CAREER & TECHNOLOGY STUDIES
  • Home
  • Photography
  • Business
    • ENT 1010
    • ENT 1020
    • ENT 1090 Proj. A
    • ENT 2010
    • ENT 2020
    • ENT 2040
    • MAM1010 - Marketing >
      • MAM1010-Introduction
    • FIN1015
  • Design
    • DES3115-Industrial Design
  • Construction
    • CON 1010
    • CON 1120
    • CON 1140
  • Video & Film
    • COM1015 - Media >
      • COM1015 - Day 11/12
    • COM 1105 Audio/VIdeo >
      • COM 1105 -day1.Genres
    • COM 1145 Animation >
      • Frozen - Youtube
    • COM2105 Preproduction
    • COM 2115 Production
    • COM2175: Interactive Presentation
    • COM 2145 Animation
    • Green Screen After Effects
    • COM3105 Preproduction 2
  • Legal Studies
    • LGS3040 Negligence
    • LGS3010 - Property Law
    • LGS3080 Criminal Law
    • LGS3060 Controversy & Change
  • Baron Blocks
  • Link Page
  • Broadcasting
  • COMPUTERS
    • HTML/CSS Intro
    • HTML/CSS Intermediate
  • HTML/CSS 2

Journal Entries

FIN1015 - HOME
Return - opening accounts
Picture
Picture

What I Need to Know?

Imagine a business, such as a major appliance store, that has numerous accounts in its ledger. Imagine that an error was made in recording one of the transactions. The debit of $100 was placed in the wrong account. How would the accountant find this error? The accountant would have to go through all of the accounts....until they find the incorrect entry. This could take a very long time if the company had 1000 vendors supplying equipment for the retail store. This difficulty is eliminated through the use of a JOURNAL.

Why it's important?

The JOURNAL records all parts of a transaction in one place. The date, the debit, the credit and the explanation for each transaction. Transactions can be easily located and accounted for in a chronological order. The main journal of a business is often the GENERAL JOURNAL. 

JOURNAL ENTRIES

Each transaction recorded in a journal is called an entry. The process of recording transactions in a journal is called Journalizing. Each entry has four parts.
  1. the date of the transaction
  2. the account debited and the amount
  3. the account credited and the amount
  4. an explanation giving details of the transaction

Journal Recording Procedures

STEP 1: Record the DATE
In a journal, the first entry on each page must show the year, the month, and the day. Only the day of the month needs to be recorded for other entries on the page unless the month changes before a page is completed. In the event, the new month is shown in the date column.

STEP 2: Record the Debit
The name of the account to be debited is written next to the date. The name should be written exactly as it appears in the general ledger. For example, if the cash is received, the appropriate title would be CASH, not Cash Received. The debit amount in the debit column is written in the debit column.

STEP 3: Record the Credit
The credit is recorded on the next line. The account name is indented. The dollar amount is written in the credit column.

STEP 4: Record the Explanation
On the next line, starting at the margin, an explanation of the transaction is written. The invoice or cheque number is included.
Picture

JOURNALIZING PRACTICE

Jounalize the following transactions for KOCH MOVING, using these accounts: Cash, A. Mirabeu,  Capital; Rental Advertising Expenses; Truck Expenses; Truck Rental Sales; Salaries Expenses; Utilities Expenses, and Miscellaneous Expenses .

Oct. 1  A. Mirabeu invested $30000 cash.
         4 Truck rental sales for the week, $7500
         4 paid Gazette & Journal, for Rental Advertising Expenses, $3500
         7 paid RJ Truck Repairs,  for Truck Expenses $9000, Cheque 241
         7 paid salaries, $2100, Cheque 242
         10 paid Epcor Utilities, for $750, Cheque 243
         11 paid Housin Coffee Ltd., for Miscellaneous expenses, $200,  cheque #244.

You will upload a completed Journal as part of your class mark using the Google Classroom folder. Due next class.


Picture
Learn More @ ALIS 
Alberta Careers Learning & Employment
to explore more about Accounting Professionals (wages, education, potential job posting)

ALIS Alberta
Picture

Top

Location

Vision and Wisdom

Rooted in Jesus.... Hearts to Love, Hands to Serve"

Contact Us

    Subscribe Today!

Submit
  • Home
  • Photography
  • Business
    • ENT 1010
    • ENT 1020
    • ENT 1090 Proj. A
    • ENT 2010
    • ENT 2020
    • ENT 2040
    • MAM1010 - Marketing >
      • MAM1010-Introduction
    • FIN1015
  • Design
    • DES3115-Industrial Design
  • Construction
    • CON 1010
    • CON 1120
    • CON 1140
  • Video & Film
    • COM1015 - Media >
      • COM1015 - Day 11/12
    • COM 1105 Audio/VIdeo >
      • COM 1105 -day1.Genres
    • COM 1145 Animation >
      • Frozen - Youtube
    • COM2105 Preproduction
    • COM 2115 Production
    • COM2175: Interactive Presentation
    • COM 2145 Animation
    • Green Screen After Effects
    • COM3105 Preproduction 2
  • Legal Studies
    • LGS3040 Negligence
    • LGS3010 - Property Law
    • LGS3080 Criminal Law
    • LGS3060 Controversy & Change
  • Baron Blocks
  • Link Page
  • Broadcasting
  • COMPUTERS
    • HTML/CSS Intro
    • HTML/CSS Intermediate
  • HTML/CSS 2