The purchases journal for J. K. Insurance for the month of October is represented below. Accounts Payable is account number 202 and Purchases is account number 501. PURCHASES JOURNAL Page 5 Date Invoice No. From Whom Purchased Post Ref. Purchases Debit/ Accounts Payable Credit Oct. 2 3118 Express Florist √ 3,550.00 4 3119 T. C. S. Supplies √ 2,790.00 8 3120 Auto Body Repair √ 3,850.00 9 3121 Signs Unlimited √ 4,150.00 10 3122 Dynasty Limo √ 2,380.00 15 3123 T. C. S. Supplies √ 2,150.00 18,870.00 Required: 1. Post the information from the purchases journal to the appropriate general ledger and accounts payable ledger accounts. GENERAL LEDGER ACCOUNT Accounts Payable ACCOUNT NO. 202 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT Oct. 2 P5 fill in the blank a5cc1f014fedfa2_2 fill in the blank a5cc1f014fedfa2_3 fill in the blank a5cc1f014fedfa2_4 fill in the blank a5cc1f014fedfa2_5 ACCOUNT Purchases ACCOUNT NO. 501 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT P5 fill in the blank a5cc1f014fedfa2_7 fill in the blank a5cc1f014fedfa2_8 fill in the blank a5cc1f014fedfa2_9 fill in the blank a5cc1f014fedfa2_10 ACCOUNTS PAYABLE LEDGER ACCOUNT Auto Body Repair DATE ITEM POST. REF. DEBIT CREDIT BALANCE P5 fill in the blank f489c1fb4fa0fe9_2 fill in the blank f489c1fb4fa0fe9_3 fill in the blank f489c1fb4fa0fe9_4 ACCOUNT Dynasty Limo DATE ITEM POST. REF. DEBIT CREDIT BALANCE P5 fill in the blank f489c1fb4fa0fe9_6 fill in the blank f489c1fb4fa0fe9_7 fill in the blank f489c1fb4fa0fe9_8 ACCOUNT Express Florist DATE ITEM POST. REF. DEBIT CREDIT BALANCE P5 fill in the blank f489c1fb4fa0fe9_10 fill in the blank f489c1fb4fa0fe9_11 fill in the blank f489c1fb4fa0fe9_12 ACCOUNT Signs Unlimited DATE ITEM POST. REF. DEBIT CREDIT BALANCE P5 fill in the blank f489c1fb4fa0fe9_14 fill in the blank f489c1fb4fa0fe9_15 fill in the blank f489c1fb4fa0fe9_16 ACCOUNT T. C. S. Supplies DATE ITEM POST. REF. DEBIT CREDIT BALANCE P5 fill in the blank f489c1fb4fa0fe9_18 fill in the blank f489c1fb4fa0fe9_19 fill in the blank f489c1fb4fa0fe9_20 P5 fill in the blank f489c1fb4fa0fe9_22 fill in the blank f489c1fb4fa0fe9_23 fill in the blank f489c1fb4fa0fe9_24 Prepare a schedule of accounts payable. Schedule of Accounts Payable Auto Body Repair $fill in the blank 326290facfbffbc_1 Dynasty Limo fill in the blank 326290facfbffbc_2 Express Florist fill in the blank 326290facfbffbc_3 Signs Unlimited fill in the blank 326290facfbffbc_4 T. C. S. Supplies fill in the blank 326290facfbffbc_5 $fill in the blank 326290facfbffbc_6
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.
