Mikayla Georgoulakos Study Guide- Outline September 29, 2014

Chapter 3 Outline Journalizing Transactions

A. Special Columns
1. Saves time
2. Dont have to fill in account title


B. Source Documents
1. Check (anytime you pay cash)
2. Receipt (anytime you receive cash0
3. Tape (Cash sales)
4. Sales invoice (sell on account, sold on account)
5. Memo- Memorandum (Anything else- Miscellaneous- Bought
supplies)


C. Steps to record journal entryalso the parts of a journal
1. Date (first)
2. Debit (second)
3. Credit (third)
4. Source Document (fourth)



D. Proving a journal
1. Add all columns
2. Add total debit and total credits
3. Debits should equal your credits


E. Proving Cash
1. Take beginning cash balance
2. Add your cash received (Debit)
3. Subtract cash paid (Credit)
4. Equal checkbook balance

F. Objective Evidence Concept
Applied when a source document is prepared for each transaction.


Mikayla Georgoulakos Study Guide- Outline September 29, 2014
Chapter 3 Outline Journalizing Transactions


A. Special Columns
1. Saves time
2. Dont have to fill in account title


B. Source Documents
1. Check (anytime you pay cash)
2. Receipt (anytime you receive cash0
3. Tape (Cash sales)
4. Sales invoice (sell on account, sold on account)
5. Memo- Memorandum (Anything else- Miscellaneous- Bought
supplies)


C. Steps to record journal entryalso the parts of a journal
1. Date (first)
2. Debit (second)
3. Credit (third)
4. Source Document (fourth)



D. Proving a journal
1. Add all columns
2. Add total debit and total credits
3. Debits should equal your credits


E. Proving Cash
1. Take beginning cash balance
2. Add your cash received (Debit)
3. Subtract cash paid (Credit)
4. Equal checkbook balance

F. Objective Evidence Concept
Applied when a source document is prepared for each transaction.


Chapter 3 Vocab.

Journal A form of recording transactions in chronological order

Journalizing Recording transactions in a journal

Special Amount column A journal amount column headed with an account title

General amount column A journal amount column not headed with an account title

Entry Information for each transaction in the journal

Double-entry accounting Recording of debit and credit parts in a journal

Source document A business paper from which information is obtained for a journal
entry

Check A business form which a company uses to pay cash from a bank to an account

Invoice A form that tell the good and services sold the quantity and the price

Sales invoice An invoice used as a source document for recording a sale on account

Receipt Business form acknowledging cash received

Memorandum A form in which a brief message is written describing a transaction

Proving cash determining that the amount of cash aggress with the accounting records

Chapter 3 Vocab.

Journal A form of recording transactions in chronological order

Journalizing Recording transactions in a journal

Special Amount column A journal amount column headed with an account title

General amount column A journal amount column not headed with an account title

Entry Information for each transaction in the journal

Double-entry accounting Recording of debit and credit parts in a journal

Source document A business paper from which information is obtained for a journal
entry

Check A business form which a company uses to pay cash from a bank to an account

Invoice A form that tell the good and services sold the quantity and the price

Sales invoice An invoice used as a source document for recording a sale on account

Receipt Business form acknowledging cash received

Memorandum A form in which a brief message is written describing a transaction

Proving cash determining that the amount of cash aggress with the accounting records

