Journalizing
Q: What is a special journal?
A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…
Q: Define sales journal.
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: Requirements:
A: The percentage of completion method is a revenue recognition accounting concept that evaluates how…
Q: complete the following journal entries
A: Journal entries recording is the first step of accounting cycle process, in which atleast one…
Q: Define special journals and explain their usefulness.
A: General Journal It is a chronological record of the transactions, showing an explanation of each…
Q: Detailed explanation and steps
A: The amount incurred upon manufacturing or production of goods is known as cost. The total cost…
Q: Journal entry
A: Journal entries are a process of recording and classifying business transactions into books of…
Q: Prepare Journal Entry
A: Notes Receivables are those receivables which the company has which will be received by the company…
Q: Journalize ize
A: Journal entries ,ledgers, trial balance and financial statement are prepared to provide the…
Q: Explain the recording process of special journals.
A: Companies use special journals to record repetitive transactions that affect the same set of…
Q: What is difference between specific journal and general journal?
A: A specific journal is a type of journal in which primary transactions of a entry is recorded such as…
Q: journal entry
A: SOLUTION A JOURNAL IS THE COMPANIES OFFICIAL BOOK IN WHICH TRANSACTIONS ARE RECORDER ON…
Q: Analyze and review the following items and determine the appropriate journal entry.
A: Investment:- An investment is considered as the asset which is acquired with the motive to generate…
Q: e journal entries
A: Trade discount (List price * Rate of discount) = P108,000 * 15% P16,200 A Balance amount payable…
Q: Identify what special journal that is applicable for the following transactions:
A: Given: Payment received from Customer ₱10,000 Purchase made on Credit…
Q: Justapose the relevance of a general journal
A: Justapose the relevance of a general journal?
Q: GENERAL JOURNAL
A: Ledger is prepared after completion of Journal entry Cash ledger as under
Q: General Journal
A: Advance payment for services to be availed in future is regarded as a prepaid expense under the head…
Q: : Provide the journal entries.
A: A journal entry is the act of keeping or making records of any transactions either economic or…
Q: structions: repare the entries in the Journal
A: Step 1 Journal is the Part of Book keeping.
Q: How to record General journal
A: General journal is the book of original entry in which the entities record the financial…
Q: Journal Entry
A: Journal entries recording is the initial step of accounting process. Under this, atleast one account…
Q: Create journal
A:
Q: prepare journal entries
A: Journal Entry The basic process accounting is to enter the required transaction which are incurred…
Q: Required: Journal entries
A: All business transactions are recorded in a journal book so that every transaction can be easily…
Q: Journal entries?
A: Introduction: Journal entries: Recording of a business transactions in a chronological order. First…
Q: Information
A: The cost of goods manufactured (COGM) is the sum of the cost of direct labor used, the cost of…
Q: Describe the process of special journal.
A: Definition: Special journal: Special journal refers to the journal that is used to record a single…
Q: Prepare journal entries
A: Jan 1 Cash Dr 3,000,000 To Capital 3,000,000 Jan 2 Purchase Dr 2,000,000 To Atlas…
Q: Identify special issues related to LIFO.
A: LIFO (Last in First out): In this method, the units bought last are sold first. In other words, in…
Q: journal entry
A: Journal entry is made to update the transactions in the books of accounts. It has two aspects -…
Q: Describe the different types of journal.
A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…
Q: Which of these processes leads to the preparation of Journal?
A: Answer
Q: Record the above transactions in the classical journal
A: Hi student, Since there are multiple questions, we will answer only first question.
Q: ASSIGNMENTS
A:
Q: internal reporting.
A: Option a is wrong because one of the options is correct. Option b is wrong because ABC can only be…
Q: Journalize
A:
Q: Define Source documents.
A:
Q: Record the following transactions in the general journal.
A: RRR has started a merchandising business under the name of WEEN Trading. We are given transactions…
Q: he general journal
A: The profits of the firm at the end of the accounting year are transferred to the retained earnings.
Q: Define the term journal.
