On November 1, 2022, the following were the account balance of Soho Equipment Repair. Cash Accounts Receivable Supplies Equipment Nov. 8 10 12 15 17 20 During November, the following summary transactions were completed. 22 25 27 Debit 29 $ 2,790 2,910 1,120 10,000 $16,820 Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings Credit Performed services on account worth $900 and billed customers. Received $750 from customers for services to be performed in the future. $ 500 2,300 400 620 10,000 3,000 $16,820 Paid $1,220 for salaries due employees, of which $600 is for November and $620 is for October salaries payable. Received $1,800 cash from customers in payment of account. Received $3,700 cash for services performed in November. Purchased store equipment on account $3,600. Purchased supplies on account $1,300. Paid creditors $2,500 of accounts payable due. Paid November rent $480. Paid salaries $1,000.

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…

Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.

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…

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…

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…