26 Jun Date Accounts ???and Explanation Debit ? Nov. 2 Office Supplies ?? Accounts Payable ?? Purchased office ??supplies on accountWeek2-Mastery.doc
Date
Accounts and Explanation
Debit
Nov. 2
Office Supplies
Accounts Payable
Purchased office supplies on account
Use the information provided in the journal entry to post the transaction to the t-account. Post in DR/CR order.
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Date |
Accounts and Explanation |
Debit |
Credit |
|
Nov. 2 |
Office Supplies |
23,500 |
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Accounts Payable |
23,500 |
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Purchased office supplies on account |
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Date |
Accounts and Explanation |
Debit |
Credit |
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Nov. 6 |
Furniture |
28,900 |
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Bright, Capital |
28,900 |
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Bright, the owner, contributed furniture in exchange for capital. |
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Date |
Accounts and Explanation |
Debit |
Credit |
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Nov. 8 |
Cash |
27,300 |
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Service Revenue |
27,300 |
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Received cash for services rendered to a client |
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Date |
Accounts and Explanation |
Debit |
Credit |
|
Nov. 12 |
Notes Payable |
14,000 |
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Cash |
14,000 |
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Made payment on notes payable |
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Date |
Accounts and Explanation |
Debit |
Credit |
|
Nov. 15 |
Prepaid Insurance |
5,400 |
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Cash |
5,400 |
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Paid for a one year insurance policy |
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Top of Form
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A T is drawn. The vertical line divides the account into its left and right sides. The left side of the T-account is called the debit side and the right side is called the credit side. The account name is at the top, above the horizontal line.
Bottom of Form
Post the transaction to the four-column ledger account and complete the journal entry.
Top of Form
JournalPage 1
|
Date |
Accounts and Explanation |
Post. Ref. |
Debit |
Credit |
|
2016 Nov. 1 |
Cash |
|
40,000 |
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Bright, Capital |
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40,000 |
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Owner Contribution. |
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CashAccount No. 101
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Balance |
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Date |
Item |
Post. Ref. |
Debit |
Credit |
Debit |
Credit |
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2016 |
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Bright, CapitalAccount No. 301
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Balance |
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Date |
Item |
Post. Ref. |
Debit |
Credit |
Debit |
Credit |
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2016 |
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Bottom of Form
After journalizing entries, information can be entered into T-Accounts and/or the four-column ledger. Enter the information from the T-Account and calculate the running balance in the appropriate place in the four-column ledger to review the similarities between the two formats.
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A T is drawn. The vertical line divides the account into its left and right sides. The left side of the T-account is called the debit side and the right side is called the credit side. The account name is at the top, above the horizontal line. |
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Cash |
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Nov. 1 |
41,900 |
8,000 |
Nov. 2 |
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Nov. 8 |
17,800 |
4,800 |
Nov. 15 |
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Nov. 22 |
29,800 |
5,200 |
Nov. 21 |
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Dec. 21 |
15,400 |
10,200 |
Nov. 25 |
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Dec. 28 |
14,300 |
4,400 |
Dec. 1 |
|
2,000 |
Dec. 3 |
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5,600 |
Dec. 15 |
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Bal. |
79,000 |
Top of Form
CashAccount No. 101
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Balance |
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Date |
Item |
Post. Ref. |
Debit |
Credit |
Debit |
Credit |
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2016 |
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J1 |
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J1 |
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Bottom of Form
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