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Journalizing

CHAPTER 6. Journalizing. Journalizing. throughout the accounting period. Source Documents. Closing. Journalizing. Accounting Cycle. at the end of the accounting period. Posting. Financial Statement. Trial Balance. Adjusting. Source Documents. Source Documents.

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Journalizing

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  1. CHAPTER 6 Journalizing

  2. Journalizing throughout the accounting period Source Documents Closing Journalizing Accounting Cycle at the end of the accounting period Posting Financial Statement Trial Balance Adjusting

  3. Source Documents Source Documents cash receipt credit card receipts cancelled checks invoices deposit slips notes for loans time cards purchase order check stub cash register tape, payment stubs for interest After jour nali zing Filed to verify the transact

  4. Journals the chronological record of business transactions ? Classification

  5. Journalizing General Journal Special-Purpose Journals purchases journal sales journal, cash receipts journal, cash payments journal

  6. Illustration of Journalizing Now, let’s look at an example of George Ross Photocopy Company

  7. Illustration of Journalizing March 3 George Ross invested additional $20,000 in his own photocopy company.

  8. General Journal 20XX Cash $20,000 Mar. 3 111 George Ross, Capital $20,000 311 Investment in business

  9. Illustration of Journalizing March 6 Rented an office, paying a year’s rent in advance, $4,800.

  10. General Journal 20XX Prepaid Rent $4,800 Mar. 6 121 Cash $4,800 111 Paying the rent in advance

  11. Illustration of Journalizing March 7 Purchased office equipment from Hougas Equipment Co. for $5,300, paying $2,300 in cash and agreed to pay the rest next month.

  12. General Journal 20XX Office Equipment Mar. 7 $5,300 141 Cash 111 $2,300 Accounts Payable 211 3,000 Partial payment of office equipment.

  13. Illustration of Journalizing March 19: Performed a service by printing price lists for Ward Fashion Company and collected a fee of $3,400.

  14. General Journal 20XX Cash $3,400 Mar. 19 111 Photocopy Fees Earned $3,400 311 Performed a service and collected fees.

  15. Illustration of Journalizing March 24: George Ross withdrew $980 from the business for personal living expenses.

  16. General Journal 20XX $980 Mar. 24 311 George Ross, Withdrawals Cash $980 111 Withdrew money from the business.

  17. Illustration of Journalizing March 25 Paid the secretary salary, $1,100.

  18. General Journal 20XX $1,100 Mar. 25 131 Office Salary Expense Cash $1,100 111 Paid the secretary the salary

  19. Illustration of Journalizing March 29 Received and paid the utility bill of $230.

  20. General Journal 20XX $230 Mar. 29 521 Utility Expense Cash $230 111 Paid the utility expense.

  21. Illustration of Journalizing March 31 Received a telephone bill, $120.

  22. General Journal 20XX $120 Mar. 31 531 Telephone Expense Accounts Payable $120 221 Received and not paid the telephone bill. .

  23. WE ARE SAILING RIGHT ALONG!!

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