basics-of-accounting-information-processing

15000 15000 account accounts payable date general

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Unformatted text preview: y 17 Cash 1,000 500 Journal page 2 Date 500 4,800 Land $ - ACCOUNT: Capital Stock 500 Accounts Receivable 1-28-X3 $ 1,000 Balance forward Jan. 28, 20X3 Paid half of the amount due on the utility bill received on January 15 Cash Description Jan. 1, 20X3 8,000 Cash 1-25-X3 Balance $ ACCOUNT: Notes Payable Provided services to customers on account 1-18-X3 Credit 1,000 Received bill for utility costs incurred Accounts Receivable Debit Balance forward 1,000 Accounts Payable * Description Page 2 $ - Journal page 2 8,000 12,000 ACCOUNT: Advertising Expense 10,000 Date Purchased land by giving $5,000 cash, and promising to pay the remainder in 90 days The Check Marks ( ) in the journal indicate that a particular transaction has been posted to the ledger. The Check Marks ( ) in the journal indicate that a Without these marks (in a manual system), it would particular transaction has been posted to the ledger. be very easy to fail to post a transaction, or even post Without these marks (in a manual system), it would the same transaction twice. be very easy to fail to post a transaction, or even post the same transaction twice. Description Jan. 1, 20X3 Jan. 4, 20X3 Journal page 1 Debit Credit Balance forward Balance $ $ 2,000 2,000 ACCOUNT: Utilities Expense Date Description Jan. 1, 20X3 Jan. 15, 20X3 Journal page 2 Debit Balance forward Credit Balance $ $ 1,000 1,000 Download free eBooks at bookboon.com 39 Basics of Accounting & Information Processing The General Ledger 8.2 To Review Thus far you should have grasped the following accounting “steps”: STEP 1: Each transaction is analyzed to determine the accounts involved STEP 2: A journal entry is entered into the general journal for each transaction STEP 3: Periodically, the journal entries are posted to the appropriate general ledger page * 1 3 2 Please click the advert Budget-Friendly. Knowledge-Rich. The Agilent InfiniiVision X-Series and 1000 Series offer affordable oscilloscopes for your labs. Plus resources such as lab guides, experiments, and more, to help enrich your curriculum and make your job easier. Scan for free Agilent iPhone Apps or visit qrs.ly/po2Opli See what Agilent can do for you. www.agilent.com/find/EducationKit © Agilent Technologies, Inc. 2012 u.s. 1-800-829-4444 canada: 1-877-894-4414 Download free eBooks at bookboon.com 40 9. The Trial Balance Basics of Accounting & Information Processing The Trial Balance After all transactions have been posted from the journal to the ledger, it is a good practice to prepare a trial balance. A trial balance is simply a listing of the ledger accounts along with their respective debit or credit balances. The trial balance is not a formal financial statement, but rather a self-check to determine that debits equal credits. Following is the trial balance prepared from the general ledger of After all transactions have been posted from the journal to the ledger, it is a good practice to prepare a Xao Corporation. trial balance. A trial balance is simply...
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This document was uploaded on 09/24/2013.

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