1 / 7

Unit # 6 – The General Journal

Unit # 6 – The General Journal. Unit # 6 – The General Journal. What is the General Journal? It is like an “ Accounting Diary ” in where the all the transactions are first recorded in the order of their occurrence. Purpose Provides continuous record of the accounting entries as they occur

merlin
Download Presentation

Unit # 6 – The General Journal

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Unit # 6 – The General Journal

  2. Unit # 6 – The General Journal • What is the General Journal? • It is like an “Accounting Diary” in where the all the transactions are first recorded in the order of their occurrence. • Purpose • Provides continuous record of the accounting entries as they occur • Organizes transactions and ensures that each entry balances • Provides a reference for verifying transactions

  3. Unit # 6 – The General Journal • Journalizing • The process of recording accounting entries in the General Journal • Journal Entry • The complete accounting entry for a transaction written in the journal (2 or more accounts are affected)

  4. Unit # 6 – The General Journal • How to Journalize? • Example • In last weeks class, Bryanna noticed Jasman’s fantastic Lip Syncing ability during Brittany Spears song “Gimme More”. She had a great idea!

  5. Unit # 6 – The General Journal • Bryanna:Jasman, with your fantastic Lip Syncing ability, you should open your own business • Jasman:You’re right! My style is fresh, I would make a fortune as an entertainer. I have $500 to invest, but how do I make my business legit in case I get audited after I make my Millions!

  6. Unit # 6 – The General Journal • Phillip overheard Bryanna’s and Jasman’s conversation and decided to help them out ! • Phillip: You need (and legally have to) to keep track of your Sales, Purchases, taxes, and expenses…. and I know just how to do it too!

  7. Unit # 6 – The General Journal 1st – Enter the date 2nd – Enter the account (s) to be debited and the corresponding amount Mar 18 Cash 500 Capital, J. Gill 500 Opened a Lip Syncing Business 4th – Write a brief explanation 3rd -Enter the account (s) to be credited and the corresponding amount. Particular must be indented!

More Related