Enter transactions to the appropriate journals ( Sales , ?Purchases, Cash Receipts, Cash Disbursements or General Journal
Question:
Enter transactions to the appropriate journals Sales ?Purchases, Cash Receipts, Cash Disbursements or General Journal ?An example is shown for each special journal ?transactions b ?c ?and ?You do not need to enter those transactions again ?but be sure to include those items in your transaction totals.
a ?Hint: before you begin go down the list of transaction and decide what journal it goes in
Post to the appropriate subledgers if applicable.
a ?Hint: use the post column to keep yourself organized as to which amounts you have transferred to the ledgers.
Post to the general ledger accounts.
a ?Hint: if there are several transactions to the same account in a special journal, you only transfer the total to the general ledger.
Calculate a total for each general ledger account. Draw a line under the last transaction and then the total amount on the side debit or credit ?that has an account balance.
Prepare a trial balance using the totals from each general ledger.
Prepare a multistep Income Statement, complete with a ?line header. Produce a nicely formatted, high quality work product.
Prepare a classified Balance Sheet separate current assets from longterm and current liabilities from longterm. ?Be sure to include the line header. Produce a nicely formatted, high quality work product.
Prepare simple schedules of AR and AP to test the accuracy of the subledgers. nice formatting is not necessary for these.
Example of Manual Accounting
The Manson Company completed these transactions during January of the current year:
tableTrxJournal,DescriptionaJanuary ?Began business by selling stock for $btableJanuary ?Rented office space for ?month using check number ?for $ ?toSmithlord Properties.Example posted to cash disbursement journalctableJanuary ?Purchased office furniture and equipment on credit from Mckay Company, invoicemck ?dated January ?terms ?net $Example posted to purchasesjournaldtableJanuary ?Sold merchandise on credit to John Nelson. Invoice No ?$Terms forall credit sales are Example posted to sales journaletableJanuary ?Purchased on credit from Cosair Company office supplies, $ ?invoice xxdated January ?due in ?days. Supplies are expected to last for approximately ?months.ftableJanuary ?Received merchandise and invoice F ?dated Jan ?terms ?n; fromFarnswood Company, $gJanuary ?Sold merchandise on credit to Thomas Zak, Invoice no $htableJanuary ?Sent Farnswood Company Check no ?in payment of its January ?invoice lessthe discount.iJanuary ?Sold merchandise on credit to Margo Edwards, Invoice no$jJanuary ?Sold merchandise on credit to Ken Duclose, Invoice no$
Pearson Edexcel A Level Mathematics Pure Mathematics Year 2
ISBN: 9781292183404
1st Edition
Authors: Greg Attwood, Jack Barraclough, Ian Bettison, David Goldberg, Alistair Macpherson, Joe Petran