Principles of Accounting I Asst Prof Dr Panchat

Principles of Accounting I Asst. Prof. Dr. Panchat Akarak p. thipnew 1@hotmail. com School of Accounting Chiang Rai Rajabhat University Accounting I 1

Accounting Cycle 1 Posted Entries to Ledger Accounts Prepare Unadjusted Trial Balance Adjusting Journal Entries Prepare Adjusted Trial Balance Record Closing Entries Prepare Financial Statement Recorded Journal Entries Record Reversing Entries/ Opening Entries Prepare Post. Closing Trial Balance

Recorded Journal Entries General Journal Date Account Titles and Explanation P. R. 25 x 5 Jan 1 Cash Accounts Receivable Supplies Office Equipment Accounts Payable Joy, Capital Joy transfer assets, liabilities to business 11 12 13 14 21 31 Debit amount 8, 000 4, 200 1, 200 31, 800 - - Credit amount 1, 400 43, 800 -

Recorded Journal Entries General Journal Date Account Titles and Explanation P. R. 25 x 5 Jan 1 Accounts Payable 21 Cash 11 Paid $600 for Accounts Payable รายการคาทเกดขนร ะหวาง เดอนมกราคม 1 Debit amount 600 - Credit amount 600 -

Recorded Journal Entries General Journal Date Jan Account Titles and Explanation P. R. 2 Rent Expense Cash Paid $3, 600 for Rent Expense 51 11 Debit amount 3, 600 - Credit amount 3, 600 - มกราคม 2 จายคาเชาเดอนมกราคม

Recorded Journal Entries General Journal Date Jan Account Titles and Explanation P. R. 3 Cash Accounts Receivable Received Accounts Receivable 11 12 Debit amount 2, 000 - มกราคม 3 รบชำระหนจากลกหน P. 1… Credit amount 2, 000 -

Recorded Journal Entries General Journal Date Account Titles and Explanation P. R. Jan 4 Supplies Cash Purchased $500 Supplies on Cash P. 1… Debit amount Credit amount 13 11 500 - มกราคม 4 ซอวสดสำนกงาน 500 - 500 บ

Recorded Journal Entries General Journal Date Account Titles and Explanation P. R. Jan 5 Accounts Receivable Service Revenue Performed $11, 500 service on account 12 41 มกราคม 5 ใหบรการแกลกคาและสงใบแจ งหนเพอเรยกเกบเงนจากลกค P. 1… Debit amount Credit amount 11, 500 -

Recorded Journal Entries General Journal Date Account Titles and Explanation P. R. Jan 6 Salaries Expense Cash Paid $2, 400 for Salaries Expense 52 11 Debit amount Credit amount 2, 400 - มกราคม 6 จายเงนเดอนใหพนกงาน

Recorded Journal Entries General Journal Date Account Titles and Explanation P. R. Jan 7 Cash Service Revenues Received $32, 000 Service Revenues on cash 11 41 Debit amount Credit amount 32, 000 - มกราคม 7 ไดรบเงนสดจากการใหบรการแก จำนวน 32, 000 บาท

Recorded Journal Entries General Journal Date Jan Account Titles and Explanation P. R. 8 Utilities Expense Cash Paid $180 for Utilities Expense มกราคม 8 จายคาสาธารณปโภค 180 บาท 53 11 Debit amount 180 - Credit amount 180 -

Recorded Journal Entries General Journal Date Account Titles and Explanation P. R. Jan 9 Office Equipment Accounts Payable Purchased $7, 000 Office Equipment on credit 14 21 P. … Debit amount Credit amount 7, 000 - มกราคม 9 ซออปกรณสำนกงานเปนเง นเชอ 7, 000 บาท 7, 000 -

Recorded Journal Entries General Journal Date Account Titles and Explanation P. R. Jan 10 Drawing -Joy Cash Joy withdrawn $5, 000 cash from business 32 11 Debit amount Credit amount 5, 000 มกราคม 10 เจาของถอนเงนกจการไปใชสวน 5, 000 -

General Ledger-T Account A/C. . . Cash. . . . . Debit Transactio pa Dat Transact pa Credit amou Date n ge e ion ge amount nt Jan Acc. 1 Pay/Capital 3 Accounts Rec. 7 Service Revenue 29, 720. - GJ 1 8, 00 0 2, 00 0 32, 00 0 42, 00 0 - Jan 1 - 2 - 4 6 Accounts GJ pay 1 Rent exp. GJ 1 Supplies GJ 1 Salaries GJ exp. 1 Utilities GJ 600 3, 600 500 2, 400 180 -

