ASSIGNMENT 7 - ASSIGNMENT 10 Chapter 4 PART 1 Page 112 Check your reading 1 A journal is a record of the transactions recorded in the chronological

ASSIGNMENT 7 - ASSIGNMENT 10 Chapter 4 PART 1 Page 112...

This preview shows page 1 - 4 out of 18 pages.

ASSIGNMENT 10 Chapter 4 ( PART 1 ) Page 112 Check your reading 1. A journal is a record of the transactions recorded in the chronological order (order of date). 2. Because it is where transactions are first recorded. 3. Each transaction recorded in journal called an entry. 4. The process of recording transactions in journal called journalizing. 5. The Date of the transactions; the account debit and amount; the credit and amount; and explanation of detail of transactions. 6. The credit part in each transaction should be indented. 7. First, it is easier to find error, because all of the transactions are recorded in one place and also some details. Second, represents a chronological history of all of the business transactions. Third, a journal makes it easy possible to determine the daily, weekly, or monthly volume of business and to identify busy periods more easily. Fourth, a journal provides a convenient picture of each day’s business. 8. Double-entry principle requires the total debit equals to the total credit. Page 112 Apply your knowledge 1. GENERAL JOURNAL 20- PARTICULARS P.R. DEBIT CREDIT Oct. 1 Cash 20 0 0 0 00 A. Mirabeau, Capital 20 0 0 0 00 A. Mirabeau invested $20 000 cash 4 Cash 16 0 0 0 00 Tickets Sales 16 0 0 0 00 Tickets Sales for the week $16 000 4 Cash 2 4 0 0 00 Refreshment sales 2 4 0 0 00 Refreshment sales for this week $2 400 7 Film Rental Expense 5 0 0 0 00 Cash 5 0 0 0 00 Paid Film Rental Expense, $5 000, cheque241 7 Salaries Expense 1 9 0 0 00 Cash 1 9 0 0 00 Paid salaries, $1 900, Cheque 242 10 Advertising Expense 7 0 0 00 Cash 7 0 0 00 Paid Advertising Expenses $700, Cheque 243 11 Hydro Expense 2 5 0 00 Cash 2 5 0 00 Paid hydro expense $250, Cheque 244
Image of page 1
2. GENERAL JOURNAL 20- PARTICULARS P.R. DEBIT CREDIT Aug. 1 Cash 40 0 0 0 00 R. Liley, Capital 40 0 0 0 00 R. Liley invested $40 000 cash 2 Equipment 2 0 0 0 00 Cash 2 0 0 0 00 Purchased equipment for $2000, cheque 107 4 Automobiles 36 0 0 0 00 Cash 36 0 0 0 00 Purchased cars for $36 000, cheque 108 5 Cash 1 7 0 0 00 Revenue from lessons 1 7 0 0 00 Received $1700 from lesson 7 Salaries Expense 1 3 0 0 00 Cash 1 3 0 0 00 Paid $1300 for Salaries, cheque 109 9 Utilities Expense 2 7 5 00 Cash 2 7 5 00 Paid $275 to Bell, cheque 110 10 Cash 1 8 0 0 00 Revenue from lessons 1 8 0 0 00 Received $1800 from lesson, Sales Slips 297-300 11 Account Receivable/L. Starr 4 0 0 00 Revenue of Lessons 4 0 0 00 Issued an invoice for $400 lesson, invoice 192 11 Automobile Expense 2 9 0 00 Account Payable 2 9 0 00 Received a bill $290 for gas and oil 12 Automobile Expense 1 9 0 00 Cash 1 9 0 00 Paid $190 for hydro, cheque 111 13 Advertising Expense 1 7 0 00 Cash 1 7 0 00 Sent $170 for advertising, cheque 112 14 Cash 4 0 0 00 Account Receivable 4 0 0 00 Received $400 cash, Cash Receipt 427
Image of page 2
3. ( PART 2 ) Page 131 check your reading 9. Posting is the transfer of information from a journal to a general ledger. 10. Steps in posting: (1) located the account (2) Record the date (3) Enter the amount GENERAL JOURNAL 20- PARTICULARS P.R DEBIT CREDIT Feb. 1 Cash 9 0 0 0 00 G. Sloan, Capital 9 0 0 0 00 G. Sloan invested $9 000 cash 2 Cash 6 0 0 00 Service Revenue 6 0 0 00 Sold services to D. Ferris, $600, Sale Slip 472 3 Account Receivable 2 5 0 00
Image of page 3
Image of page 4

You've reached the end of your free preview.

Want to read all 18 pages?

  • Winter '11
  • Unkown
  • Accounting, Grade 11 Accounting Assignment, Expense, invoice

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern

Stuck? We have tutors online 24/7 who can help you get unstuck.
A+ icon
Ask Expert Tutors You can ask You can ask You can ask (will expire )
Answers in as fast as 15 minutes
A+ icon
Ask Expert Tutors