ut an accounting table from May 1st to May 31st 1-May The company completes work for a costumer and was paid 90,000 2-May The company purchased 25,000 of equipment, paid 10,000 in cash and singed a notes payable to promise to pay 15,000 in three years 3-May The company rented office space and paid 3,000 for the may rent 6-May The company completed a service from a customer and immediately reciveved $5,000 7-May The company paid 2,000 for machines used on the May 6th job 8-May The company purchased a printer for 2,500 on credit 9-May the company completed additional costumer work on credit in the amount of 15,000 15-May The company paid employee's salaries $2,800 for the first half of the month 17-May The company purchased new seating from a costumer and immediately collected $2,400 20-May The company received $10,000 in payments from the costumers billed on May 9th 28-May The company pays $1,500 on the printer purchased on May 8th, they will pay the remaining balance in June. 31-May The company pays employee's salaries 2,400 for the second half of the month 31-May The company paid a supplier 5,300 for siding materials used on the remaining jobs completed in May 31-May The company paid $450 for it's monthly utility bill Then calculate the totals.
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.
Fill out an accounting table from May 1st to May 31st
1-May The company completes work for a costumer and was paid 90,000
2-May The company purchased 25,000 of equipment, paid 10,000 in cash and singed a notes payable to promise to pay 15,000 in three years
3-May The company rented office space and paid 3,000 for the may rent
6-May The company completed a service from a customer and immediately reciveved $5,000
7-May The company paid 2,000 for machines used on the May 6th job
8-May The company purchased a printer for 2,500 on credit
9-May the company completed additional costumer work on credit in the amount of 15,000
15-May The company paid employee's salaries $2,800 for the first half of the month
17-May The company purchased new seating from a costumer and immediately collected $2,400
20-May The company received $10,000 in payments from the costumers billed on May 9th
28-May The company pays $1,500 on the printer purchased on May 8th, they will pay the remaining balance in June.
31-May The company pays employee's salaries 2,400 for the second half of the month
31-May The company paid a supplier 5,300 for siding materials used on the remaining jobs completed in May
31-May The company paid $450 for it's monthly utility bill
Then calculate the totals.
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