statements for the current quarter (January - March) of operations. Below are summaries of transactions completed during February and March. 1. Paid the social media manager the amount owed from January. 2. Collected $495 of accounts receivable from January. 3. Purchased supplies of $40. 4. Received $2,625 in exchange for completing 175 jobs, less a $131 fee due to PayPal. 5. In February and March, completed 66 jobs on account for clients with standing appointments. Each client was billed at the rate of $15 per job. 6. Collected $500 of accounts receivable for jobs completed in February. 7. Purchased and used gas of $575 in order to complete jobs. 8. Paid the newspaper $240 for advertising for February and March. 9. Paid the social media manager $250. This amount represented her monthly fee and fee for 150 of the jobs scheduled during the February and March. 10. Paid friends $600 to complete 50 jobs during February and March. 11. Paid a salary of $800 to W.T. 12. Repaid W.T.'s aunt $200 of the total amount owed to her. 13. As of March 31, determined that the social media manager is owed her scheduling fee for 25 jobs scheduled and completed over the last few days of the month. 14. Determined that there are $15 of supplies on hand at March 31. For each of the above transactions, 1. Record the transactions in the appropriate general ledger accounts under an accounting equation. Record the amounts of revenue and expense in the Retained Earnings column. Provide the appropriate titles for these accounts in the last column of the table. 2. Prepare the income statement, statement of changes in stockholders' equity, and balance sheet for My Assistant, Inc. for the three months ending March 31. 3. Determine the total amount of cash flow related to operating, investing, and financing activities for the three months ending March 31. Reconcile those amounts to the net change in cash.
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.
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