Page 1 Journal Sales
Account Title Doc No Post Ref Debit Credit Credit Debit Credit
Feb 1 Dennis Gilbert, Capital R1 R1 10,000.00 10,000.00
2014 4 supplies C1 C1 3,000.00 3,000.00
5 Supplies C2 C2 250.00 250.00
6 Prepaid Insurance C3 C3 600.00 600.00
7 Supplies M1 M1 2,000.00
AP- Scott Supplies 2,000.00
8 AP- Scott Supplies C4 C4 1,000.00 1,000.00
12 AP- Scott Supplies C4 C4 1,000.00 1,000.00
12 Rent Expense C6 800.00 800.00
13 X X 500.00 500.00
14 AR- Covey Company S1 450.00 450.00
15 Utilities C7 380.00 380.00
15 Dennis Gilbert, Capital C8 2,800.00 2,800.00
18 X X C8 278.00 278.00
19 Miscellaneus Expense C9 64.00 64.00
21 AR- Covey Company R2 250.00 250.00
22 X X T22 700.00 700.00
22 Utilities C10 329.00 329.00
25 supplies M2 340.00
AP- Scott Supplies 340.00
25 AR- Covey Company R3 200.00 200.00
25 Miscellaneus Expense C11 25.00 25.00
26 AR- Covey Company S2 800.00 800.00
26 supplies C12 44.00 44.00
27 Rent Expense C13 200.00 200.00
27 Miscellaneus Expense C14 37.00 37.00
28 X X T28 1,365.00 1,365.00
28 Dennis Gilbert, Capital C15 800.00 800.00
14,919.00 12,790.00 4,093.00 13,293.00 11,329.00
28 Total
Debit Credit
28212 28212
-
13,293.00
11,329.00
1,964.00
1,964.00 Checkbook Balance
Equals Cash on Hand
General Cash
Date
Plus Cash Received
Beginning Cash
Minus Cash Paid
Page 1 Journal Sales
Account Title Doc No Post Ref Debit Credit Credit Debit Credit
Feb 1 Dennis Gilbert, Capital R1 R1 10,000.00 10,000.00
2014 4 supplies C1 C1 3,000.00 3,000.00
5 Supplies C2 C2 250.00 250.00
6 Prepaid Insurance C3 C3 600.00 600.00
7 Supplies M1 M1 2,000.00
AP- Scott Supplies 2,000.00
8 AP- Scott Supplies C4 C4 1,000.00 1,000.00
12 AP- Scott Supplies C4 C4 1,000.00 1,000.00
12 Rent Expense C6 800.00 800.00
13 X X 500.00 500.00
14 AR- Covey Company S1 450.00 450.00
15 Utilities C7 380.00 380.00
15 Dennis Gilbert, Capital C8 2,800.00 2,800.00
18 X X C8 278.00 278.00
19 Miscellaneus Expense C9 64.00 64.00
21 AR- Covey Company R2 250.00 250.00
22 X X T22 700.00 700.00
22 Utilities C10 329.00 329.00
25 supplies M2 340.00
AP- Scott Supplies 340.00
25 AR- Covey Company R3 200.00 200.00
25 Miscellaneus Expense C11 25.00 25.00
26 AR- Covey Company S2 800.00 800.00
26 supplies C12 44.00 44.00
27 Rent Expense C13 200.00 200.00
27 Miscellaneus Expense C14 37.00 37.00
28 X X T28 1,365.00 1,365.00
28 Dennis Gilbert, Capital C15 800.00 800.00
14,919.00 12,790.00 4,093.00 13,293.00 11,329.00
28 Total
Debit Credit
28212 28212
-
13,293.00
11,329.00
1,964.00
1,964.00 Checkbook Balance
Equals Cash on Hand
General Cash
Date
Plus Cash Received
Beginning Cash
Minus Cash Paid
Page 1 Journal Sales
Account Title Doc No Post Ref Debit Credit Credit Debit Credit
Feb 1 Dennis Gilbert, Capital R1 R1 10,000.00 10,000.00
2014 4 supplies C1 C1 3,000.00 3,000.00
5 Supplies C2 C2 250.00 250.00
6 Prepaid Insurance C3 C3 600.00 600.00
7 Supplies M1 M1 2,000.00
AP- Scott Supplies 2,000.00
8 AP- Scott Supplies C4 C4 1,000.00 1,000.00
12 AP- Scott Supplies C4 C4 1,000.00 1,000.00
12 Rent Expense C6 800.00 800.00
