Return to Blackboard G petir cash - Google Search eygandt, Accounting Principles, 13th Edition, Custom WileyPLUS Course for Bronx Community College Ip I System Announcements CALCULATOR PRINTER VERSION 1 BACK 17 Purchased a Delivery Truck for $70,000 in cash. 20 Received payment (before any applicable discounts) from the following customers for the September 10th sale to be applied to their accounts as follows (Hint: You will need to calculate amount of net cash received from customers): Jose Mendes $3,200 Amy Thomas 5,400 Nicholas Jay 3,800 Dora Franklin 8,700 Totals $21,100 21 Received cash of $20,800 in advance for 4 refrigerators to be delivered over the next few months. 22 Made a partial payment for the Store Supplies purchased on September 15th to be applied to the below accounts (before any applicable discounts) as follows (Hint: You will need to calculate amount of the net cash payment): Wiley Retailers $1,600 Lisa Supplies Company 2,900 Farge Company 600 Lincoln Wholesale 800 Totals $5,900 23 Stephanie Ram withdrew $4,300 in cash for her personal use. 24 Sold several refrigerators and received $216,000 cash. Made a partial payment to Mason Retailers of $91,000 to be applied as a reduction to the account balance (before any applicable discounts) for the September 6th transaction (Hint: You will need to calculate amount of the net cash payment). 25 26 Paid the monthly utility bills, $7,900. 27 Stephanie Ram purchased a Forklift for $32,900. 28 Issued a check to pay the bi-weekly employee salaries, $16,500. The Petty Cash Fund had a cash balance of $3,500 at the end of September with petty cash receipts/vouchers for postage, $380, and repair supplies, $930. A check was issued to replenish the fund. 29 30 Issued a check for the payment of September's rent, $15,500. epare the Journal Entries in the General Journal. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the der presented in the problem. Do not use dollar signs ($) when entering amounts. To see comma-formatted numbers reflected in your final answers, you must enter your swers with commas.)
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.
Do the general ledger
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