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ASSIGNMENT DESCRIPTION AND GUIDANCE

Analyzing business transactions and entering them into a journal are the first steps in the accounting cycle. In this assignment, students will practice accurately analyzing business transactions to be recorded in the firm's books to determine which accounts in the firm's chart of accounts are affected. In addition to analyzing the sequence of transactions, students will also record each transaction in the firm's general journal.

Case Scenario

Jim Horton is updating his bookkeeping records at the end of the month. He has four transactions to enter in the general journal, but he is not sure how to analyze the transactions in order to complete the entries. Use the chart of accounts on the inside cover of the textbook or the handout and provide your analysis and make a general journal for the transactions listed below.

Transaction #1: On March 1st Jim Horton purchased a new computer for $1500. Jim paid $500 cash and put the remainder on his credit card.

Transaction #2: On March 30 Jim Horton obtained a grant for $750 from the Ontario government for small businesses. He will invest this money in his firm.

Transaction #3: On April 22 Jim Horton purchased office furniture worth $1000 on a store credit with zero dollars down. Interest will accrue after 90 days.

Transaction #4: On April 30 Jim Horton purchased a printer. He paid $100 by cheque for the machine.

ASSIGNMENT STEPS

1. Review each of the transactions carefully.
2. Following the example below, complete the analysis and journal entry for all the transactions.