13 X X 500.00 500.00
14 AR- Covey Company S1 450.00 450.00
15 Utilities C7 380.00 380.00
15 Dennis Gilbert, Capital C8 2,800.00 2,800.00
18 X X C8 278.00 278.00
19 Miscellaneus Expense C9 64.00 64.00
21 AR- Covey Company R2 250.00 250.00
22 X X T22 700.00 700.00
22 Utilities C10 329.00 329.00
25 supplies M2 340.00
AP- Scott Supplies 340.00
25 AR- Covey Company R3 200.00 200.00
25 Miscellaneus Expense C11 25.00 25.00
26 AR- Covey Company S2 800.00 800.00
26 supplies C12 44.00 44.00
27 Rent Expense C13 200.00 200.00
27 Miscellaneus Expense C14 37.00 37.00
28 X X T28 1,365.00 1,365.00
28 Dennis Gilbert, Capital C15 800.00 800.00
14,919.00 12,790.00 4,093.00 13,293.00 11,329.00
28 Total
Debit Credit
28212 28212
-
13,293.00
11,329.00
1,964.00
1,964.00 Checkbook Balance
Equals Cash on Hand
General Cash
Date
Plus Cash Received
Beginning Cash
Minus Cash Paid
Page 1 Journal Sales
Account Title Doc No Post Ref Debit Credit Credit Debit Credit
Feb 1 Dennis Gilbert, Capital R1 R1 10,000.00 10,000.00
2014 4 supplies C1 C1 3,000.00 3,000.00
5 Supplies C2 C2 250.00 250.00
6 Prepaid Insurance C3 C3 600.00 600.00
7 Supplies M1 M1 2,000.00
AP- Scott Supplies 2,000.00
8 AP- Scott Supplies C4 C4 1,000.00 1,000.00
12 AP- Scott Supplies C4 C4 1,000.00 1,000.00
12 Rent Expense C6 800.00 800.00
13 X X 500.00 500.00
14 AR- Covey Company S1 450.00 450.00
15 Utilities C7 380.00 380.00
15 Dennis Gilbert, Capital C8 2,800.00 2,800.00
18 X X C8 278.00 278.00
19 Miscellaneus Expense C9 64.00 64.00
21 AR- Covey Company R2 250.00 250.00
22 X X T22 700.00 700.00
22 Utilities C10 329.00 329.00
25 supplies M2 340.00
AP- Scott Supplies 340.00
25 AR- Covey Company R3 200.00 200.00
25 Miscellaneus Expense C11 25.00 25.00
26 AR- Covey Company S2 800.00 800.00
26 supplies C12 44.00 44.00
27 Rent Expense C13 200.00 200.00
27 Miscellaneus Expense C14 37.00 37.00
28 X X T28 1,365.00 1,365.00
28 Dennis Gilbert, Capital C15 800.00 800.00
14,919.00 12,790.00 4,093.00 13,293.00 11,329.00
28 Total
Debit Credit
28212 28212
-
13,293.00
11,329.00
1,964.00
1,964.00 Checkbook Balance
Equals Cash on Hand
General Cash
Date
Plus Cash Received
Beginning Cash
Minus Cash Paid
Page 1 Journal Sales
Account Title Doc No Post Ref Debit Credit Credit Debit Credit
Feb 1 Dennis Gilbert, Capital R1 R1 10,000.00 10,000.00
2014 4 supplies C1 C1 3,000.00 3,000.00
5 Supplies C2 C2 250.00 250.00
6 Prepaid Insurance C3 C3 600.00 600.00
7 Supplies M1 M1 2,000.00
AP- Scott Supplies 2,000.00
8 AP- Scott Supplies C4 C4 1,000.00 1,000.00
12 AP- Scott Supplies C4 C4 1,000.00 1,000.00
12 Rent Expense C6 800.00 800.00
13 X X 500.00 500.00
14 AR- Covey Company S1 450.00 450.00
15 Utilities C7 380.00 380.00
15 Dennis Gilbert, Capital C8 2,800.00 2,800.00
18 X X C8 278.00 278.00
19 Miscellaneus Expense C9 64.00 64.00
21 AR- Covey Company R2 250.00 250.00
22 X X T22 700.00 700.00
22 Utilities C10 329.00 329.00
25 supplies M2 340.00
AP- Scott Supplies 340.00
25 AR- Covey Company R3 200.00 200.00
25 Miscellaneus Expense C11 25.00 25.00
