B-02.04 Problem

B-02.04 Problem - Your job is to review the journal page...

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B-02.04 Yorkston Corporation was formed in 1961. The company came into existence concurrent with the beginning of construction of super highways throughout the country. It seems the company's founders had innovated a unique process of applying high-gloss luminescent paint to street signs, and these were in high demand for the new high- speed roadways. The company has gone on to develop a full line of highway safety products. Yorkston is now in the process of building a company museum. Someone has dug up the first page from the company's original general journal. This page will be on display in the museum. When you examine this page, you will note that the bookkeeper simply recorded the debits and credits, but included no descriptions.
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Unformatted text preview: Your job is to review the journal page and write a description for each transaction . These descriptions will be included on a explanatory diagram included in the display case. The diagram should also include some information that would allow a museum visitor to know what the document is and what it was used for. GENERAL JOURNAL Page 1 Date Accounts Debits Credits January 2, 1961 Cash 25,000 Capital Stock 25,000 January 3, 1961 Paint 500 Accounts Payable 500 January 5, 1961 Ladders and Tools 1,200 Cash 1,200 January 7, 1961 Accounts Payable 200 Cash 200 January 8, 1961 Accounts Receivable 1,500 Revenues 1,500 January 9, 1961 Wage Expense 400 Cash 400 January 11, 1961 Cash 400 Accounts Receivable 400...
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