Wrecking Crew Orchestra http www youtube comwatch vRot
Wrecking Crew Orchestra • http: //www. youtube. com/watch? v=Rot 9 ua. VO 8 s
The ‘General Journal’
The ‘General Journal’ • After adding numerous transactions, the ledger can become quite full. • It is difficult to tell exactly what happened for each transaction just by looking at all those numbers • The General Journal provides us with a way to record the details of each transaction. (A ‘Journal Entry’)
Here is how we use the General Journal….
‘Journal Entry’ Example: Purchase $400 worth of supplies for cash on July 10 th.
Journal Entry Example: Purchased gas for $52, and washer fluid (Misc. expense) for $10 using Mastercard, on July 19 th.
The steps in recording a transaction are: (put the steps on the bottom of your handout) 1) Date 2) Debits 3) Credit 4) Details of transaction
Date (Put these points on your handout. ) 2012 Dec. 3 The first date on the page will include the year and month. 15 Jan. 2 If the month changes it must be written down. Day numbers are written here, and they can be written by themselves. (The month is implied. )
P. R. / Page
Exercise 1, Pg. 161
Exercise 1, Pg. 161 (cont’d)
Exercise 1, Pg. 161 (cont’d)
Exercise 1, Pg. 161 (cont’d)
The ‘Opening Entry’ • Look at the section ‘The Opening Entry’ – Page 161 • How would the opening entry look for the opening of Johnny Johnson’s Jurassic park on October 1, 2005, if its assets and liabilities were as follows: (Do this entry on your journal paper. ) • Assets: – – T Rex $10, 000 Velociraptor $3, 000 Fences $18, 000 Visitor Centre $193, 000 • Liabilities: – Bank Loan $125, 000
October 1, 2005 Assets: T Rex $10, 000 Velociraptor $3, 000 Fences $18, 000 Visitor Centre $193, 000 Liabilities: Bank Loan $125, 000
Homework • Complete exercise 2 B, C, page 162 (You are ‘Journalizing’ the transactions here. You do not have to put them in the T -account ledger. )
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