A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…
Q: Record Journal Entries
A: Journal entries are those entries which a company have to record on the book of original entries.…
Q: Explain the distinguishing characteristics of (a) a generaljournal and (b) a special journal.
A: The journals are used by the companies to record the financial transactions of an organization on…
Q: COMPLETE THE JOURNALIZING
A:
Q: Create a General Journal.
A: When the transactions take place in an entity they are first recorded in the General Journal. From…
Q: What are the types of special journals?
A: Special journal: The special journal represents similar types of transactions that are recorded…
Q: Define exit conference.
A: Exit conference is a meeting held in the course of audit. Audit means checking and verifying the…
Journalizing
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- All journals and general ledger; trial balance The transactions completed by AM Express Company during March 2016, the first month of the fiscal year, were as follows: Mar. 1. Issued Check No. 205 for March rent, 2,450. 2. Purchased a vehicle on account from McIntyre Sales Co., 26,900. 3. Purchased office equipment on account from Office Mate Inc., 1,570. 5. Issued Invoice No. 91 to Ellis Co., 7,000. 6. Received check for 7,950 from Chavez Co. in payment of invoice. 7. Issued Invoice No. 92 to Trent Co., 9,840. 9. Issued Check No. 206 for fuel expense, 820. 10. Received check for 10,000 from Sajeev Co. in payment of invoice. 10. Issued Check No. 207 to Office City in payment of 450 invoice. Mar. 10. Issued Check No. 208 to Bastille Co. in payment of 1,890 invoice. 11. Issued Invoice No. 93 to Jarvis Co., 7,200. 11. Issued Check No. 209 to Porter Co. in payment of 415 invoice. 12. Received check for 7,000 from Ellis Co. in payment of March 5 invoice. 13. Issued Check No. 210 to McIntyre Sales Co. in payment of 26,900 invoice of March 2. 16. Cash fees earned for March 1-16, 26,800. 16. Issued Check No. 211 for purchase of a vehicle, 28,500. 17. Issued Check No. 212 for miscellaneous administrative expense, 4,680. 18. Purchased maintenance supplies on account from Bastille Co., 2,430. 18. Received check for rent revenue on office space, 900. 19. Purchased the following on account from Master Supply Co. Maintenance supplies, 2,640, and office supplies, 1,500. 20. Issued Check No. 213 in payment of advertising expense, 8,590. 20. Used maintenance supplies with a cost of 4,400 to repair vehicles. 21. Purchased office supplies on account from Office City, 990. 24. Issued Invoice No. 94 to Sajeev Co., 9,200. 25. Received check for 14,000 from Chavez Co. in payment of invoice. 25. Issued Invoice No. 95 to Trent Co., 6,300. 26. Issued Check No. 214 to Office Mate Inc. in payment of 1,570 invoice of March 3. 27. Issued Check No. 215 to J. Wu as a personal withdrawal, 4,000. 30. Issued Check No. 216 in payment of driver salaries, 33,300. 31. Issued Check No. 217 in payment of office salaries, 21,200. 31. Issued Check No. 218 for office supplies, 600. 31. Cash fees earned for March 17-31, 29,400. Instructions 1. Enter the following account balances in the general ledger as of March 1: 2. Journalize the transactions for March 2016, using the following journals similar to those illustrated in this chapter: single-column revenue journal (p. 35), cash receipts journal (p. 31), purchases journal (p. 37, with columns for Accounts Payable, Maintenance Supplies, Office Supplies, and Other Accounts), cash payments journal (p. 34), and two-column general journal (p. 1). Assume that the daily postings to the individual accounts in the accounts payable subsidiary ledger and the accounts receivable subsidiary ledger have been made. 3. Post the appropriate individual entries to the general ledger. 