tailieunhanh - Lecture Accounting fundamentas (7e): Chapter 7 - Curran

Chapter 7 - The general journal. After completing this chapter, students will be able to: Record transactions in a general journal, use a chart of accounts, correct errors in the journal. | CHAPTER SEVEN The General Journal 1. Record transactions in a general journal. 2. Use a chart of accounts. 3. Correct errors in the journal. THE GENERAL JOURNAL Objectives: 7- The Use of the General Journal The accounting record known as a journal is used to list all the necessary information about a transaction in one place. The journal is known as the book of original entry. 7- The Use of the General Journal (continued) The process of recording these transactions in the journal is known as journalizing, or recording journal entries. Double-entry accounting is the system of journalizing when each transaction affects at least two accounts. 7- Journalizing a Business’s Transactions Accounts used in the recording of transactions are taken from a chart of accounts. The chart of accounts lists, by number in chronological order, the accounts determined to be used by the business. 7- Journalizing a Business’s Transactions (continued) Pencil footings are used at the bottom | CHAPTER SEVEN The General Journal 1. Record transactions in a general journal. 2. Use a chart of accounts. 3. Correct errors in the journal. THE GENERAL JOURNAL Objectives: 7- The Use of the General Journal The accounting record known as a journal is used to list all the necessary information about a transaction in one place. The journal is known as the book of original entry. 7- The Use of the General Journal (continued) The process of recording these transactions in the journal is known as journalizing, or recording journal entries. Double-entry accounting is the system of journalizing when each transaction affects at least two accounts. 7- Journalizing a Business’s Transactions Accounts used in the recording of transactions are taken from a chart of accounts. The chart of accounts lists, by number in chronological order, the accounts determined to be used by the business. 7- Journalizing a Business’s Transactions (continued) Pencil footings are used at the bottom of the money columns to provide balance of debits and credits. Entries may contain more than one debit and/or credit. 7- Transaction Record the owner’s investment in the business: Cash, $32,000 Accounts Receivable, $2,000 Office Equipment, $12,000 Delivery Trucks, $60,000 Accounts Payable, $20,000 Capital, $86,000 7- Transaction Analysis The assets (debits) and liabilities (credit) and owner’s equity account (credit) are recorded in the journal. 7- Transaction Paid $1800 to Wilson Management for the November rent. 7- Transaction Analysis An increase in expenses decreases owner’s equity (debit Rent Expense). An asset decreases (credit Cash). 7- Transaction Paid $400 to Kenworth Truck Sales on account. 7- Transaction Analysis A liability decreases (debit Accounts Payable). An asset decreases (credit Cash). 7- Transaction Paid $150 for gasoline and oil for the trucks. 7- Transaction Analysis An increase in expenses decreases owner’s equity (debit Truck .

• Kế toán - Kiểm toán
• Accounting fundamentas
• Lecture Accounting fundamentas
• Nguyên lý kế toán
• General journal
• Chart of accounts
• Business’s transactions
• Trial balance
• Accounting errors
• Accounting terminology
• Accounting for purchases
• Purchases discounts
• Freight in
• Accounting equation
• Balance sheet
• Principles of accounting
• Analyze business transactions
• Net income
• The worksheet
• Financial statements
• Business transactions
• Closing the ledger
• Closing entries
• Postclosing trial balance
• Accounting cycle
• Accounting for sales
• Sales discounts
• Sales returns
• Purchases journal
• Recording transactions
• Worksheet adjustments
• Uncollectible accounts
• Owner’s equity accounts
• Form of accounts
• Account balances
• Expense accounts
• Recording revenue
• Transaction analysis
• Income statement
• General ledger
• Posting reference
• Correcting errors
• Merchandising businesses
• Charge account
• Cash discount
• Unpaid invoice file
• Purchases returns
• The sales journal
• Special journal
• Cash receipts journal
• Memorandum entry
• Cash payments journal
• Cash purchases
• Accounts receivable ledger
• Accounts receivable
• Statement of account
• Accounts payable ledger
• Schedule of accounts payable
• Notes payable
• Goods sold
• Cost of goods sold
• Ten column worksheet
• Classified balance sheet
• Adjusting entries
• Banking procedures
• Deposit slips
• Check stubs