Chapter 4.2, Problem 1AYU

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN: 9781337679503

Author: Gilbertson

Publisher: Cengage

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Concept explainers

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 resu…

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 a…

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…

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 repor…

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Chapter 4.1, Problem 1OYO

Chapter 4.2, Problem 2AYU

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Open a general ledger account for each of the accounts listed in the chart of accounts above. Post the separate amounts on each line of the journals that need to be posted separately. Post the journal’s special amount column totals. Provided below are completed five-column journals, a chart of accounts, and the general ledger columns that will be filled out.

Post all journal entries into general ledger ( in columnar form )

Make a general ledger for each account title from the general journal below.

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