4. Total each of the columns of the special journals, and post the appropriate totals to the general ledger; insert the account balances. 5. Prepare a trial balance.All journals and general ledger; trial balance The transactions completed by Revere Courier Company during December, the first month of the fiscal year, were as follows: Dec. 1. Issued Check No. 610 for December rent, 4,200. 2. Issued Invoice No. 940 to Clifford Co., 1,740. 3. Received check for 4,800 from Ryan Co. in payment of account. 5. Purchased a vehicle on account from Platinum Motors, 37,300. 6. Purchased office equipment on account from Austin Computer Co., 4,500. 6. Issued Invoice No. 941 to Ernesto Co., 3,870. 9. Issued Check No. 611 for fuel expense, 600. 10. Received check from Sing Co. in payment of 4,040 invoice. 10. Issued Check No. 612 for 330 to Office To Go Inc. in payment of invoice. 10. Issued Invoice No. 942 to Joy Co., 1,970. 11. Issued Check No. 613 for 3,090 to Essential Supply Co. in payment of account. 11. Issued Check No. 614 for 500 to Porter Co. in payment of account. 12. Received check from Clifford Co. in payment of 1,740 invoice of December 2. 13. Issued Check No. 615 to Platinum Motors in payment of 37,300 balance of December 5. 16. Issued Check No. 616 for 39,800 for cash purchase of a vehicle. 16. Cash fees earned for December 1-16, 20,300. I7. Issued Cheek No. 617 for miscellaneous administrative expense, 500. 18. Purchased maintenance supplies on account from Essential Supply Co., 1,750. 19. Purchased the following on account from McClain Co.: maintenance supplies, 1,500; office supplies, 375. 20. Issued Check No. 618 in payment of advertising expense, 1,780. 20. Used 3,200 maintenance supplies to repair delivery vehicles. 23. Purchased office supplies on account from Office To Go Inc., 400. 24. Issued Invoice No. 943 to Sinn Co., 6,100. 24. Issued Check No. 619 to S. Holmes as a personal withdrawal, 3,000. 25. Issued Invoice No. 944 to Ernesto Co., 5,530. 25. Received check for 4,100 from Ryan Co. in payment of balance. 26. Issued Check No. 620 to Austin Computer Co. in payment of 4,500 invoice of December 6. 30. Issued Check No. 621 for monthly salaries as follows: driver salaries, 16,900; office salaries, 7,100. Dec. 31. Cash fees earned for December 17-31, S 18,900. 31. Issued Check No. 622 in payment for office supplies, 340. Instructions 1. Enter the following account balances in the general ledger as of December 1: 11 Cash 161,680 12 Accounts Receivable 12,940 14 Maintenance Supplies 10,850 15 Office Supplies 4,900 16 Office Equipment 28,500 17 Accum. Depr.Office Equip. 6,900 18 Vehicles 95,900 19 Accum. Depr.Vehicles 14,700 21 Accounts Payable 3,920 31 S. Holmes, Capital 289,250 32 S. Holmes, Drawing 41 Fees Earned 51 Driver Salaries Expense 52 Maintenance Supplies Exp. 53 Fuel Expense 61 Office Salaries Expense 62 Rent Expense 63 Advertising Expense 64 Miscellaneous Administrative Expense 2. Journalize the transactions for December, using the following journals similar to those illustrated in this chapter cash receipts journal (p. 30, purchases journal (p. 37, with columns for Accounts Payable, Maintenance Supplies, Office Supplies, and Other Accounts), single-column revenue journal (p. 35). cash payments journal (p. 3i). and two-column general journal (p. 1). Assume that the daily postings to the individual accounts in the accounts payable subsidiary ledger and the accounts receivable subsidiary ledger have been made. 3. Post the appropriate individual entries to the general ledger. 