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…
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Create a Trial Balance.      

19 20 21 24 25 27 29 $5,000 as down payment and the balance due when installed. Received bill for advertising form Buy and Sell Newspaper, $3,230. Bought print paper and stationery on account, P2,290. Received and paid electric bill, P1,240. Paid bill for advertising recorded previously in transaction. Received cash for service rendered, P10,900. Paid salaries to employees, P8,400. Mulles withdrew cash for personal use, P4,500.
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Transcribed Image Text:19 20 21 24 25 27 29 $5,000 as down payment and the balance due when installed. Received bill for advertising form Buy and Sell Newspaper, $3,230. Bought print paper and stationery on account, P2,290. Received and paid electric bill, P1,240. Paid bill for advertising recorded previously in transaction. Received cash for service rendered, P10,900. Paid salaries to employees, P8,400. Mulles withdrew cash for personal use, P4,500.
Using your columnar paper, prepare a General Journal and Ledger and Trial Balance given the transaction below. Nancy Mulles established the Mulles data encoders in September 2020, The following transaction occurred during the month: Acc. No. Assets Acc. No. Revenue 110 Cash 410 Service revenue 120 Account Receivable Acc. No. Expenses 130 Supplies 510 alaries Expense 140 Office Equipment 520 Advertising Expense 150 Computer Software 530 Rent Expense 160 Signage 540 Utilities Expense Acc. No. Liability 550 Miscellaneous Expense 210 Account Payable Acc. No. Owner's equity 310 Mulles, Capital 320 Mulles, Withdrawals September 1 Mulles investment P157,000 cash to establish the business. Bought office desk and filling cabinet for cash, > 15,150. 3 5 Mulles investment in the business her personal computer with a fair market value of $57,500. 8 Bought computer software for use in the business from San Jose computer center for $39,000, paying P15,000 down; the balance is due in thirty days. 10 Paid rent for the month, P5,300. 15 Received cash for service rendered, P5,160. 17 Ordered a panaflex sign for $9,000 from Royal Bright Enterprises, with
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Transcribed Image Text:Using your columnar paper, prepare a General Journal and Ledger and Trial Balance given the transaction below. Nancy Mulles established the Mulles data encoders in September 2020, The following transaction occurred during the month: Acc. No. Assets Acc. No. Revenue 110 Cash 410 Service revenue 120 Account Receivable Acc. No. Expenses 130 Supplies 510 alaries Expense 140 Office Equipment 520 Advertising Expense 150 Computer Software 530 Rent Expense 160 Signage 540 Utilities Expense Acc. No. Liability 550 Miscellaneous Expense 210 Account Payable Acc. No. Owner's equity 310 Mulles, Capital 320 Mulles, Withdrawals September 1 Mulles investment P157,000 cash to establish the business. Bought office desk and filling cabinet for cash, > 15,150. 3 5 Mulles investment in the business her personal computer with a fair market value of $57,500. 8 Bought computer software for use in the business from San Jose computer center for $39,000, paying P15,000 down; the balance is due in thirty days. 10 Paid rent for the month, P5,300. 15 Received cash for service rendered, P5,160. 17 Ordered a panaflex sign for $9,000 from Royal Bright Enterprises, with
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