Cash 101 Office Supplies 124 May 21 500 May 15 May 25 May 30 7,000 4,000 1,000 End. bal. 12,000 End. bal. 500 Accounts Payable 201 Equipment 167 May 15 3,000 500 500 End. bal. 3,000 End. bal. Common Stock 307 Unearned Landscaping Revenue 236 10,000 1,000 10,000 1,000 End bal. End. bal. Landscaping Revenue 403 4,000 End. bal. 4,000 < Prev 7 of 11 Next > Ea
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.
Processing accounting transactions. I have to analyze, record in general journal and
a. on may 15, DeShawn opens a landscaping company called elegant lawns by investing $7,000 in cash along with equipmewnt having a $3,000 value in exchange for common stock.
b. on may 21, elegant lawns purchases office supplies on credit for $500.
c. on may 25, elegant lawns receives $4,000 cash for performing landscaping services.
d. on may 30, elegant lawns recieves $1,000 cash advance of providing landscaping services to a customer.
I attached 3 pictures of my work and it seems to be right but I am missing something. It says my answer is not complete. What am I missing? Please help. Thank you.
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