1 Journal Entries: 1. On June 1, $14,098 was paid to accounts payable. "2. On June 2, $11,000 in face primer's were sold to a customer on account with the following credit terms: 2/10, n/30, FOB shipping point. The face primer's sold cost Queendom Makeup LLC. $2100 and were shipped on the same day sold to the customer." "3. On June 4, Queendom Makeup LLC. purchased $6,200 in Face primer's on account to sell to customers in the future. Terms were 1/10, n/30, FOB destination and the merchandise was delivered by the end of the day June 4." "4. On June 6, Journey Inc. issued a credit memo for $1,000 for returned concealers. The merchandise was originally purchased on 11/2 by the customer and returned because it was the wrong item. The merchandise cost Queendom Makeup LLC. $350." 5. On June 8, Journey Inc. received $1,500 from a customer for revenue previously recognized in May. 6. On June 12, the company received the balance due from the June 2 customer within the discount period. 7. On June 14, Journey Inc. paid the full amount due on account within the 10-day grace period. 8. On June 15, stockholders invested an additional $1,700 cash in the corporation for 20 additional stocks. 9. Queendoms Makeup LLC. board of directors declared and paid dividends on June 20 in the amount of $6,000. "10. On June 29, the corporation purchased $244 in supplies. Queendom paid for half of the amount with cash and the other amount was put on the account, n/30." 11. On June 30, received $2,000 cash in advance for 110-hour subscription for help desk services in the future (110 x $20). Please create T accounts/General Ledger (make sure you label/color each account in a way that allows me to figure out which numbers relate to unadjusted and adjusted balances).
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.
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Please create T accounts/General Ledger (make sure you label/color each account in a way that allows me to figure out which numbers relate to unadjusted and adjusted balances).
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