Part of the accounting cycle includes completing step 2 -- journalize. This step involves recording accounts, including debits and credits, in a general journal.

For this week's discussion, submit your initial discussion post by responding to the following:

Scenario: Purchased office supplies on 4/15/18 for $400. It was paid 1/2 in cash and 1/2 on credit. Journal Entry: Date Account Dr Cr 4/15/2018 Office Supplies $400 Cash $200 Accounts Payable $200 To record purchase of office supplies Note 1: Total of Entry 5400 5400 Note 2: The total of debits equal the total of credits Note 3: According to the Accounting Equation the assets increased by $200 (5400-$200) & liabilities increased by 5200. Owners' Equity stayed the same