The purchases journal for J. K. Insurance for the month of October is represented below. Accounts Payable is account number 202 and Purchases is account number 501.
| PURCHASES JOURNAL | Page 5 | |||
| Date | Invoice No. | From Whom Purchased | Post Ref. | Purchases Debit/ Accounts Payable Credit |
| Oct. 2 | 3118 | Express Florist | √ | 3,550.00 |
| 4 | 3119 | T. C. S. Supplies | √ | 2,790.00 |
| 8 | 3120 | Auto Body Repair | √ | 3,850.00 |
| 9 | 3121 | Signs Unlimited | √ | 4,150.00 |
| 10 | 3122 | Dynasty Limo | √ | 2,380.00 |
| 15 | 3123 | T. C. S. Supplies | √ | 2,150.00 |
| 18,870.00 |
Required:
1. Post the information from the purchases journal to the appropriate general ledger and accounts payable ledger accounts.
| GENERAL LEDGER | ||||||
|---|---|---|---|---|---|---|
| ACCOUNT | Accounts Payable | ACCOUNT NO. | 202 | |||
| BALANCE | ||||||
| DATE | ITEM | POST. REF. | DEBIT | CREDIT | DEBIT | CREDIT |
| Oct. 2 | P5 | fill in the blank a5cc1f014fedfa2_2 | fill in the blank a5cc1f014fedfa2_3 | fill in the blank a5cc1f014fedfa2_4 | fill in the blank a5cc1f014fedfa2_5 |
| ACCOUNT | Purchases | ACCOUNT NO. | 501 | |||
|---|---|---|---|---|---|---|
| BALANCE | ||||||
| DATE | ITEM | POST. REF. | DEBIT | CREDIT | DEBIT | CREDIT |
| P5 | fill in the blank a5cc1f014fedfa2_7 | fill in the blank a5cc1f014fedfa2_8 | fill in the blank a5cc1f014fedfa2_9 | fill in the blank a5cc1f014fedfa2_10 |
| ACCOUNTS PAYABLE LEDGER | |||||
|---|---|---|---|---|---|
| ACCOUNT | Auto Body Repair | ||||
| DATE | ITEM | POST. REF. | DEBIT | CREDIT | BALANCE |
| P5 | fill in the blank f489c1fb4fa0fe9_2 | fill in the blank f489c1fb4fa0fe9_3 | fill in the blank f489c1fb4fa0fe9_4 |
| ACCOUNT | Dynasty Limo | ||||
| DATE | ITEM | POST. REF. | DEBIT | CREDIT | BALANCE |
|---|---|---|---|---|---|
| P5 | fill in the blank f489c1fb4fa0fe9_6 | fill in the blank f489c1fb4fa0fe9_7 | fill in the blank f489c1fb4fa0fe9_8 |
| ACCOUNT | Express Florist | ||||
| DATE | ITEM | POST. REF. | DEBIT | CREDIT | BALANCE |
|---|---|---|---|---|---|
| P5 | fill in the blank f489c1fb4fa0fe9_10 | fill in the blank f489c1fb4fa0fe9_11 | fill in the blank f489c1fb4fa0fe9_12 |
| ACCOUNT | Signs Unlimited | ||||
| DATE | ITEM | POST. REF. | DEBIT | CREDIT | BALANCE |
|---|---|---|---|---|---|
| P5 | fill in the blank f489c1fb4fa0fe9_14 | fill in the blank f489c1fb4fa0fe9_15 | fill in the blank f489c1fb4fa0fe9_16 |
| ACCOUNT | T. C. S. Supplies | ||||
| DATE | ITEM | POST. REF. | DEBIT | CREDIT | BALANCE |
|---|---|---|---|---|---|
| P5 | fill in the blank f489c1fb4fa0fe9_18 | fill in the blank f489c1fb4fa0fe9_19 | fill in the blank f489c1fb4fa0fe9_20 | ||
| P5 | fill in the blank f489c1fb4fa0fe9_22 | fill in the blank f489c1fb4fa0fe9_23 | fill in the blank f489c1fb4fa0fe9_24 |
Prepare a schedule of accounts payable.
| Schedule of Accounts Payable | |
| Auto Body Repair | $fill in the blank 326290facfbffbc_1 |
| Dynasty Limo | fill in the blank 326290facfbffbc_2 |
| Express Florist | fill in the blank 326290facfbffbc_3 |
| Signs Unlimited | fill in the blank 326290facfbffbc_4 |
| T. C. S. Supplies | fill in the blank 326290facfbffbc_5 |
| $fill in the blank 326290facfbffbc_6 |
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