Please prepare T accounts, General Journal General Ledger, Unadjusted Trial balance. thanks ABE FGHFresented below are the Chart of Accounts for Hahn Engineering6ServicesAS78.Hahn Engineering ServicesChart of Accounts101112110 Cash13120 AR from Converge130 Supplies140 Office Equipment141516145 Accumulated Depreciation - Office Equipment17150 Furnitures18155 Accumulated Depreciation - Furnitures19210 Notes Payable to Metro Bank220 AP to Balingit Furniture230 AP to Laser Marketing310 C. Hahn, Capital320 C. Hahn, Drawings2021222324410 Service Revenue510 Rent Expense520 Taxes and Licenses Expense530 Salaries Expenses540 Utility Expense25262728293031323334353637383940414243444546474849505152Sheet1 Presented below are the transactions of Engr. Charlie Hahn for the month ofAugust, 2019.DATETRANSACTIONAUGUST 3 Charlie invested P1,000,000.00 in a firm depositing cash in a bank account with the name Hahn Engineering Services.5 Borrowed money from Metro Bank, signing a promissory note for P500,000.6 Purchased tables and chairs for cash, P75,000, paying P25,000 and the rest on account.7 Purchased office equipment – 3 computers and 2 printers, P60,000, from Octagon.8 Paid rent for office space, P15,000.12 Purchased additional tables and chairs on account from Balingit Furniture, P20,000.13 Paid business licenses and taxes, P4,500.14 Received cash for engineering services rendered, P95,000.15 Paid employees' salaries, P32,000.17 Sent a check to Balingit Furniture as payment for payables on tables and chairs bought.19 Paid water and electric bills, P5,800.21 Bought office supplies from Laser Marketing, P5,000 paying 50% and the balance on account.23 Rendered engineering services to Converge on account, P38,700.24 Withdrew cash for personal use, P8,000.26 Collected P25,000 from Converge on a service previously rendered on account.27 Paid P1,500 of the account with Laser Marketing.29 Rendered services to ProLift Gym, P55,000.30 Paid employees' salaries, P36,500.Complete the required steps of the Accounting Cycle given in the spreadsheet.1 Add file

Accounting cycle It can be defined as the process which involves identification, analysis, recording…

Answered: Complete the required steps of the…

Business

Accounting

Complete the required steps of the Accounting Cycle given in the spreadsheet. 1 Add file

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 5PA: Inner Resources Company started its business on April 1, 2019. The following transactions occurred...

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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 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.

Question

Please prepare T accounts, General Journal General Ledger, Unadjusted Trial balance. thanks

A
B
E F
G
H
Fresented below are the Chart of Accounts for Hahn Engineering
6
Services
AS
7
8.
Hahn Engineering Services
Chart of Accounts
10
11
12
110 Cash
13
120 AR from Converge
130 Supplies
140 Office Equipment
14
15
16
145 Accumulated Depreciation - Office Equipment
17
150 Furnitures
18
155 Accumulated Depreciation - Furnitures
19
210 Notes Payable to Metro Bank
220 AP to Balingit Furniture
230 AP to Laser Marketing
310 C. Hahn, Capital
320 C. Hahn, Drawings
20
21
22
23
24
410 Service Revenue
510 Rent Expense
520 Taxes and Licenses Expense
530 Salaries Expenses
540 Utility Expense
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
Sheet1

Presented below are the transactions of Engr. Charlie Hahn for the month of
August, 2019.
DATE
TRANSACTION
AUGUST 3 Charlie invested P1,000,000.00 in a firm depositing cash in a bank account with the name Hahn Engineering Services.
5 Borrowed money from Metro Bank, signing a promissory note for P500,000.
6 Purchased tables and chairs for cash, P75,000, paying P25,000 and the rest on account.
7 Purchased office equipment – 3 computers and 2 printers, P60,000, from Octagon.
8 Paid rent for office space, P15,000.
12 Purchased additional tables and chairs on account from Balingit Furniture, P20,000.
13 Paid business licenses and taxes, P4,500.
14 Received cash for engineering services rendered, P95,000.
15 Paid employees' salaries, P32,000.
17 Sent a check to Balingit Furniture as payment for payables on tables and chairs bought.
19 Paid water and electric bills, P5,800.
21 Bought office supplies from Laser Marketing, P5,000 paying 50% and the balance on account.
23 Rendered engineering services to Converge on account, P38,700.
24 Withdrew cash for personal use, P8,000.
26 Collected P25,000 from Converge on a service previously rendered on account.
27 Paid P1,500 of the account with Laser Marketing.
29 Rendered services to ProLift Gym, P55,000.
30 Paid employees' salaries, P36,500.
Complete the required steps of the Accounting Cycle given in the spreadsheet.
1 Add file

Definition Definition Statement that shows the ending balance of all the ledger accounts of a firm at the end of the accounting period. The trial balance is prepared after all the entries have been posted to the ledger accounts and assists in preparing the final accounts of a firm.

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