle. He was not reimbursed because it would violate company policy. h. At the end of the month, a check was given to the petty cash custodian to not only replenish the petty cash fund but also increase the total fund to $475. Required: 1. Prepare any required journal entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
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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Required information
[The following information applies to the questions displayed below.]
Service World maintains a petty cash fund. The fund custodian encountered the following events.
a. The fund was established when a check for $345 was cashed and deposited into a locked cash box.
b. An employee submitted a receipt for a customer delivery costing $29 and was reimbursed in full from petty cash.
C. Another employee submitted a receipt for $69 for locksmith repairs to the office door and was reimbursed in full from
petty cash.
d. An employee submitted a receipt for newspaper advertising that cost the company $59. She was given $59 from the
petty cash box.
e. The petty cash custodian received and cashed a check that fully replenished the petty cash fund.
f. An employee submitted a receipt for $44 for supplies and was reimbursed in full from petty cash.
g. An employee submitted a receipt for $74 for filling up his personal vehicle. He was not reimbursed because it would
violate company policy.
h. At the end of the month, a check was given to the petty cash custodian to not only replenish the petty cash fund but
also increase the total fund to $475.
Required:
1. Prepare any required journal entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the
first account field.)
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