Xacc280 Appendix C-2

Axia College Material
Appendix C Journalizing, Posting, and Preparing a Trial Balance

Journalizing the Transactions
Use this template to journalize the transactions for Jane Kent, Inc. The first two lines are completed for you. You might not require all the lines provided.
DATE
May 1
3-May
7_May 11-May 12-May 17-May 31-May 31-May
GENERAL JOURNAL ACCOUNT TITLE AND EXPLANATION Cash Common Stock Supplies Accounts Payable (Purchased Supplies on account) Rent Expense Cash Accounts Receivible Service Revenue Cash Unearned Revenue Cash Service Revenue Salaries Expense Cash Accounts Payable ($2,500 X 40%) Cash
REF. DEBIT 101 25,000 311 126 2,500 201 729 101 112 400 101 205 101 400 726 101 201 101 900
J1 CREDIT 25,000 2,500
900 2,100 2,100 3,500 3,500 1,200 1,200 2,000 2,000 1,000 1,000
Cash Date May
Explanation
Ref
Debit
Credit 25,000 3,500 1,200
1 7 12 17 31 31
J1 J1 J1 J1 J1 J1
Balance 25,000 900 24,100 27,600 28,800 2,000 26,800 1,000 25,800
a) General Journal
Balance
a) General Journal

Posting the Accounts
Post the ledger accounts for Jane Kent, Inc. on this General Ledger. The first line of the cash account is completed for you. Complete the remaining lines in the cash account, and the other eight accounts. You have nine accounts altogether.
GENERAL LEDGER Cash DATE EXPLANATION 1-May-2008
REF. J1
DEBIT CREDIT 25,000
Accounts Receivable DATE EXPLANATION 11-May-08 Supplies DATE EXPLANATION 3-May-08 Accounts Payable DATE EXPLANATION 3-May-08 31-May-08 Unearned Revenue DATE EXPLANATION 12-May-08 Common Stock DATE EXPLANATION 1-May-08 Service Revenue DATE EXPLANATION 11-May-08 17-May-08 Salaries Expense
REF. J1
DEBIT CREDIT 2,100
REF. J1
DEBIT CREDIT 2,500.00
REF. J1 J1
DEBIT 1,000
CREDIT 2,500
REF. J1
DEBIT
CREDIT 3,500
REF. J1
DEBIT
CREDIT 25,000
REF. J1 J1
DEBIT
CREDIT 2,100 1,200
b) Ledger Accounts
DATE EXPLANATION 31-May-08 Rent Expense DATE EXPLANATION 7-May-08
REF. J1
DEBIT CREDIT 2,000
REF. J1
DEBIT CREDIT 900
b) Ledger Accounts
ing a Trial Balance
General Ledger. The first line of the cash account is completed for you. and the other eight accounts. You have nine accounts altogether.
No. 101 BALANCE 25,000
No. 112 BALANCE 2,100 No. 126 BALANCE 2,500.00 No. 201 BALANCE 2,500 1,500 No. 205 BALANCE 3,500 No. 311 BALANCE 25,000 No. 400 BALANCE 2,100 3,300 No. 726
b) Ledger Accounts
BALANCE 2,000 No. 729 BALANCE 900
b) Ledger Accounts

Preparing a Trial Balance
Prepare a trial balance dated May 31, 2008 for Jane Kent, Inc. Debit and Credit totals are double-underlined. You can place summation formulas in F17 and G17 to compute debit and credit totals. Otherwise, you can compute totals using a calculator, then enter totals directly.
JANE KENT, INC. Trial Balance

31-May-08 Cash Accounts Receivable Supplies Accounts Payable Unearned Revenue Common Stock Service Revenue Salaries Expense Rent Expense Totals DEBIT CREDIT $25,800 2,100 2,500 $1,500 3,500 25,000 3,300 2,000 900 $33,300 $33,300
The general goals of financial reporting are to have finan Statements, budgets, and other reports in orde company is being operated and the financial he These are used to show potential investors, existing inv the general public, and several governmental a These reports also explain the goals the company would the obstacles that must be overcome and how I started the recording process by posting all the accoun which included all reference numbers, dollar am a "Debit" or "Credit". Once I finished the Gener Balance at the end of the General Journal that w creating the Trial Balance sheet. I made all ent ance sheet. I made all th and then completed the Trial Balance sheet to m The Ledger Accounts consisted of the account name, da transaction was a Debit or Credit and the balan The steps that I took supported the ALOE method by sh and the Owners Equity and that all the money c would show the company books were in fact in
c) Trial Balance
has been accounted for. This shows that there are no misapproriations of funds, paid and on time, and that the company is bein
c) Trial Balance
goals of financial reporting are to have financial records such as ements, budgets, and other reports in order to show how the pany is being operated and the financial health of the company. ed to show potential investors, existing investors, banks, employees yees general public, and several governmental agencies. s also explain the goals the company would like to reach along with obstacles that must be overcome and how they will accomplish that. ecording process by posting all the accounts to the General Journal ch included all reference numbers, dollar amounts, and whether it was ebit" or "Credit". Once I finished the General Journal I ran a running nce at the end of the General Journal that would be carried over to ance sheet. I made all the entries into the Ledger Sheet then completed the Trial Balance sheet to make sure I had no mistakes. ccounts consisted of the account name, date, reference, whether the saction was a Debit or Credit and the balance of each account. at I took supported the ALOE method by showing the Assets, Liabilities, the Owners Equity and that all the money coming in and going out ld show the company books were in fact in balance. Every dollar
c) Trial Balance
hat there are no misapproriations of funds, that all creditors are being and on time, and that the company is being financially managed properly.
c) Trial Balance

Xacc280 Appendix C-2

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Appendix C Journalizing, Posting, and Preparing a Trial Balance

7_May 11-May 12-May 17-May 31-May 31-May

J1 CREDIT 25,000 2,500

Cash Date May

Credit 25,000 3,500 1,200

Axia College Material

GENERAL LEDGER Cash DATE EXPLANATION 1-May-2008

DEBIT CREDIT 25,000

DEBIT CREDIT 2,100

DEBIT CREDIT 2,500.00

CREDIT 2,100 1,200

DATE EXPLANATION 31-May-08 Rent Expense DATE EXPLANATION 7-May-08

DEBIT CREDIT 2,000

DEBIT CREDIT 900

ing a Trial Balance

No. 101 BALANCE 25,000

BALANCE 2,000 No. 729 BALANCE 900

Axia College Material

JANE KENT, INC. Trial Balance

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