4. Total each of the columns of the special journals and post the appropriate totals to the general ledger; insert the account balances. 5. Prepare a trial balance.All journals and general ledger; trial balance The transactions completed by AM Express Company during March, the first month of the fiscal year, were as follows: Mar. 1. Issued Check No. 205 for March rent, 2,450. 2. Purchased a vehicle on account from McIntyre Sales Co., 26,900. 3. Purchased office equipment on account from Office Mate Inc., 1,570. 5. Issued Invoice No. 91 to Ellis Co., 7,000. 6. Received check for 7,950 from Chavez Co. in payment of invoice. Mar. 7. Issued Invoice No. 92 to Trent Co., 9,840. 9. Issued Check No. 206 for fuel expense, 820. 10. Received check for 10,000 from Sajeev Co. in payment of invoice. 10. Issued Check No. 207 to Office City in payment of 450 invoice. 10. Issued Check No. 208 to Bastille Co. in payment of 1,890 invoice. 11. Issued Invoice No. 93 to Jarvis Co., 7,200. 11. Issued Check No. 209 to Porter Co. in payment of 415 invoice. 12. Received check for 7,000 from Ellis Co. in payment of March 5 invoice. 13. Issued Check No. 210 to McIntyre Sales Co. in payment of 26,900 invoice of March 2. 16. Cash fees earned for March 1 16, 26,800. 16. Issued Check No. 211 for purchase of a vehicle, 28,500. 17. Issued (-heck No. 212 for miscellaneous administrative expense, 4,680. 18. Purchased maintenance supplies on account from Bastille Co., 2,430. 18. Received check for rent revenue on office space, 900. 19. Purchased the following on account from Master Supply Co.: maintenance supplies, 2,640, and office supplies, 1,500. 20. Issued Check No. 213 in payment of advertising expense, 8,590. 20. Used maintenance supplies with a cost of 4,400 to repair vehicles. 21. Purchased office supplies on account from Office City, 990. 24. Issued Invoice No. 94 to Sajeev Co., 9,200. 25. Received check for 14,000 from Chavez Co. in payment of invoice. 25. Issued Invoice No. 95 to Trent Co., 6,300. 26. Issued Check No. 214 to Office Mate Inc. in payment of 1,570 invoice of March 3. 27. Issued Check No. 215 to J. Wu as a personal withdrawal, 4,000. 30. Issued Check No. 216 in payment of driver salaries, 33,300. 31. Issued Check No. 217 in payment of office salaries, 21,200. 31. Issued Check No. 218 for office supplies, 600. 31. Cash fees earned for March 17-31, 29,400. Instructions 1. Enter the following account balances in the general ledger as of March 1: 11 Cash 65,200 12 Accounts Receivable 31,950 14 Maintenance Supplies 7,240 15 Office Supplies 3,690 16 Office Equipment 17,300 17 Accum. Depr. Office Equip. 4,250 18 Vehicles 62,400 19 Accum. Depr.Vehicles 17,800 21 Accounts Payable 2,755 31 J.Wu, Capital 162,975 32 J.Wu, Drawing 41 Fees Earned 42 Rent Revenue 51 Driver Salaries Expense 52 Maintenance Supplies Expense 53 Fuel Expense 61 Office Salaries Expense 62 Rent Expense 63 Advertising Expense 64 Miscellaneous Administrative Exp. 2. Journalize the transactions for March, using the following journals similar to those illustrated in this chapter: single-column revenue journal (p. 35), cash receipts journal (p. 31), purchases journal (p. 37, with columns for Accounts Payable, Maintenance Supplies, Office Supplies, and Other Accounts), cash payments journal (p. 34), and two-column general journal (p. 1). Assume that the daily postings to the individual accounts in the accounts payable subsidiary ledger and the accounts receivable subsidiary ledger have been made. 3. Post the appropriate individual entries to the general ledger. 4. Total each of the columns of the special journals and post the appropriate totals to the general ledger; insert the account balances. 5. Prepare a trial balance.
