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    Two Column Journal Entries

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    maria cacao
    The document discusses the general journal and general ledger. The general journal is where business transactions are initially recorded with debits and credits. It provides details of each transaction including date, account title, explanation, debit, and credit. It serves as the original book of entry. Information comes from source documents as proof of transactions. The basic format is a two-column general journal.

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    © All Rights Reserved
    Download as PPT, PDF, TXT or read online from Scribd

    Two Column Journal Entries

    Uploaded by

    maria cacao
    169 views20 pages
    The document discusses the general journal and general ledger. The general journal is where business transactions are initially recorded with debits and credits. It provides details of each transaction including date, account title, explanation, debit, and credit. It serves as the original book of entry. Information comes from source documents as proof of transactions. The basic format is a two-column general journal.

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    two column journal entries

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    The document discusses the general journal and general ledger. The general journal is where business transactions are initially recorded with debits and credits. It provides details of each transaction including date, account title, explanation, debit, and credit. It serves as the original book of entry. Information comes from source documents as proof of transactions. The basic format is a two-column general journal.

    Copyright:

    © All Rights Reserved
    Download as PPT, PDF, TXT or read online from Scribd
    Download as ppt, pdf, or txt
    169 views20 pages

    Two Column Journal Entries

    Uploaded by

    maria cacao
    The document discusses the general journal and general ledger. The general journal is where business transactions are initially recorded with debits and credits. It provides details of each transaction including date, account title, explanation, debit, and credit. It serves as the original book of entry. Information comes from source documents as proof of transactions. The basic format is a two-column general journal.

    Copyright:

    © All Rights Reserved
    Download as PPT, PDF, TXT or read online from Scribd
    Download as ppt, pdf, or txt
    of 20

    The General

    Journal and the


    General Ledger
    1
    McQuaig
    Bille 3–1
    The
    The General
    General Journal
    Journal
     A journal is a book in which business transactions are
    recorded as they happen.
     In the journal, both the debits and the credits of the entire
    transaction are recorded in one place.
     A journal is called a book of original entry because the first
    place an entry is recorded is in the journal.
     The process of recording business transactions in a journal
    is called journalizing.
     Information about transactions come from source
    documents that furnish proof that a transaction has taken
    place.
     The basic journal form is the two-column general journal.
    Transaction (a). June 1: J. Conner deposited
    90,000 in a bank account in the name of
    Conner’s Whitewater Adventures.

    This is the first


    transaction for the
    company, so “1” is
    entered as the page
    Next, we enter the date.
    number.
    Analyze
    Analyze the
    the Transaction
    Transaction Using
    Using
    the
    the T-
    T- Account
    Account Approach
    Approach

    Cash increases, so J. Conner, Capital


    it is debited. increases, so it is
    credited.
    Journal
    Journal Entry
    Entry
    Account title

    Notice that the Indent again for


    account title for the the explanation.
    credit is indented.
    Transaction (b). June 2: Conner’s Whitewater
    Adventures bought equipment, paying cash,
    38,000.

    Skip a line between entries.


    Transaction (c). June 3: Conner’s Whitewater
    Adventures bought equipment on account from
    Signal Products, 4,320.

    Note that the month and year are


    not repeated unless they change
    or a new journal page begins.
    Transaction (d). June 4: Conner’s Whitewater
    Adventures paid Signal Products, a creditor, on
    account, 2,000.
    Example
    Example of
    of Journal
    Journal Entries
    Entries
    LET’S
    TRY

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