FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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…
Question
CHRIS'S WELDING Post - Closing Trial Balance July 1, 2024 1080 Bank: Chequing Account $ 12 150 1100 Bank: Credit Card 200 1200 Accounts Receivable 5 000 1290 Welding Supplies 900 1420 Welding Torches 3 800 1450 Computers 1 500 1480 Other Welding Equipment 4 200 1500 Vehicle 9 000 1550 Shop 150 000 2100 Bank Loan $ 6 000 2200 Accounts Payable 1 600 2250 Credit Card Payable 1 100 2650 HST Charged on Services 950 2670 HST Paid on Purchases 750 2850 Mortgage Payable 99 000 3560 Chris George, Capital 78 850 $ 187 500 $187 500 Pass the journal entries
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Transcribed Image Text:CHRIS'S WELDING Post - Closing Trial Balance July 1, 2024 1080 Bank: Chequing Account $ 12 150 1100 Bank: Credit Card 200 1200 Accounts Receivable 5 000 1290 Welding Supplies 900 1420 Welding Torches 3 800 1450 Computers 1 500 1480 Other Welding Equipment 4 200 1500 Vehicle 9 000 1550 Shop 150 000 2100 Bank Loan $ 6 000 2200 Accounts Payable 1 600 2250 Credit Card Payable 1 100 2650 HST Charged on Services 950 2670 HST Paid on Purchases 750 2850 Mortgage Payable 99 000 3560 Chris George, Capital 78 850 $ 187 500 $187 500 Pass the journal entries
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