Journalizing Transactions
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1 LESSON Journalizing Transactions CENTURY ACCOUNTING Thomson/South-Western Objectives:. Define accounting terms related to journalizing transactions.. Identify accounting concepts and practices related to journalizing transactions.. Record transactions to set up a business in a 5-column journal. CENTURY ACCOUNTING Thomson/South-Western
2 Objectives (con t( con t.):. Record transactions to buy insurance for cash and supplies on account in a fivecolumn journal. 5. Record transactions that affect owner s equity and receiving cash on account in a five-column journal. 6. Prove and rule a five-column journal and prove cash. CENTURY ACCOUNTING Thomson/South-Western Critical Thinking See Travelocity Case (p. 55)
3 LESSON - Journals, Source Documents, and Recording Entries in a Journal CENTURY ACCOUNTING Thomson/South-Western 6 A FIVE-COLUMN JOURNAL page 57
4 7 CHECKS page 58 8 SALES INVOICES page 58
5 9 OTHER SOURCE DOCUMENTS page 59 receipt calculator tape memorandum RECEIVED CASH FROM OWNER AS AN INVESTMENT page 60 August. Received cash from owner as an investment, $5, Receipt No.. 0. Write the date in the Date column.. Write the debit amount in the Cash Debit column.. Record the credit amount in the General Credit column. Write the title of the account in the Account Title column.. Write the source document number in the Doc. No. column. 5
6 PAID CASH FOR SUPPLIES page 6 August. Paid cash for supplies, $ Check No... Write the date in the Date column.. Record the debit amount in the General Debit column. Write the title of the account in the Account Title column.. Write the credit amount in the Cash Credit column.. Write the source document number in the Doc. No. column. Application Application Problem - (p. 80) CENTURY ACCOUNTING Thomson/South-Western 6
7 LESSON - Journalizing Buying Insurance, Buying on Account, and Paying on Account CENTURY ACCOUNTING Thomson/South-Western PAID CASH FOR INSURANCE page 6 August. Paid cash for insurance, $, Check No... Write the date in the Date column.. Record the debit amount in the General Debit column. Write the title of the account in the Account Title column.. Write the credit amount in the Cash Credit column.. Write the source document number in the Doc. No. column. 7
8 5 BOUGHT SUPPLIES ON ACCOUNT page 6 August 7. Bought supplies on account from Supply Depot, $ Memorandum No... Write the date in the Date column.. Record the debit amount in the General Debit column. Write the title of the account in the Account Title column.. Record the credit amount on the next line in the General Credit column. Write the title of the account in the Account Title column.. Write the source document number in the Doc. No. column on the first line of the entry. 6 PAID CASH ON ACCOUNT page 65 August. Paid cash on account to Supply Depot, $ Check No... Write the date in the Date column.. Record the debit amount in the General Debit column. Write the title of the account in the Account Title column.. Write the credit amount in the Cash Credit column.. Write the source document number in the Doc. No. column. 8
9 Application Application Problem - (p. 80) CENTURY ACCOUNTING Thomson/South-Western LESSON - Journalizing Transactions That Affect Owner s Equity and Receiving Cash on Account CENTURY ACCOUNTING Thomson/South-Western 9
10 9 RECEIVED CASH FROM SALES page 67 August. Received cash from sales, $ Tape No... Write the date in the Date column.. Write the debit amount in the Cash Debit column.. Write the credit amount in the Sales Credit column. Place a check mark in the Account Title column. A check mark is also placed in the Post. Ref. column.. Write the source document number in the Doc. No. column. 0 SOLD SERVICES ON ACCOUNT page 68 August. Sold services on account to Oakdale School, $ Sales Invoice No... Write the date in the Date column.. Record the debit amount in the General Debit column. Write the title of the account in the Account Title column.. Write the credit amount in the Sales Credit column.. Write the source document number in the Doc. No. column. 0
11 PAID CASH FOR AN EXPENSE page 69 August. Paid cash for rent, $ Check No... Write the date in the Date column.. Write the debit amount in the General Debit column. Write the title of the account in the Account Title column.. Write the credit amount in the Cash Credit column.. Write the source document number in the Doc. No. column. RECEIVED CASH ON ACCOUNT page 70 August. Received cash on account from Oakdale School, $ Receipt No... Write the date in the Date column.. Write the debit amount in the Cash Debit column.. Record the credit amount in the General Credit column. Write the title of the account in the Account Title column.. Write the source document number in the Doc. No. column.
12 PAID CASH TO OWNER FOR PERSONAL USE page 7 August. Paid cash to owner for personal use, $5.00. Check No. 6.. Write the date in the Date column.. Write the debit amount in the General Debit column. Write the title of the account in the Account Title column.. Write the credit amount in the Cash Credit column.. Write the source document number in the Doc. No. column. Application Application Problem - (p. 80) CENTURY ACCOUNTING Thomson/South-Western
13 LESSON - Proving and Ruling a Journal CENTURY ACCOUNTING Thomson/South-Western 6 PROVING A JOURNAL PAGE page 7. Add each of the amount columns.. Add the debit column totals, and then add the credit column totals.. Verify that the total debits and total credits are equal.
14 7 RULING A JOURNAL PAGE page 7 5. Rule a single line.. Write the date.. Write Carried Forward.. Write each column total. 5. Rule double lines. 8 STARTING A NEW JOURNAL PAGE page 75. Write the page number.. Write the date.. Write Brought Forward in the Account Title column. A check mark is also placed in the Post. Ref. column.. Record the column totals brought forward from the previous page.
15 PROVING AND RULING A JOURNAL AT THE END OF A MONTH page Rule a single line.. On the next line, write the date.. Write the word Totals.. Write each column total. 5. Rule double lines. 0 STANDARD ACCOUNTING PRACTICES page
16 Application Application Problem - (p. 8) CENTURY ACCOUNTING Thomson/South-Western TERMS REVIEW page 6 journal journalizing special amount column general amount column entry double-entry accounting source document check invoice sales invoice receipt memorandum 6
17 TERM REVIEW page 78 proving cash Chapter Homework page 78. Application Problems a. Review problems completed in class. b. Use available interactive e-workpapers to complete application problems not worked in class. c. No Chapter application problems are due this week.. Mastery Problem -6 (p. 8) Sect. A Due 06/0/07 Sect. 5B Due 06/8/07. Quiz Chapter a. Sect. A Due 06/0/07 Sect. 5B Due 06/8/07 b. quiz results to Instructor (pcarter9@mccneb.edu) and to yourself.. Exam (Chapters 5), 00 points, 75 minutes Sect. A -- Sat, 06//07 Sect. 5B Sat, 06//07 Congratulations! You have made it through Chapter. 7
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