The following  transactions occurred for Lawrence engineering Post the transactions to the T-accounts
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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Requirement 1. Post the transactions to the T-accounts. Use the dates as posting references in the T-accounts.
We will post to the accounts one transaction at a time. Begin by posting the event from the 2nd. Received $14,000 contribution from Brett Lawrence
Cash
Accounts Payable
Service Revenue
Jul. 2
14000
370 Jul. 4
Jul. 27
1600
16000 Jul. 5
2900 Jul. 10
Accounts Receivable
Notes Payable
Utilities Expense
Jul. 10
2900
7100 Jul. 12
Jul. 4
370
Office Supplies
Common Stock
Jul. 21
840
14000 Jul. 2
Equipment
Dividends
Jul. 5
16000
Jul. 19
200
More info
Jul. 2
Received $14,000 contribution from Brett Lawrence in exchange for common stock.
Jul. 4
Paid utilities expense of $370.
Jul. 5
Purchased equipment on account, $1,600.
Jul. 10
Performed services for a client on account, $2,900.
Jul. 12
Borrowed $7,100 cash, signing a notes payable.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1baf0f0e-643c-4242-849b-6271d82fe875%2Fbfde00f8-796f-4c25-ada3-bd45caffdd31%2Fru9vdkd_processed.jpeg&w=3840&q=75)
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Question 1, E2-17 (book/static)
Part 1 of 9
nework: Chapter 2 Quiz
Reference
Debit
Credit
Date
Accounts and Explanation
14,000
Jul. 2
Cash
14,000
Common Stock
Issued common stock for cash.
370
prett Lawrence in exchange for common stock. (We will post to the accounts one transaction at a time. Post onl
Jul. 4
Utities Expense
370
Cash
%3D
Paid cash expenses.
More info
Equipment
1,600
Jul. 5
1,600
Accounts Payable
Received $14,000 contribution from Brett Lawrence in exchange for common stock.
Purchase of equipment on account.
Accounts Recelvable
Jul. 2
Jul. 10
2,900
Jul. 4
Paid utilities expense of $370.
Purchased equipment on account, $1,600.
Performed services for a client on account, $2,900.
Service Revenue
2,900
Jul. 5
Performed services on account.
Jul. 10
Cash
7,100
Jul. 12
Jul. 12 Borrowed $7,100 cash, signing a notes payable.
Notes Payable
7,100
Jul. 19 Cash dividends of $200 were paid to stockholders.
Borrowed cash by signing note.
Jul. 21
Purchased office supplies for $840 and paid cash.
Jul. 19
Dividends
200
Jul. 27
Paid the liability from July 5.
Cash
200
Paid cash dividends.
Jul. 21
Office Supplies
840
Cash
B40
Print
Done
840
Purchase of office supplies with cash.
Accounts Payable
Jul. 27
1,600
Cash
1,600
Paid cash on account.
Print
Done
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