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

Journal entry

January 1 Common stock is issued in exchange for cash in the amount of. .. 410,000 The company borrows money from the bank by signing a promissory note in the amount of... 1 86,100 The company pays cash for a one-year insurance policy in the amount of.. Rent on a storage facility for the month is paid in the amount of. . Landscaping equipment is purchased for cash in the amount of... 1 12,300 2 10,250 4 328,000 7 Supplies are purchased on account in the amount of.. 17,958 10 The company pays for advertisements to be run during the current month in the amount of.. . 1,538 15 Services are performed for cash in the amount of... 34,030 20 Services are performed on account in the amount of.. 17,220 25 A customer pays cash in advance for future services in the amount of... 6,150 30 Gasoline for the lawn mowers for the current month is paid in cash in the amount of... 2,306 February Rent on the storage facility for the month is paid in the amount of. . 10,250 Salaries for the previous month are paid in the amount of... 20,500 A partial payment is made on account for supplies purchased earlier. . 15,264 The company pays for advertisements to be run during the current month in the amount of... 1,614 10 Services are performed for cash in the amount of.. 35,732 Services are performed on account in the amount of.. Cash is received from credit customers for services performed in the 18 18,081 20 previous month in the amount of.. 15,498 25 Services performed for the customer who paid in advance totaled. 2,460 27 Gasoline for the lawn mowers for the current month is paid in cash in the amount of..... 2,422 28 Dividends are paid in cash to stockholders' in the amount of. . 4,100 Information for Monthly Adjusting Entries а. Supplies on hand at the end of each month are as follows: January.. 10,775 February. 3,053 b. Depreciation for each month totals:. 5,467 C. Employees are paid on the first of the month for salaries earned in the previous month. Accrued salaries at the end of each month are as follows: At January 31. 20,500 At February 28.. 21,525 d. The principal on the loan is due in 2 years. Interest (at a rate of 10%) is accrued at the end of each month and is payable at the end of each year, beginning December 31, 2021. (ROUND TO THE NEAREST DOLLAR.) е. Adjustments are made at the end of each month for prepaid insurance. (ROUND TO THE NEAREST DOLLAR.) 1169
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Transcribed Image Text:January 1 Common stock is issued in exchange for cash in the amount of. .. 410,000 The company borrows money from the bank by signing a promissory note in the amount of... 1 86,100 The company pays cash for a one-year insurance policy in the amount of.. Rent on a storage facility for the month is paid in the amount of. . Landscaping equipment is purchased for cash in the amount of... 1 12,300 2 10,250 4 328,000 7 Supplies are purchased on account in the amount of.. 17,958 10 The company pays for advertisements to be run during the current month in the amount of.. . 1,538 15 Services are performed for cash in the amount of... 34,030 20 Services are performed on account in the amount of.. 17,220 25 A customer pays cash in advance for future services in the amount of... 6,150 30 Gasoline for the lawn mowers for the current month is paid in cash in the amount of... 2,306 February Rent on the storage facility for the month is paid in the amount of. . 10,250 Salaries for the previous month are paid in the amount of... 20,500 A partial payment is made on account for supplies purchased earlier. . 15,264 The company pays for advertisements to be run during the current month in the amount of... 1,614 10 Services are performed for cash in the amount of.. 35,732 Services are performed on account in the amount of.. Cash is received from credit customers for services performed in the 18 18,081 20 previous month in the amount of.. 15,498 25 Services performed for the customer who paid in advance totaled. 2,460 27 Gasoline for the lawn mowers for the current month is paid in cash in the amount of..... 2,422 28 Dividends are paid in cash to stockholders' in the amount of. . 4,100 Information for Monthly Adjusting Entries а. Supplies on hand at the end of each month are as follows: January.. 10,775 February. 3,053 b. Depreciation for each month totals:. 5,467 C. Employees are paid on the first of the month for salaries earned in the previous month. Accrued salaries at the end of each month are as follows: At January 31. 20,500 At February 28.. 21,525 d. The principal on the loan is due in 2 years. Interest (at a rate of 10%) is accrued at the end of each month and is payable at the end of each year, beginning December 31, 2021. (ROUND TO THE NEAREST DOLLAR.) е. Adjustments are made at the end of each month for prepaid insurance. (ROUND TO THE NEAREST DOLLAR.) 1169
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