College Accounting (Book Only): A Career Approach
12th Edition
ISBN: 9781305084087
Author: Cathy J. Scott
Publisher: Cengage Learning
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Textbook Question
Chapter 3, Problem 1E
In the following two-column journal, the capital letters represent where parts of a
- 1. Year
- 2. Month
- 3. Explanation
- 4. Title of account debited
- 5. Ledger account number of account credited
- 6. Amount of debit
- 7. Day of the month
- 8. Title of account credited
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In the two-column general journal page below, each capital letter represents a part of a journal entry. Select the proper letter to the item in the list below to identify the proper part of the journal entry.
GENERAL JOURNAL
Page 1
GH
I
J
O
M
K
P
N
L
1.
Ledger account number of account credited
2.
Month
3.
Explanation
4.
Title of account debited
5.
Year
6.
Day of the month
7.
Title of account credited
8.
Amount of debit
9.
Amount of credit
10.
Ledger account number of account debited
Notes: In the General Ledger: Write the date of the transaction. Write the amount in the debit or credit column of the ledger as shown in the journal. Write the journal page number in the Post. Ref. column of the ledger. The five column journal attached at the top is the first journal. Calculate the balance. Hint: The balance of each account should reflect that account’s normal balance. In the journal, write the ledger account number in the Post. Ref. column.
Note 2: There are 7 general ledger columns that must be filled. Only two boxes need to be filled in, in each one.
Open a general ledger account for each of the accounts listed in the chart of accounts above.
Post the separate amounts on each line of the journals that need to be posted separately.
Post the journal’s special amount column totals.
1. Record the April 1, 20Y3, balance of each account in the appropriate balance column of a four-column account, type Balance in the item section, and select a check mark in the Posting Reference column. 3. Post to the ledger, extending the account balance to the appropriate balance column after each posting. Post in chronological order. For transactions occurring on the same day, post in the order presented in the instructions. Insert the appropriate posting references in both the journal and the ledger as each item is posted.
How does grading work?
LEDGER
Score: 28/510
Account: Cash11Account No.
DATE
ITEM
POST. REF.
DEBIT
CREDIT
BALANCE
DEBIT
CREDIT
1
2
✔
3
4
5
6
7
✔
8
9…
Chapter 3 Solutions
College Accounting (Book Only): A Career Approach
Ch. 3 - A __________ is a book in which business...Ch. 3 - Transferring information from the journal to the...Ch. 3 - For a journal entry to be complete, it must...Ch. 3 - The __________ is used to determine where the...Ch. 3 - Prob. 5QYCh. 3 - A 250 payment for salaries expense was incorrectly...Ch. 3 - Prob. 1DQCh. 3 - How does the journal differ from the ledger?Ch. 3 - What is the purpose of providing a ledger account...Ch. 3 - List by account classification the order of the...
Ch. 3 - Arrange the following steps in the posting process...Ch. 3 - Prob. 6DQCh. 3 - Prob. 7DQCh. 3 - In the following two-column journal, the capital...Ch. 3 - Decor Services completed the following...Ch. 3 - Montoya Tutoring Service completed the following...Ch. 3 - Prob. 4ECh. 3 - Arrange the following steps in the posting process...Ch. 3 - The bookkeeper for Nevado Company has prepared the...Ch. 3 - Determine the effect of the following errors on a...Ch. 3 - Journalize correcting entries for each of the...Ch. 3 - The chart of accounts of the Barnes School is...Ch. 3 - Laras Landscaping Service has the following chart...Ch. 3 - Following is the chart of accounts of Sanchez...Ch. 3 - The chart of accounts of Ethan Academy is shown...Ch. 3 - Leanders Landscaping Service maintains the...Ch. 3 - Following is the chart of accounts of Smith...Ch. 3 - Why Does It Matter? ECOTOUR EXPEDITIONS, INC.,...Ch. 3 - What Would You Say? You are the new bookkeeper for...Ch. 3 - What Do You Think? You work as an accounting...Ch. 3 - What Would You Do?
You are responsible for...Ch. 3 - Prob. 1CP
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- 1. Journalize each transaction in a two-column journal starting on Page 1, referring to the chart of accounts in selecting the accounts to be debited and credited. (Do not insert the account numbers in the journal at this time.) Note: Scroll down to access pages 2 through 4 of the journal. PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16…arrow_forward* Enter the opening balances in the ledger accounts as at Oct 1, Write "Balance" in the expla- nation space and insert a dollar sign ($) in the reference column, Provision should be made for the following additional accounts: No. 306 Jane Kent, Drawings, No, 126 Laundry Revenue, No. 726 Salaries Expense, and No. 732 Utilities Expense. * Journalize the transactions. * Post to the ledger accounts. * Prepare a trial balance as at Oct 31 2007arrow_forwardOne column total of a special journal is posted at monthend to only two general ledger accounts. One of these two accounts is Accounts Receivable. What is the name of this special journal? What is the other general ledger account to which that same month-arrow_forward
- Sage Learning Centers was established on July 20, 2016, to provide educational services. The services provided during the remainder of the month are as follows: Instructions 1. Journalize the transactions for July, using a single-column revenue journal and a two-column general journal. Post to the following customer accounts in the accounts receivable ledger, and insert the balance immediately after recording each entry: D. Chase; J. Dunlop; F. Mintz; T. Quinn; K. Tisdale. 2. Post the revenue journal and the general journal to the following accounts in the general ledger, inserting the account balances only after the last postings: 3. a. What is the sum of the balances of the customer accounts in the subsidiary ledger at July 31? b. What is the balance of the accounts receivable controlling account at July 31? 4. Assume Sage Learning Centers began using a computerized accounting system to record the sales transactions on August 1. What are some of the benefits of the computerized system over the manual system?arrow_forwardUse the following T-accounts to prepare the four journal entries required to close the books:arrow_forwardUse the following T-accounts to prepare the four journal entries required to close the books:arrow_forward
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