xpense Account Number Post Description Balance Ref. Supplies Exe wäges Debit Credit Credit Debit 1300 1300 Account Name Date Account Number Post Balance Description Ref. Debit Credit Credit Debit Account Name Account Number Date Post Balance Description Ref. Debit Credit Debit Credit Account Name Account Number Date Post Balance Description Ref. Debit Credit Debit Credit ACcount Name Account Number Balance Post ate Credit Debit Credit Debit Ref. Description Account Number ccount Name te Balance Post Debit Credit Credit Debit Ref. Description PERIOD-END MEASUREMENTS 4-41
Reporting Cash Flows
Reporting of cash flows means a statement of cash flow which is a financial statement. A cash flow statement is prepared by gathering all the data regarding inflows and outflows of a company. The cash flow statement includes cash inflows and outflows from various activities such as operating, financing, and investment. Reporting this statement is important because it is the main financial statement of the company.
Balance Sheet
A balance sheet is an integral part of the set of financial statements of an organization that reports the assets, liabilities, equity (shareholding) capital, other short and long-term debts, along with other related items. A balance sheet is one of the most critical measures of the financial performance and position of the company, and as the name suggests, the statement must balance the assets against the liabilities and equity. The assets are what the company owns, and the liabilities represent what the company owes. Equity represents the amount invested in the business, either by the promoters of the company or by external shareholders. The total assets must match total liabilities plus equity.
Financial Statements
Financial statements are written records of an organization which provide a true and real picture of business activities. It shows the financial position and the operating performance of the company. It is prepared at the end of every financial cycle. It includes three main components that are balance sheet, income statement and cash flow statement.
Owner's Capital
Before we begin to understand what Owner’s capital is and what Equity financing is to an organization, it is important to understand some basic accounting terminologies. A double-entry bookkeeping system Normal account balances are those which are expected to have either a debit balance or a credit balance, depending on the nature of the account. An asset account will have a debit balance as normal balance because an asset is a debit account. Similarly, a liability account will have the normal balance as a credit balance because it is amount owed, representing a credit account. Equity is also said to have a credit balance as its normal balance. However, sometimes the normal balances may be reversed, often due to incorrect journal or posting entries or other accounting/ clerical errors.
PARRISH 4-12
Accounts Payable $500
Cash $600
Common Stock $1200
Depreciation Expense, Equipment $0
Equipment $2300
Insurance Expense $0
Inventory $2000
Prepaid Insurance $600
Service Fee Revenues $3500
Supplies $700
Supplies Expense $0
Wages Expense $1300
Wages Payable $0
Please 1) Give the ledger name 2) Include a description 3) and if it is a debit or credit, and what the balance is. I DO NOT NEED TO KNOW WHAT FINANCIAL STATEMENT THE TRANSACTION GO ON. Please refer to the attachment to see what the answser boxes look like. I need the answers in that format. Thank you.
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