entries Step 3 Post the data about transactions Step 4 Prepare a worksheet A journal is a record of original entry ANSWER: QUESTION: What is a journal?
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4-1
The General Journal and
the General LedgerSection 1: The General Journal
Chapter
4Section Objectives
1.Record transactions in the
general journal.2.Prepare compound journal
entries. McGraw-Hill© 2007 The McGraw-Hill Companies, Inc. All rights reserved. 4-3The accounting cycle is a series of steps
performed during each accounting period to classify, record, and summarize data for a business and to produce needed financial information.ANSWER:
QUESTION:
What is the accounting cycle?
4-4The Accounting Cycle
This section discusses the first two
steps of the accounting cycle. 4-5The Accounting Cycle
Step 1
Analyze
transactionsStep 2
Journalize the
data about transactionsStep 7
Record
closing entriesStep 3
Post the
data about transactionsStep 4
Prepare
a worksheetStep 5
Prepare
financial statementsStep 6
Record
adjusting entriesStep 8Prepare a
postclosing trial balanceStep 9
Interpret
the financial informationStep 1
Analyze
transactionsStep 2
Journalize the
data about transactions 4-6Journals
4-7A journal is a record of original entry.
ANSWER:
QUESTION:
What is a journal?
4-8YA journal is a diary of business activities.
YThere are different types of journals.
YTransactions are entered in the journal in
chronological order.Journal
4-9Chronological order is the order in
which events occur.ANSWER:
QUESTION:
What is chronological order?
4-10The General Journal
4-11Objective 1
Record transactions in the
general journal. 4-12A general journal is a financial record for
entering all types of business transactions.ANSWER:
QUESTION:
What is a general journal?
4-13Journalizing is the process of recording
transactions in a journal.ANSWER:
QUESTION:
What is journalizing?
4-14Enter the account to be debited.
GENERAL JOURNALPAGE 1
DATE DESCRIPTION POST. DEBIT CREDIT
REF. 2007Nov. 6
Enter the account to be credited.
Enter the amount on the same line in the Debit column. Enter the amount on the same line in the Credit column. CashJason Taylor, Capital
90,000.00
90,000.00
4-15GENERAL JOURNALPAGE 1
DATE DESCRIPTION POST. DEBIT CREDIT
REF. 2007Nov. 6Cash 90,000.00
Jason Taylor, Capital 90,000.00
Then enter a complete but concise description of the transaction.Investment by owner
Whenever possible, the journal entry should refer to the source of the information.Document numbers are part of the audit trail.
, Memo 01 4-16An audit trail is a chain of references
that makes it possible to trace information, locate errors, and prevent fraud.ANSWER:
QUESTION:
What is an audit trail?
4-17Recording November Transactions
in the General Journal 4-181. Analyze the financial event.
Recording a
Business Transaction
2. Apply the rules of debit and credit.
3. Make the entry in T-account form.
4. Record the complete entry in general journal form.
YIdentify the accounts affected.
YClassify the accounts affected.
YDetermine the amount of increase or decrease for each account affected. a. Which account is debited? For what amount? b. Which account is credited? For what amount? 4-19Business Transaction
On November 6 Jason Taylor withdrew $90,000 from
personal savings and deposited it in a new business 4-20Cash Investment by Owner
Which account is debited?
For what amount?
Which account is credited?
For what amount?
4-21 Cash (a) 90,000Jason Taylor, Capital
(b) 90,000Cash Investment by Owner
4-22GENERAL JOURNALPAGE 1
DATE DESCRIPTION POST. DEBIT CREDIT
REF. 2007Nov. 6Cash 90,000.00
Jason Taylor, Capital90,000.00
(Investment by owner)Cash Investment by Owner
4-23Business Transaction
1001 for $10,000 to purchase a computer and other
equipment. 4-24Cash Purchase of Equipment
Which account is debited?
For what amount?
Which account is credited?
For what amount?
4-25Equipment
(c) 10,000 Cash (d) 10,000Cash Purchase of Equipment
4-26GENERAL JOURNALPAGE 1
DATE DESCRIPTION POST. DEBIT CREDIT
REF. Nov. 7Equipment 10,000.00Cash10,000.00
(Purchased equip., Check 1001)Cash Purchase of Equipment
4-27Business Transaction
office equipment on account for $12,000. 4-28Credit Purchase of Equipment
Which account is debited?
For what amount?
Which account is credited?
For what amount?
