The General Journal Definitions: Journal: Journalizing:
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1 The General Journal Definitions: Journal: a book in which the accounting entries for all transactions are recorded first, before they are recorded in the ledger accounts. Journalizing: process of recording accounting entries in the journal.
2 The General Journal In the past activities, we have analyzed transactions to determine what accounts were affected. We recorded these transactions directly into the ledger accounts (Taccounts). The analysis of transactions, however, can become quite confusing when they become numerous. Accountants, therefore, use another book called the General Journal (also called just the Journal). Typically accounting entries are entered in this book before they are entered in the ledger. Transactions are always recorded in chronological order the order of their occurrence.
3 The General Journal The accounting entries, such as those in the example below, are referred to as journal entries. The debited account(s) are always recorded first. The credited account(s) are always indented and recorded second.
4 The Journal Journalizing Process: 1. Transactions occur. 2. Transactions are recorded in a journal in order of date. 3. The accounting entries are transferred to the ledger accounts. **In this activity, we ll be looking at steps 1 and 2.
5 Recording the date If you are completing the journal manually (by hand in a large book) enter the year at the top of the date column, add the month only on the first line of each page or whenever a new month occurs. Next, enter the day on the first line of each journal entry. The day is repeated no matter how many transactions occur on any given day. If you are completing the journal using spreadsheet such as Excel, you may use the whole date for each transaction or follow the rules for manual entries. Pre-set the date format using the Number options on the Home tab so all entries have the same format.
6 Four (4) Steps in Recording a Journal Entry: In this example, on November 19, 2012, the company buys paper and envelopes (amounting to $235) and pays with the use of a cheque. The number on the cheque is #20. Step 1: Date Use the 'Number' dropdown menu to choose the date style. Use the format: yyyy-mm-dd so there is no confusion regarding months and days. Enter the year, month, and day in the date column; in this example, it is November 19, 2015 or
7 Four (4) Steps in Recording a Journal Entry: Step 2: Debits Enter the names of the accounts to be debited at the left side in the Particulars column. Enter the debit amounts in the Debit column. Set your number style to Accounting with no Symbol. Just the top and bottom numbers in a column (such as on a Balance Sheet) get the $ symbol.
8 Four (4) Steps in Recording a Journal Entry: Step 3: Credits Enter the names of the accounts to be credited at the right side of the Particulars column (about 1.5 cm indented). Enter the credit amounts in the Credit column.
9 Four (4) Steps in Recording a Journal Entry: Step 4: Explanation Write a brief explanation explaining the transaction (at the left side of the Particulars section). This explanation usually includes the reference number for the source document (in this case the cheque number) or any other information not obvious by the debited and/or credited accounts.
10 The Opening Entry The Journal An opening entry will be required at the beginning of the journal entries for the new year. The individual accounts opening balances will be transferred to their accounts in the ledger, which you will learn about in Activity 6 of this unit. The information for the opening entry comes from the Balance Sheet. This is the opening position of the business. When preparing an opening entry remember that debits = credits or Assets = Liabilities + Owner s equity). Debit Balances = Credit Balances
11 Opening Entry We will create an opening entry using the following Balance Sheet.
12 The Journal Once again, the goal of an opening entry is to make sure the debits (Assets) of the Balance Sheet equal the credits (Liabilities + Owner s Equity) of the Balance Sheet.
13 The Journal For each of the following transactions, try to figure out what the journal entries will look like before they appear on the screen. This will help you later in this activity.
14 The Journal Jeremia s Repair Shop is owned and operated by Jeremia Pawis. The chart of accounts for her business is given below. Journalize the following transactions for Jeremia s Repair Shop in the general journal.
15 Transactions to be journalized. The Journal
16 March 2 Paid the rent for March, $1000 cash.
17 March 6 Paid $220 to Northern Electric on account. (The term on account signifies the company is reducing their debt owed to a company. Inversely, if a customer pays the company on account, the A/R will be reduced). March 9 Performed a repair service for A. Jonas on account, $400.
18 March 10 The owner withdrew $400 cash for personal use. March 12 Paid $550 cash for repairs done to the company van.
19 March 15 Received $200 cash payment from A. Jonas on account. March 16 Paid $60 cash for gasoline for the van.
20 March 22 Performed a repair service for P. Schultz for cash, $1000. March. 29 Paid $600 cash for wages for the month
21 Now it s your turn!
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