JOURNALIZING STEPS 1 Record the date 2 Record the title of the account debited

Journalizing steps 1 record the date 2 record the

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JOURNALIZING STEPS 1. Record the date . 2. Record the title of the account debited in the Description column. 3. Enter the amount in the Debit column. 4. Record the title of the account credited in the Description column. 5. Enter the amount in the Credit column. 8
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ASSETS = LIABILITIES + OWNER’S EQUITY Assets Debit Credit INCRE ASE DECRE ASE + -
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LIABILITY Debit Credit INCRE ASE DECRE ASE + -
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Equity Equity INCREASE DECREASE Additional Capital Revenues/Sales Expenses Withdrawal Owner’s Capital IN C RE AS E DE C RE AS E Debit Credit Debit Credit + + - - Sales Wage Exp DE C RE AS E IN C RE AS E
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OE {Cap, Add, Rev} Debit Credit INCRE ASE DECRE ASE + -
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OE {Expenses & Withdrawal} Debit Credit INCRE ASE DECRE ASE + -
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1. Transactions are analyzed and recorded in journal. Documents Journal 2. Transactions are posted from journal to ledger. Journal Ledger 3. Trial balance is prepared. Journal, Ledger, Trial Balance Trial Balance
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JOURNAL ENTRIES (a) On July 1, Luna Mayor opens a new business and deposits RM500,000 in a bank account in the name of Sea-Link. Journal Pg Date Description PR Debit Credit Jul 1 Cash 500,000 Luna Mayor, Capital 500,000 Invested cash in Sea-Link.
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On July 5, Sea-Link bought a piece of land for RM200,000 by paying cash. Date Description PR Debit Credit Nov 5 Land 200,000 Cash 200,000 Purchased land for cash. Dt Ct Land Dt Ct Cash Jul 5 Land 200,000 Jul 5 Cash 200,000
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July10, Sea-Link purchased supplies on account for RM13,500.
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