Topic 5: Choose a real-life service company and create four examples of journal entries that that the company could have. For each journal entry, describe the business transaction, and note the date of the transaction, name the account that would be debited and the amount, name the account that would be credited and the amount.

Topic 5: Choose a real-life service company and create four examples of journal entries that that the company could have. For each journal entry, describe the business transaction, and note the date of the transaction, name the account that would be debited and the amount, name the account that would be credited and the amount.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter3: The General Journal And The General Ledger

Section: Chapter Questions

Problem 5DQ: Arrange the following steps in the posting process in correct order: a. Write the ledger account...

See similar textbooks

Similar questions

In June 2021, Chan Lee opened a photography studio that provides services to public and private schools. His firm's Chart of Accounts and financial activities for the first month of operations appear below: Chan Lee Photography Studio Chart of Accounts ASSETS REVENUE 101 Cash 404 Service Fees 111 Accounts Receivable EXPENSES Rent Expense Salaries Expense Telephone Expense Utilities Expense Miscellaneous Expense Supplies Office Furniture 121 511 141 512 Office Equipment Photographic Equipment LIABILITIES 142 513 151 514 531 202 Accounts Payable OWNER’S EQUITY Chan Lee, Capital Chan Lee, Drawing 301 302 Date Transactions June 1 Chan Lee invested P300,000 cash in the business. 2 Issued Check # 1001 for P30,000 to pay the June rent. 5 Purchased desks and other office furniture for P50,000 from Office Plus; received Invoice # 5312, payable in 60 days. 6 Issued Check # 1002 for P150,000 to purchase photographic equipment. 7 Purchased photography supplies for P40,000, paid with Check # 1003.…
How would a business record a sale of services on account in QuickBooks?
INSTRUCTIONS: • Use MS Excel • Before you start journalizing, enter the appropriate columnar headings: Date, Description, P/R, Debit, Credit. • Journalize the transactions, including the appropriate description and source documents for each transaction. • Use compound entry for entries with multiple debit and credit accounts. • In the posting reference (P/R) column encode the account numbers. • Leave a space after every journal entry. Required: - JOURNAL ENTRIES
Give two examples of business transactions that require recording a journal entry, and write the journal entry for each transaction
I. Answer the following questions related to the source document on the next page. A. What business document is it? B. What is the purpose of the document? C. Where does the information come from to prepare the list? D. Why is a list prepared? E. In the list, what does on account mean, compared to Inv. 4502? CP 194 Chapter 6 F. Give the journal entry that would be made as a result of the list. G. Who is G. Smalley? SAYERS AND ASSOCIATES CASH RECEIPTS DAILY SUMMARY MARCH 14, 20- Degagne Machine Shop Kivella Bake Shop Molner Paints $ 500.00 on account Inv. 4502 Inv. 3909 315,43 214.60 Robitaille Taxi on account 200.00 G. Smalley Total $1 230.03
Use the journals and ledgers that follows. Total and rule (draw a line under the column of numbers) the journals. Post the transactions to the subsidiary ledger and (using T-accounts) to the general ledger accounts. Then prepare a schedule of Accounts Payable.
Using the following revenue journal for Zeta Services Inc., identify each of the posting references, indicated by a letter, as representing (1) posting to general ledger accounts or (2) posting to subsidiary ledger accounts:
Read each definition below and write the number of the definition in the blank beside the appropriate term. The quiz solutions appear at the end of the chapter. Event External event Internal event Transaction Source document Account Chart of accounts General ledger Debit Credit Double-entry system Journal Posting Journalizing General journal Trial balance A numerical list of all accounts used by a company. A list of each account and its balance; used to prove equality of debits and credits. A happening of consequence to an entity. An entry on the right side of an account. An event occurring entirely within an entity. A piece of paper that is used as evidence to record a transaction. The act of recording journal entries. An entry on the left side of an account. The process of transferring amounts from a journal to the ledger accounts. An event involving interaction between an entity and its environment. A record used to accumulate amounts for each individual asset, liability, revenue, expense, and component of stockholders equity. A book, a file, a hard drive, or another device containing all of the accounts. A chronological record of transactions. Any event that is recognized in a set of financial statements. The journal used in place of a specialized journal. A system of accounting in which every transaction is recorded with equal debits and credits and the accounting equation is kept in balance.
Which of the following transactions will require a journal entry? Indicate if it will be a debit or a credit, and to which account the entry will be recorded. Table 8.4
Arrange the following steps in the posting process in correct order: a. Write the ledger account number in the Post. Ref. column of the journal. b. Write the amount of the transaction. c. Write the date of the transaction. d. Write the page number of the journal in the Post. Ref. column of the ledger account.
The debits and credits from two transactions are presented in the following customer account: Describe each transaction and the source of each posting.
Post these transactions from each General Journal into the General Ledger accounts. When posting transactions to the general ledger, use the transaction letters a, b, c, d, or e as the description for each entry. Also, the dates must be entered in the format dd/mmm (ie, 15/Jan).