In this presentation, we will take a look at a cash payments journal for a service company, the cash payment journal we’ll be dealing with transactions where we have cash payments, that’s going to be the factor that will be the same for all transactions with cash payments meaning this column here cash payments will always be affected wish they kept cash payments journal cash payments journal will be used when using more of a manual system rather than an automated system. However, it’s good to know what the cash payments journal is, even if using an automated system because it’s possible that we or it’s very likely that we would need to run reports that will be similar in format to a cash payments journal. And it’s useful to see this format or how different types of accounting structures can be built.
Posts with the prepaid insurance tag
Balance Sheet Current Assets from Trial Balance 12
Hello in this lecture, we’re going to create the current asset section of the balance sheet, we’re going to create this current asset section from a trial balance, we’re going to piece together the financial statements piece by piece as we go through a series of lectures, the trial balance being here at this is going to be the adjusted trial balance. And what will happen is we will then find a home for all of the accounts on the financial statements. Once we then do that, that means that we have then converted this from the double entry accounting system being in the format of debits minus credits equaling zero or debits equaling the credits to the assets equals liabilities plus the owner’s equity, basically the accounting equation, which is reflected on the balance sheet. So we’re going to start off by doing the current assets section, which will just be this part we’re going to find a home for these first few accounts.
Adjusting Entry Insurance 9
Hello in this lecture, we’re going to record the adjusting entry related to insurance, we’re going to record the transaction up here on the left hand side and then post that to the trial balance on the right hand side, the trial balance being in the format of assets in green liabilities in orange. Then we have the equity section in light blue and the income statement, including revenue and expenses in the darker blue. We will start off by just identifying the accounts that will be affected and then talk about why they will be affected. So we know that we have the adjusting entries. Remember that adjusting entries should be kept separate in your head in that they do have the same characteristics of having debits and credits in at least two accounts affected however, they’re also all as of the end of the time period, either the end of the month or the end of the year.
Depreciation Adjusting Entry 10.45
This presentation and we’re going to enter and adjusting entry related to depreciation. Let’s get into it with Intuit QuickBooks Online. Here we are in our get great guitars file. Let’s go down and open up our reports, we’re going to go down to the reports down below, open up our favorite reports at the end the balance sheet reports, we’re going to open that one up, we’re going to be changing the dates up top going to go up top and change those dates from a one on one to zero to 1231. Let’s make it as of the cutoff date here, Ode to 29 to zero, and then run that report and duplicate the tab up top by right clicking on it and duplicating it.