26 AR- Covey Company S2 800.00 800.00
26 supplies C12 44.00 44.00
27 Rent Expense C13 200.00 200.00
27 Miscellaneus Expense C14 37.00 37.00
28 X X T28 1,365.00 1,365.00
28 Dennis Gilbert, Capital C15 800.00 800.00
14,919.00 12,790.00 4,093.00 13,293.00 11,329.00
28 Total
Debit Credit
28212 28212
-
13,293.00
11,329.00
1,964.00
1,964.00 Checkbook Balance
Equals Cash on Hand
General Cash
Date
Plus Cash Received
Beginning Cash
Minus Cash Paid
Page 1 Journal Sales
Account Title Doc No Post Ref Debit Credit Credit Debit Credit
Feb 1 Dennis Gilbert, Capital R1 R1 10,000.00 10,000.00
2014 4 supplies C1 C1 3,000.00 3,000.00
5 Supplies C2 C2 250.00 250.00
6 Prepaid Insurance C3 C3 600.00 600.00
7 Supplies M1 M1 2,000.00
AP- Scott Supplies 2,000.00
8 AP- Scott Supplies C4 C4 1,000.00 1,000.00
12 AP- Scott Supplies C4 C4 1,000.00 1,000.00
12 Rent Expense C6 800.00 800.00
13 X X 500.00 500.00
14 AR- Covey Company S1 450.00 450.00
15 Utilities C7 380.00 380.00
15 Dennis Gilbert, Capital C8 2,800.00 2,800.00
18 X X C8 278.00 278.00
19 Miscellaneus Expense C9 64.00 64.00
21 AR- Covey Company R2 250.00 250.00
22 X X T22 700.00 700.00
22 Utilities C10 329.00 329.00
25 supplies M2 340.00
AP- Scott Supplies 340.00
25 AR- Covey Company R3 200.00 200.00
25 Miscellaneus Expense C11 25.00 25.00
26 AR- Covey Company S2 800.00 800.00
26 supplies C12 44.00 44.00
27 Rent Expense C13 200.00 200.00
27 Miscellaneus Expense C14 37.00 37.00
28 X X T28 1,365.00 1,365.00
28 Dennis Gilbert, Capital C15 800.00 800.00
14,919.00 12,790.00 4,093.00 13,293.00 11,329.00
28 Total
Debit Credit
28212 28212
-
13,293.00
11,329.00
1,964.00
1,964.00 Checkbook Balance
Equals Cash on Hand
General Cash
Date
Plus Cash Received
Beginning Cash
Minus Cash Paid
Journal Sales
Account Title Doc No Post Ref Debit Credit Credit
June 1 Jane Ferandez, Capital R1 16000
2014 2 Supplies C1 300
3 Rent Expense C2 900
4 Supplies M1 1700
AP- Akins Supplies 1700
5 Utilities Expense C3 146
8 AP- Akins Supplies C4 1000
8 X T8 980
8 AR-Tony's Limos S1 450 450
9 Prepaid Insurance C6 1200
10 Repair Expense T10 388
10 X 476
11 Miscellaneus Expense C7 15
11 X T11 630
12 X T12 900
15 X T15 850
16 Supplies C9 1100
17 AR-Tony's Limos R2 225
17 Supplies M2 600
AP- Pine Supplies T17 600
17 X T18 500
18 X T19 800
19 X M3 650
22 Supplies T22 60
AP-Pine Supplies 60
22 X T22 610
23 Utilities Expense C10 85
23 AR-Tony's Limos S2 582 582
24 Advertising Expense C11 125
24 X T24 300
25 X T25 770
26 Supplies C12 90
26 X T26 300
29 AP- Tony Limos R3 350
30 Jane Ferandez, Capital C13 450
30 X T30 500
Total 9191 20365 7868
Debit Credit
9191 20365
24841 7868
5799
General
Date
Beginning Cash
Plus Cash Received
34032 34032
Equals Cash on Hand
Checkbook Balance
Minus Cash Paid
Debit Credit
16000
300
900
146
1000
980
1200
388
476
15
630
900
850
1100
225
500
800
650
610
85
125
300
770
90
300
350
450
500
24841 5799
-
######
Cash
Beginning Cash
Plus Cash Received
######
######
######
Equals Cash on Hand
Checkbook Balance
Minus Cash Paid