PAGE JOURNAL Score: 251/271 DATE DESCRIPTION POST. REF. DEBIT CREDIT May 20 Supplies 735.00 Accounts Payable 735.00 May 21 4,820.00 Accounts Receivable <> 4,820.00 Fees Earned May 25 Cash 7,900.00 Fees Earned 7,900.00 May 27 Cash 9,520.00 9,520.00 Accounts Receivable May 28 Salary Expense 750.00 Cash 750.00 10 May 30 Miscellaneous Expense 260.00 11 Cash 260.00 12 May 31 Miscellaneous Expense 810.00 13 810.00 14 Cash May 31 Cash 3,300.00 15 Fees Earned 3,300.00 16 May 31 Accounts Receivable 2,650.00 17 Fees Earned 2,650.00 18 May 31 Kelly Pitney, Drawing 10.500.00 19 Cash 10,500.00 20 PAGE S JOURNAL Score: 184/203 DATE DESCRIPTION POST. REF. DEBIT CREDIT May 3 Cash 4,500.00 Unearned Fees 4,500.00 May 5 Cash 2,450.00 Accounts Receivable 2,450.00 May 9 Miscellaneous Expense 225.00 Cash 225.00 May Accounts Payable 640.00 Cash 640.00 May 15 Accounts Receivable 9,180.00 10 Fees Earned 9,180.00 May 16 Salaries Payable 120.00 11 12 Salary Expense 750.00 13 Cash 870.00 May 17 Cash 8,360.00 14 Fees Earned 8,360.00 15
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.
I need an unadjusted
The
may 31- Insurance Expense- debit $275; Prepaid insurance- credit $275.
may 31- Supplies expense- debit $715; supplies- credit $715
may 31-
may 31- salary expense- debit $325; salaries payable- credit $325
may 31- rent expense- debit $1600; prepaid rent- credit $1600
may 31- unearned fees- debit $3210; fees earned-credit $3210
Trending now
This is a popular solution!
Step by step
Solved in 5 steps with 4 images