4-29Credit Purchase of Equipment
Equipment
(e) 12,000Accounts Payable
(f) 12,000 4-30Credit Purchase of Equipment
GENERAL JOURNALPAGE 1
DATE DESCRIPTION POST. DEBIT CREDIT
REF. Nov. 10Equipment 12,000.00Accounts Payable12,000.00
Purchased equipment on
account from Office Plus,Inv. 2223, due in 60 daysAll required information
should be included in the explanation. 4-31Business Transaction
purchased supplies for $3,000, Check 1002. Which account is debited?Which account is credited?For what amount?For what amount?
4-32Cash Purchase of Supplies
Supplies
(g) 3,000 Cash (h) 3,000 4-33GENERAL JOURNALPAGE 1
DATE DESCRIPTION POST. DEBIT CREDIT
REF. Nov. 28Supplies 3,000.00Cash3,000.00
(Purchased supplies, Ck. 1002)Cash Purchase of Supplies
4-34Business Transaction
Which account is debited?
For what amount?
Which account is credited?
For what amount?
Plus $5,000 in partial payment of Invoice 2223, Check 1003.4-35
Payment to a Creditor
Accounts Payable
(j) 5,000 Cash (i) 5,000 4-36GENERAL JOURNALPAGE 1
DATE DESCRIPTION POST. DEBIT CREDIT
REF. Nov. 30Accounts Payable 5,000.00Cash5,000.00
Paid on account, Office Plus,
Invoice 2223, Check 1003
Payment to a Creditor
4-37Which account is debited?
For what amount?
Which account is credited?
For what amount?
Business Transaction
Check 1004 for $7,000 to prepay rent for December andJanuary.
4-38Recording Prepaid Rent
Prepaid Rent
(k) 7,000 Cash (l) 7,0001RPH %RPO MŃŃRXQPV MIIHŃPHG MUH MVVHPV"
4-39GENERAL JOURNALPAGE 1
DATE DESCRIPTION POST. DEBIT CREDIT
REF. Nov. 30Prepaid Rent 7,000.00Cash7,000.00
Paid Dec. and Jan. rent
in advance; Check 1004Recording Prepaid Rent
4-40Recording December
Transactions
in the General Journal 4-41Which account is debited?
For what amount?
Which account is credited?
For what amount?
1. Performed services for $26,000 in cash.
4-42 Cash26,000
Fees Income
26,000
1. Performed services for $26,000 in cash.
4-431. Performed services for $26,000 in cash.
GENERAL JOURNALPAGE 2
DATE DESCRIPTION POST. DEBIT CREDIT
REF. 2004Dec. 31Cash 26,000.00
Performed services for cash
Fees Income26,000.00
4-442. Performed services for $9,000 on credit.
Which account is debited?
For what amount?
Which account is credited?
For what amount?
4-45Accounts Receivable
9,000Fees Income
9,0002. Performed services for $9,000 on credit.
Record the revenue
as earnedeven if \RX OMYHQ·P received the cash. 4-46GENERAL JOURNALPAGE 2
DATE DESCRIPTION POST. DEBIT CREDIT
REF.Dec. 31Accounts Receivable9,000.00
Fees Income9,000.00
Performed services on credit
2. Performed services for $9,000 on credit.
4-473. Received $4,000 in cash from credit clients on
their accounts.Which account is debited?
For what amount?
Which account is credited?
For what amount?
4-48 Cash 4,000Accounts Receivable
4,0003. Received $4,000 in cash from credit clients on
their accounts. 4-49GENERAL JOURNALPAGE 2
DATE DESCRIPTION POST. DEBIT CREDIT
REF. Dec. 31Cash 4,000.00Accounts Receivable 4,000.00
Received cash from credit
clients on account3. Received $4,000 in cash from credit clients on
their accounts. 4-504. Paid $7,000 for salaries.
Which account is debited?
For what amount?
Which account is credited?
For what amount?
4-514. Paid $7,000 for salaries.
Salaries Expense
7,000 Cash 7,000 4-52GENERAL JOURNALPAGE 2
DATE DESCRIPTION POST. DEBIT CREDIT
REF. Dec.31Salaries Expense 7,000.00Cash7,000.00
Paid monthly salaries to
employees, Check 1005-10064. Paid $7,000 for salaries.
4-535. Paid $500 for a utility bill.
Which account is debited?
For what amount?
Which account is credited?
For what amount?
4-545. Paid $500 for a utility bill.
Utilities Expense
500Cash 500
4-55
GENERAL JOURNALPAGE 2
DATE DESCRIPTION POST. DEBIT CREDIT
REF.Dec. 31Utilities Expense 500.00