The list of vouchers Shoppe at December 31 is as follows: Vendor Invoice Date Amount Hagrid Cleaning Services 11/15 4,322.43 Hermione’s Hats 12/02 2,167.76 Lockhart Magic Books 12/31 6,489.11 Malfoy Financial Consultants 12/28 23,752,63 McGonagall Veterinary Supplies 12/23 4,590.60 Moaning Myrtle’s Mystical Capes 10/14 11,529.88 Nicholas Fancy Headwear 12/29 51,268.62 Snape’s Snakes 12/28 36,152,45 Wesley’s Wands 12/28 6,400.55 Hogwart’s Rentals 12/15 53,000.00 Total Vouchers Payable 199,674.03 Checks written in the following January are: Check Payee Description Invoice Date Amount 1842 Malfoy Financial Consultants Professional Services 12/28 23,752.63 1843 Hagrid Cleaning Services October cleaning 11/15 4,322.43 1844 Hogwart’s Rentals January rent 12/15 53,000.00 1845 Lockhart Magic Books Inventory 12/31 6,489.11 1846 Dudley Pastries Catering for office Christmas party 1/15 6,300.00 1847 Weasley’s Wands Inventory 12/28 6,400.55 1848 Rowlin’ Enterprises Trademark 1/1 10,000.00 1849 McGonagall Veterinary Supplies Inventory 12/23 4,590.60 1850 Nicholas Fancy Headwear Inventory 12/29 51,268.62 1851 Weasley’s Wands Inventory 12/31 6,400.55 1852 Hermione’s Hats Inventory 12/02 2,167.76 1853 Lockhart Magic Books Inventory 12/31 5,932.89 1854 Hagrid Cleaning Service November cleaning 12/15 4,322.43 1855 Malfoy Financial Consultants Professional Services 1/28 13,888.56 Please review the checks written in the following January and discuss which need to be included in vouchers payable at December 31 and propose a journal entry to correct vouchers payable.
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.
The list of vouchers Shoppe at December 31 is as follows:
|
Vendor |
Invoice Date |
Amount |
|
Hagrid Cleaning Services |
11/15 |
4,322.43 |
|
Hermione’s Hats |
12/02 |
2,167.76 |
|
Lockhart Magic Books |
12/31 |
6,489.11 |
|
Malfoy Financial Consultants |
12/28 |
23,752,63 |
|
McGonagall Veterinary Supplies |
12/23 |
4,590.60 |
|
Moaning Myrtle’s Mystical Capes |
10/14 |
11,529.88 |
|
Nicholas Fancy Headwear |
12/29 |
51,268.62 |
|
Snape’s Snakes |
12/28 |
36,152,45 |
|
Wesley’s Wands |
12/28 |
6,400.55 |
|
Hogwart’s Rentals |
12/15 |
53,000.00 |
|
Total Vouchers Payable |
|
199,674.03 |
Checks written in the following January are:
|
Check |
Payee |
Description |
Invoice Date |
Amount |
|
1842 |
Malfoy Financial Consultants |
Professional Services |
12/28 |
23,752.63 |
|
1843 |
Hagrid Cleaning Services |
October cleaning |
11/15 |
4,322.43 |
|
1844 |
Hogwart’s Rentals |
January rent |
12/15 |
53,000.00 |
|
1845 |
Lockhart Magic Books |
Inventory |
12/31 |
6,489.11 |
|
1846 |
Dudley Pastries |
Catering for office Christmas party |
1/15 |
6,300.00 |
|
1847 |
Weasley’s Wands |
Inventory |
12/28 |
6,400.55 |
|
1848 |
Rowlin’ Enterprises |
Trademark |
1/1 |
10,000.00 |
|
1849 |
McGonagall Veterinary Supplies |
Inventory |
12/23 |
4,590.60 |
|
1850 |
Nicholas Fancy Headwear |
Inventory |
12/29 |
51,268.62 |
|
1851 |
Weasley’s Wands |
Inventory |
12/31 |
6,400.55 |
|
1852 |
Hermione’s Hats |
Inventory |
12/02 |
2,167.76 |
|
1853 |
Lockhart Magic Books |
Inventory |
12/31 |
5,932.89 |
|
1854 |
Hagrid Cleaning Service |
November cleaning |
12/15 |
4,322.43 |
|
1855 |
Malfoy Financial Consultants |
Professional Services |
1/28 |
13,888.56 |
Please review the checks written in the following January and discuss which need to be included in vouchers payable at December 31 and propose a
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