ACC 370 SPRING 2021 QUICKBOOKS HANDS ON CLASS EXERCISE SECTION NOW YOUR TURN March 2021 1 Mr. Jim Doha invested additional $75,000 cash in the real estate agency. Paid advertising bill for February $1,400 Sold house for $250,000 and collected commission of $15,000 4 Purchased office supplies for cash, $2450. 5 Purchased additional office supplies on account, $550 6 Sold a house and collected a $46,000 commission. 8 Paid gas bills, $240 15 Paid the salary of the office secretary, $850. 17 Sold a building lot and earned a commission, $16,500. 20 Mr Jim Doha withdrew $3,000 from the business to pay personal expenses 21 Sold a house and collected a $15,500 commission. 22 Paid gas bills, $220. 24 Paid $960 to repair automobile 28 Paid the salary of the office secretary, $1350 30 Paid the March telephone, $520. 30 Received advertising bill for March, $1,400. The bill is to be paid on 4/12/21 In addition to the above transactions, the following adjusting entries should be recorded at the end of March 2021. One month’s rent has expired An inventory shows $250 of office supplies remaining. Depreciation on office equipment, using straight line depreciation method, 4 years, zero residual value Depreciation on automobile, using straight line depreciation method, 4 years, zero residual value. Required: Use General Journal Entries to record all the transactions Print and Submit the Income Statement and the Balance Sheet and Adjusted Trial Balances of Doha Enterprises for the month of March 2021. When setting up the company, affix your name along with the name of the business. That is, the name of the Company should state – [Doha Enterprises – (Your Name)]. The assignment must be completed using QuickBooks Software.
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.
ACC 370 SPRING 2021 QUICKBOOKS HANDS ON CLASS EXERCISE
SECTION
NOW YOUR TURN
March 2021
1 Mr. Jim Doha invested additional $75,000 cash in the real estate agency.
- Paid advertising bill for February $1,400
- Sold house for $250,000 and collected commission of $15,000
4 Purchased office supplies for cash, $2450.
5 Purchased additional office supplies on account, $550
6 Sold a house and collected a $46,000 commission.
8 Paid gas bills, $240
15 Paid the salary of the office secretary, $850.
17 Sold a building lot and earned a commission, $16,500.
20 Mr Jim Doha withdrew $3,000 from the business to pay personal expenses
21 Sold a house and collected a $15,500 commission.
22 Paid gas bills, $220.
24 Paid $960 to repair automobile
28 Paid the salary of the office secretary, $1350
30 Paid the March telephone, $520.
30 Received advertising bill for March, $1,400. The bill is to be paid on 4/12/21
In addition to the above transactions, the following
- One month’s rent has expired
- An inventory shows $250 of office supplies remaining.
Depreciation on office equipment, usingstraight line depreciation method , 4 years, zero residual value- Depreciation on automobile, using straight line depreciation method, 4 years, zero residual value.
Required:
Use General
Print and Submit the Income Statement and the Balance Sheet and Adjusted
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