visual basic barcode generator BOOKKEEPING AND ACCOUNTING in Java

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28 BOOKKEEPING AND ACCOUNTING
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day, then the rst two days of the week will apply to April and will be an April expense, whereas the last three days will be a May expense. To ar rive at the proper total for salaries for the month of April, we must in clude, along with the April payrolls that were paid in April, the two days salary that was not paid until May. Thus, we make an entry to accrue the two days salary. Accrued Salaries Assume that April 30 falls on Tuesday. Then, two days of that week will apply to April and three days to May. The payroll is $500 per day, $2,500 per week. For this example, $1,000 would thus apply to April and $1,500 to May. The entry would be as follows: April 30 Salaries Expense Salaries Payable 1,000
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1,000
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When the payment of the payroll is made on May 8 the entry would be as follows: May 8 Salaries Expense Salaries Payable Cash 1,500 1,000 2,500
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As can be seen above, $1,000 was charged to expense in April and $1,500 in May. The debit to Accrued Salaries Payable of $1,000 in May merely canceled the credit entry made in April, when the liability was set up for the April salaries expense
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After the income statement and balance sheet have been prepared, a sum mary account known as Income Summary is set up. Then, by means of closing entries, each expense account is credited so as to produce a zero balance, and the total amount for the closed-out accounts is debited to In come Summary. Similarly, the individual revenue accounts are closed out by debiting them and their total amount is credited to the summary ac count. Thus, the new scal year starts with zero balances in the income and expense accounts, whereas the Income Summary balance gives the net income or the net loss for the old year.
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CHAPTER 5: Adjusting and Closing Procedures
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In order to transfer balances from an asset account to an expense account, an adjusting entry is re quired. Adjusting entries are used throughout the year to transfer these prepaid amounts to expense accounts as the asset is used.
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The closing entries are as follows: Close out revenue accounts. Debit the individual income accounts and credit their total to Income Summary. Jan. 31 Fees Income 2,500 Income Summary
2,500
Close out expense accounts. Credit the individual expense accounts and debit their total to Income Summary. Jan. 31 Income Summary 900 Rent Expense Salaries Expense Supplies Expense
500 200 200
30 BOOKKEEPING AND ACCOUNTING
Close out the Income Summary account. If there is a pro t, the credit made for total income in the rst entry above will exceed the debit made for total expense in the second entry above. Therefore to close out the bal ance to zero, a debit entry will be made to Income Summary. A credit will be made to the capital account to transfer the net income for the period. If expenses exceed income, then a loss has been sustained and a credit will be made to Income Summary and a debit to the capital account. Based on the information given, the entry is: Jan. 31 Income Summary 1,600
Capital Account 1,600
Close out the drawing account. The drawing account is credited for the total amount of the drawings for the period, and the capital account is deb ited for that amount. The difference between net income and drawing for the period represents the net change in the capital account for the period. The net income of $1,600 less drawings of $400 results in a net increase of $1,200 in the capital account. The closing entry is as follows: Jan. 31 Capital Account 300
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