Kelly Pitney began her consulting business, Kelly Consulting, on May 1, 2019.During May, Kelly Consulting entered into the following transactions:May1.3.Invested $20,000 into her new businessReceived cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $4,500.9.Paid cash for a newspaper advertisement for May, $225.13.Paid Office Station Co. $640 to purchase supplies15.Provided services on account for $9,180.16.Paid part-time receptionist for two weeks' salary $750.20.Purchased equipment on account, $1,735.25.Received cash from cash clients for services rendered $7,900.27.Received payment from client on account, $2,000.30.Paid telephone bill for May, $260.31.Paid electricity bill for May, $810.31.Kelly withdrew $5,500 for personal use.I want to Journalize and post the May transactions to t-accountsAnd then need to prepare an unadjusted trial balance.Also, I need to journalize and post adjustments:Supplies on hand on May 31 are $215.Depreciation of office equipment for May is $50.Accrued receptionist salary on May 31 is $325.Unearned fees on May 31 are $3,210.Then need an adjusted trial balance,an income statement, a statement of owner's equity, and a balance sheet.
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.
Kelly Pitney began her consulting business, Kelly Consulting, on May 1, 2019.
During May, Kelly Consulting entered into the following transactions:
May
1.
3.
Invested $20,000 into her new business
Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $4,500.
9.
Paid cash for a newspaper advertisement for May, $225.
13.
Paid Office Station Co. $640 to purchase supplies
15.
Provided services on account for $9,180.
16.
Paid part-time receptionist for two weeks' salary $750.
20.
Purchased equipment on account, $1,735.
25.
Received cash from cash clients for services rendered $7,900.
27.
Received payment from client on account, $2,000.
30.
Paid telephone bill for May, $260.
31.
Paid electricity bill for May, $810.
31.
Kelly withdrew $5,500 for personal use.
I want to Journalize and
And then need to prepare an unadjusted
Also, I need to journalize and post adjustments:
Supplies on hand on May 31 are $215.
Accrued receptionist salary on May 31 is $325.
Unearned fees on May 31 are $3,210.
Then need an adjusted trial balance,an income statement, a statement of owner's equity, and a balance sheet.
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