Hamdan Bin Mohammed Smart University (HBMSU) records the following transactions in its books of accounts for the month of February 2024. nswer Feb 1 Earned tuition fees of AED 350,000 from the learners for the Spring 2024 semester, of which AED 200,000 is received in cash, and the rest remains outstanding. Cash Feb 3 Purchased a car valued at AED 50,000, of which AED 45,000 is paid in cash, and the remaining will be paid after six months. Feb 7 Feb 15 Feb 18 Purchased office supplies on credit of AED 4,800. Feb 25 Paid monthly salary to the employees of AED 70,000. Required: Show the effects of the above transaction on the accounting equation using the following template: Paid AED 12,000 for utilities and other related expenses. AED 2,000 is paid for the maintenance of the car parking space. Assets Car Accounts Receivable Liabilities Owner's Equity Owner's Owner's Expense Revenue Capital Drawings
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.
Please show fast very urgent.
Also prepare, prepare a ledger account for "Accounts Payable" showing its closing balance. Very fast pls I don't need explanation just answer
Trending now
This is a popular solution!
Step by step
Solved in 4 steps
