The following amounts summarize the financial position of Haas Consulting, Inc, on May 31, 2020. (Click the icon to view the May 31, 2020, financial position.) E (Click the icon to view the transactions.) During June 2020, the business completed these transactions. Received cash of $9,400 and issued common shares. Performed services for a client and received cash of $6,300. Requirements a. b. Requirement 1. Journalize the transactions of Haas Consulting, Inc. (Record debits first, then credits. Explanations are not required.) Paid $4,500 on accounts payable. c. d. Purchased supplies on account, $600. Begin by preparing the journal entry for transaction (a). The business received cash of $9,400 and issued common shares e. Collected cash from a customer on account, $500. Consulted on the design of a business report, and billed the client for services rendered, $2,900. Journal Entry f. Accounts Debit Credit Recorded the following business expenses for the month: paid office rent, $1,400; paid advertising, $500. Declared and paid a cash dividend of $2, 100. (a) h. Print Done Data Table
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.
Please help me fill in the 8 blanks in requirement 1 by using the provided information.
*****Please provide exactly the answers of the 8 blanks as I have received answers with a long chart with many information from Bartleby before which is not applicable to the question.
For the 4 blanks in "Accounts" column, you can choose from Accounts Payable,
Choose the most suitable 4 options among the 9 and fill in the debit and credit in order to finish requirement 1.
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