19th Edition

ISBN: 9781947172685

Author: OpenStax

Publisher: OpenStax College

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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Textbook Question

Chapter 8, Problem 3PB

Hajun Company started its business on May 1, 2019. The following transactions occurred during the month of May. Prepare the journal entries in the journal on Page 1.

A. The owners invested $5,000 from their personal account to the business account.

B. Paid rent $400 with check #101.

C. Initiated a petty cash fund $200 check #102.

D. Received $400 cash for services rendered

E. Purchased office supplies for $90 with check #103.

F. Purchased computer equipment $1,000, paid $350 with check #104 and will pay the remainder in 30 days.

G. Received $500 cash for services rendered.

H. Paid wages $250, check #105.

I. Petty cash reimbursement office supplies $25, Maintenance Expense $125, Miscellaneous Expense $35. Cash on hand $18. Check #106.

J. Increased Petty Cash by $50, check #107.

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Chapter 8, Problem 2PB

Chapter 8, Problem 4PB

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