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

last section is for retained earnings

Metlock, Inc.'s general ledger at April 30, 2017, included the following: Cash $4,000, Supplies $400, Equipment $19,200, Accounts Payable $1,680, Notes Payable $8,000, Unearned Service Revenue (from gift certificates) $800, Common Stock $4,000, and Retained Earnings $9,120. The following events and transactions occurred during May. May 1 4 7 8 14 15 15 21 22 22 25 25 29 29 31 31 31 Paid rent for the month of May $800. Paid $880 of the account payable at April 30. Issued gift certificates for future services for $1,200 cash. Received $960 cash from customers for services performed. Paid $960 in salaries to employees. Received $640 in cash from customers for services performed. Customers receiving services worth $560 used gift certificates in payment. Paid the remaining accounts payable from April 30. Received $800 in cash from customers for services performed. Purchased supplies of $560 on account. All of these were used during the month. Received a bill for advertising for $400. This bill is due on June 13. Received and paid a utilities bill for $320. Received $1,360 in cash from customers for services performed. Customers receiving services worth $480 used gift certificates in payment. Interest of $40 was paid on the note payable. Paid $960 in salaries to employees. Paid income tax payment for the month $120.
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Transcribed Image Text:Metlock, Inc.'s general ledger at April 30, 2017, included the following: Cash $4,000, Supplies $400, Equipment $19,200, Accounts Payable $1,680, Notes Payable $8,000, Unearned Service Revenue (from gift certificates) $800, Common Stock $4,000, and Retained Earnings $9,120. The following events and transactions occurred during May. May 1 4 7 8 14 15 15 21 22 22 25 25 29 29 31 31 31 Paid rent for the month of May $800. Paid $880 of the account payable at April 30. Issued gift certificates for future services for $1,200 cash. Received $960 cash from customers for services performed. Paid $960 in salaries to employees. Received $640 in cash from customers for services performed. Customers receiving services worth $560 used gift certificates in payment. Paid the remaining accounts payable from April 30. Received $800 in cash from customers for services performed. Purchased supplies of $560 on account. All of these were used during the month. Received a bill for advertising for $400. This bill is due on June 13. Received and paid a utilities bill for $320. Received $1,360 in cash from customers for services performed. Customers receiving services worth $480 used gift certificates in payment. Interest of $40 was paid on the note payable. Paid $960 in salaries to employees. Paid income tax payment for the month $120.
Using T-accounts, enter the beginning balances in the general ledger as of April 30, 2017. Cash Supplies Equipment Accounts Payable Notes Payable Unearned Service Revenue Common Stock
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Transcribed Image Text:Using T-accounts, enter the beginning balances in the general ledger as of April 30, 2017. Cash Supplies Equipment Accounts Payable Notes Payable Unearned Service Revenue Common Stock
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