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Intermediate Accounting: Reporting...
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Intermediate Accounting: Reporting...
Journal Entries The following are selected accounts and account balances of Sawyer Company on May 31:
Sawyer entered into the following transactions during June:
Required:
- 1. Record the preceding transactions in a general journal.
- 2. Post to general ledger T-accounts.
1.
Record the given transactions in a general journal.
Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.
General journal: This is a journal used to record infrequent transactions like adjusting entries, closing entries, accounting errors, sale of assets, or bad debts expense.
Rules of Debit and Credit: Following rules are followed for debiting and crediting different accounts while they occur in business transactions:
- Debit, all increase in assets, expenses and dividends, all decrease in liabilities, revenues and stockholders’ equities.
- Credit, all increase in liabilities, revenues, and stockholders’ equities, all decrease in assets and expenses.
Record the given transactions in a general journal as follows:
| Date | Account Title & Explanation |
Debit ($) |
Credit ($) |
| June 3 | Cash | 700 | |
| Â | Accumulated depreciation-Office equipment | 1,500 | |
| Â | Gain on sales of office equipment | 200 | |
| Â | Office equipment | 2,000 | |
| Â | (To record the office equipment sold on a gain) | ||
| June 7 | Accounts Receivable | 2,000 | |
| Â | Sales Revenue | 2,000 | |
| Â | (To record the goods sold on account) | ||
| June 7 | Cost of goods sold | 1,200 | |
| Â | Inventory | 1,200 | |
| Â | (To record the cost of goods sold incurred) | ||
| June 10 | Inventory | 1,000 | |
| ... |
2.
Post journal entries to the general ledger T-accounts.
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