- OBJECTIVE 9 Exercise 2-47 Debit and Credit Effects of Transactions Lincoln Corporation was involved in the following transactions during the current year: Lincoln borrowed cash from the local bank on a note payable. Lincoln purchased operating assets on credit. Lincoln paid dividends in cash. Lincoln purchased supplies inventory on credit. Lincoln used a portion of the supplies purchased in Transaction d. Lincoln provided services in exchange for cash from the customer. A customer received services from Lincoln on credit. The owners invested cash in the business in exchange for common stock. The payable from Transaction d was paid in full. The receivable from Transaction g was collected in full. Lincoln paid wages in cash. Required: Prepare a table like the one shown below and indicate the effect on assets, liabilities, and stock-holders, equity. Be sure to enter debits and credits in the appropriate columns for each of the transactions. Transaction a is entered as an example:All journals and general ledger; trial balance The transactions completed by Revere Courier Company during December 2016, the first month of the fiscal year, were as follows: Dec. 1. Issued Check No. 610 for December rent, 4,500. 2. Issued Invoice No. 940 to Capps Co., 1,980. 3. Received check for 5,100 from Trimble Co. in payment of account. 5. Purchased a vehicle on account from Boston Transportation, 39,500. 6. Purchased office equipment on account from Austin Computer Co., 4,800. 6. Issued Invoice No. 941 to Dawar Co., 5,680. 9. Issued Check No. 611 for fuel expense, 800. 10. Received check from Sing Co. in payment of 4,850 invoice. 10. Issued Check No. 612 for 360 to Office To Go Inc. in payment of invoice. 10. Issued Invoice No. 942 to Joy Co., 2,140. 11. Issued Check No. 613 for 3,240 to Essential Supply Co. in payment of account. 11. Issued Check No. 614 for 650 to Porter Co. in payment of account. 12. Received check from Capps Co. in payment of 1,980 invoice of December 2. 13. Issued Check No. 615 to Boston Transportation in payment of 39,500 balance of December 5. 16. Issued Check No. 616 for 40,900 for cash purchase of a vehicle. 16. Cash fees earned for December 1-16, 21,700. 17. Issued Check No. 617 for miscellaneous administrative expense, 600. 18. Purchased maintenance supplies on account from Essential Supply Co., 1,750. 19. Purchased the following on account from McClain Co.: maintenance supplies, 1,500; office supplies, 325. 20. Issued Check No. 618 in payment of advertising expense, 1,990. 20. Used 3,600 maintenance supplies to repair delivery vehicles. 23. Purchased office supplies on account from Office To Go Inc., 440. 24. Issued Invoice No. 943 to Sing Co., 6,400. 24. Issued Check No. 619 to S. Holmes as a personal withdrawal, 3,200. 25. Issued Invoice No. 944 to Dawar Co., 5,720. 25. Received check for 4,100 from Trimble Co. in payment of balance. 26. Issued Check No. 620 to Austin Computer Co. in payment of 4,800 invoice of December 6. 30. Issued Check No. 621 for monthly salaries as follows: driver salaries, 16,900; office salaries, 7,600. 31. Cash fees earned for December 17-31, 19,700. 31. Issued Check No. 622 in payment for office supplies, 310. Instructions 1. Enter the following account balances in the general ledger as of December 1: 2. Journalize the transactions for December 2016, using the following journals similar to those illustrated in this chapter: cash receipts journal (p. 31), purchases journal (p. 37, with columns for Accounts Payable, Maintenance Supplies, Office Supplies, and Other Accounts), single column revenue journal (p. 35), cash payments journal (p. 34), and two-column general journal (p. 1). Assume that the daily postings to the individual accounts in the accounts payable subsidiary ledger and the accounts receivable subsidiary ledger have been made. 3. Post the appropriate individual entries to the general ledger. 4. Total each of the columns of the special journals, and post the appropriate totals to the general ledger; insert the account balances. 5. Prepare a trial balance.Posting a revenue journal The revenue journal for Sapling Consulting Inc. follows. The accounts receivable controlling account has a July 1, 20Y2, balance of 625 consisting of an amount due from Aladdin Co. There were no collections during July. a.Prepare a T account for the accounts receivable customer accounts. b.Post the transactions from the revenue journal to the customer accounts and determine their ending balances. c.Prepare T accounts for the accounts receivable and fees earned accounts. Post control totals to the two accounts and determine the ending balances. d.Prepare a schedule of the customer account balances to verify the equality of the sum of the customer account balances and the accounts receivable controlling account balance. e.How might a computerized system differ from a revenue journal in recording revenue transactions?
