|
Duvall Reading Room Quiz, March 28
Business Transactions
Chart of Accounts:
110 Cash
120 Accts. Receivable--Steve Stone
130 Supplies--Office
140 Computer Equipment
210 Notes Payable--Bank of America
310 Steve Jackson, Capital
320 Steve Jackson, Drawing
|
410 Sales
510 Purchases
610 Advertising Expense
620 Rent Expense
630 Miscellaneous Expense |
|
|
Date |
Transaction |
| May 5 |
Paid $230 to advertise a book sale in the King County
Journal. Check 21 (C21) |
| 6 |
Received $1,000 in book store sales for the day.
Tape 506 (T506) |
| 7 |
Paid $300 to Steve Jackson for his personal use. Check 22
(C22) |
| 8 |
Sold some office supplies that you decided you will not be
able to use, $50. Receipt 3 (R3) |
|
9 |
Paid $50 to have a book shelf repaired that is used in
your store. Check 23 (C23) |
| |
|
|
|
|
Accounting Quiz,
March 28
General Journal
Page 1
|
Date |
Item |
Doc.
No. |
Post
Ref. |
Debit |
Credit |
|
2008
May |
5 |
Advertising Expense |
C21 |
610 |
|
2 |
3 |
0 |
-- |
|
|
|
|
|
| |
|
Cash |
|
110 |
|
|
|
|
|
|
2 |
3 |
0 |
-- |
| |
6 |
Cash |
|
|
1 |
0 |
0 |
0 |
-- |
|
|
|
|
|
| |
|
Sales |
|
|
|
|
|
|
|
1 |
0 |
0 |
0 |
-- |
| |
7 |
Steve Jackson, Drawing |
|
|
|
3 |
0 |
0 |
-- |
|
|
|
|
|
| |
|
Cash |
|
|
|
|
|
|
|
|
3 |
0 |
0 |
-- |
| |
8 |
Cash |
|
|
|
|
5 |
0 |
-- |
|
|
|
|
|
| |
|
Supplies--Office |
|
|
|
|
|
|
|
|
|
5 |
0 |
-- |
| |
9 |
Miscellaneous Expense |
|
|
|
|
5 |
0 |
-- |
|
|
|
|
|
| |
|
Cash |
|
|
|
|
|
|
|
|
|
5 |
0 |
-- |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
(always record debits before
credits) |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debit/Credit Key to Recording Your Entries |
| Account Type |
Increase |
Decrease |
Assets (100)--something having value for
the
company |
Debit |
Credit |
Liabilities (200)--when the company owes
money |
Credit |
Debit |
Owner's Equity/Capital (300)--owner's
value in the company |
Credit |
Debit |
Owner's Drawing (300)--when the owner
takes cash or items from the
company for personal use |
Debit |
Credit |
Revenue (we title this Sales) (400)--your
normal source of
making money |
Credit |
Debit |
Purchases (500)--when you buy
merchandise
that you will then sell to make a
profit. |
Debit |
Credit |
Expenses (600)--short-term expenditures
for the purpose of generating
revenue |
Debit |
Credit |
|