General Ledger-T Account A/C. Accounts Receivable Debit Transactio pa Dat Transacti pa Credit amou Date n ge e on ge amount nt Jan 1 5 Capital Service Revenues 13, 700. - GJ 4, 20 - Jan 1 0 3 GJ 11, 5 - 1 00 15, 7 - 00 Cash GJ 1 2, 000

General Ledger-T Account A/C. . . Supplies. . . Debit Transactio pa Dat Transacti pa Credit amou Date n ge e on ge amount nt Jan 1 Capital 4 Cash GJ 1, 20 - 1 0 GJ 500 - 1 1, 70 - 0

General Ledger-T Account A/C. . Office Equipment. Debit Transactio pa Dat Transacti pa Credit amou Date n ge e on ge amount nt Jan 1 Capital 9 Accounts Pay. GJ 1 31, 80 0 GJ 7, 00 1 0 38, 8 00 -

General Ledger-T Account A/C. . Accounts Payable. Debit Transactio pa Dat Transacti pa Credit amou Date n ge e on ge amount nt Jan 1 Cash GJ 1 600 - Jan 1 9 Capital GJ 1 Off. GJ Equipment 1 7, 800. - 1, 400 7, 000 8, 400

General Ledger-T Account A/C. . . Joy, Capital No. Debit Transactio pa Dat Transacti pa Credit amou Date n ge e on ge amount nt Jan 1 Account Payable GJ - Jan Cash 1 1, 40 1 0 Accounts Rec Supplies GJ 1 8, 000 - GJ 1 Equipmen GJ t 1 4, 200 1, 200 31, 80 0

General Ledger-T Account A/C. . Drawing-Joy Debit Transactio pa Dat Transacti pa Credit amou Date n ge e on ge amount nt Jan 10 Cash GJ 1 5, 00 0

General Ledger-T Account A/C. . . Service Revenues. Debit Transactio pa Dat Transacti pa Credit amou Date n ge e on ge amount nt Accounts Rec. Cash Jan 5 7 GJ 1 11, 50 0 32, 00 0 43, 50 0

General Ledger-T Account A/C. . Rent expense Debit Transactio pa Dat Transacti pa Credit amou Date n ge e on ge amount nt Jan 3 Cash GJ 1 3, 60 0

General Ledger-T Account A/C. . Salaries expense Debit Transactio pa Dat Transacti pa Credit amou Date n ge e on ge amount nt Jan 6 Cash GJ 1 2, 40 0 -

General Ledger-T Account A/C… Utilities expense Debit Transactio pa Dat Transacti pa Credit amou Date n ge e on ge amount nt Jan 1 Cash GJ 1 180 -

Pencil Footing Balance of General ledger • 4 Steps 1) total Debit side 2) total Credit side 3) Deduct total Debit and total Credit 4) Difference balance in Transaction more than side

Pencil Footing Summary balance as; Assets Balance Dr. Liabilities Balance Cr. Equity Balance Cr. Revenue Balance Cr. Expense Balance Dr.

Trial Balance Account Titles Cash Accounts Receivable Supplies Office Equipment Accounts Payable Capital-Joy Drawing-Joy Service Revenues Rent expense Salaries expense Utilities expense total Ac No. 11 12 13 14 21 31 32 41 51 52 53 DEBIT 29, 720 13, 700 1, 700 38, 800 CREDIT - - - 7, 800 43, 800 - 5, 000 3, 600 2, 400 180 95, 100 43, 500 - - - - 95, 100 -

Example Trial Balance Account Titles Ac No. DEBIT 11 12 13 14 15 16 17 18 19 21 31 41, 000 3, 000 2, 000 5, 000 70, 000 300, 000 30, 000 6, 000 300, 000 32 41 51 52 53 54 Total Principles of Accounting I 5, 000 25, 000 15, 000 3, 000 1, 000 500, 000 158, 000 500, 000 30 Cash Accounts receivable Supplies on hand Unexpired insurance Land Building Accumulated depreciation-building Equipment Accumulated depreciation-Equipment Accounts payable Capital-Brown Drawing-Brown Commissions revenue Payroll expense Depreciation building expense Depreciation equipment expense Utilities expense CREDIT

The End Thank you for your Attention Q & A