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Learning Objective 1 Journalizing: analyzing and recording business transactions into a journal.
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Accounting is the process that... analyzes, records, classifies, summarizes, reports, and... interprets.
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Business Organizations
All three types of business entities use the same basic accounting system. Sole proprietorship
Partnerships Corporations
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Account: 1000
Balance debit 5,000 credit
Example
Journal
Date Account and Explanation June 1 Cash Clara J. Capital Initial investment
Page 1
Post Ref. debit 1000 5,000 3010 credit 5,000
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Example
Journal
Date Account and Explanation July 3 Phone Expense Accounts Payable Paid phone bill
Page 1
Post Ref. debit 5040 155 2000 credit 155
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Example
Journal
Date Account and Explanation July 6 Insurance Expense Cash Paid insurance bill
Page 1
Post Ref. debit 5060 150 1000 credit 150
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Example
Journal
Date
Page 1
credit 200
Account and Explanation Post Ref. debit July 8 Accounts Payable 2000 200 Cash 1000 Paid Accounts Payable
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Example
Journal
Date Account and Explanation July 8 Accounts Receivable Service Revenue Performed Services
Page 1
Post Ref. debit 1020 850 4000 credit 850
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Learning Objective 3
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Thank You
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