|
|
|
|
|
|
|
|
|
|
|
|
|
| Bookkeeping |
|
| Transactions Recording
Answers |
|
|
|
|
|
|
|
|
|
| Instructions: |
|
|
|
|
|
| 1.
Enter yourTransactions in the shaded cells under the General Journal section below. |
|
|
|
|
|
| 2 .Enter each entry on a
separate line. |
|
|
|
|
|
|
|
|
| 3.
Select an Account from the dropdown menu under Account. |
|
|
|
|
|
|
|
| 4. Descriptions and Dates are
already filled in. |
|
|
|
|
|
| 5.
Enter the Debit and Credit Amounts
used to record increases and decreases to account balances. |
|
|
|
|
| 6.
As you enter your transactions, the General Ledger and Balance Sheet and
Income Statement for the period |
|
| are
automatically updated and displayed
below the transactions. |
|
|
|
|
| 7.
Help is provided for the Journal Entries (See Journal Entries Help tab). |
|
|
|
|
| 8. Error Check is used to
check that entries balance. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Debit & Credit Chart |
Debit |
Credit |
|
|
|
|
|
| Assets, Cost & Expense,
and Drawing Account |
Increase + |
Decrease - |
|
|
|
|
|
| Liabilities, Sales, and
Equity |
Decrease - |
Increase + |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Profit Sharing |
50% |
|
|
|
|
|
|
| General Journal |
|
|
|
| Transaction Description |
Date |
Dr Amount |
Cr Amount |
Account |
Amounts Check |
Account Check |
Transactions |
|
| Transaction 1 Owners
Investment-Cash |
x/xx/xxxx |
|
|
|
Correct |
Error |
Transaction 1 |
Investing in the Business |
|
0.00 |
0.00 |
|
| Transaction 1
Owner Equity-Mia |
x/xx/xxxx |
|
|
|
Correct |
Error |
|
Mia invests $3.00 and Leo invests $2.00 |
|
0.00 |
0.00 |
|
| Transaction 1
Owner Equity-Leo |
x/xx/xxxx |
|
|
|
Correct |
Error |
|
|
|
0.00 |
0.00 |
|
| Transaction 2
Loan from Mia-Cash |
x/xx/xxxx |
|
|
|
Correct |
Error |
Transaction 2 |
Loan to the business |
|
0.00 |
0.00 |
|
| Transaction 2
Loan from Mia-Notes Payable |
x/xx/xxxx |
|
|
|
Correct |
Error |
|
Mia loans the business $5.00 |
|
0.00 |
0.00 |
|
| Transaction 3
Equipment Purchase |
x/xx/xxxx |
|
|
|
Correct |
Error |
Transaction 3 |
Purchase of Equipment |
|
0.00 |
0.00 |
|
| Transaction 3
Equipment Purchase-Cash |
x/xx/xxxx |
|
|
|
Correct |
Error |
|
Mia wrote a check for $10.00 for Equipment |
|
0.00 |
0.00 |
|
| Transaction 4
Loan from Mom-Cash |
x/xx/xxxx |
|
|
|
Correct |
Error |
Transaction 4 |
Mom Loans the business $6.00 |
|
0.00 |
0.00 |
|
| Transaction 4
Loan from Mom-Accounts Payable |
x/xx/xxxx |
|
|
|
Correct |
Error |
|
Accounts Payable-Mom |
|
0.00 |
0.00 |
|
| Transaction 5
Inventory Purchase |
x/xx/xxxx |
|
|
|
Correct |
Error |
Transaction 5 |
Purchase of Inventory |
|
0.00 |
0.00 |
|
| Transaction 5
Inventory Purchase-Cash |
x/xx/xxxx |
|
|
|
Correct |
Error |
|
Mia wrote a check for $6.00 to purchase Inventory |
|
0.00 |
0.00 |
|
| Transaction 6
Sales Day 1-Cash |
x/xx/xxxx |
|
|
|
Correct |
Error |
Transaction 6 |
Sales Day 1-$10.00 |
|
0.00 |
0.00 |
|
| Transaction 6
Sales Day 1-Cost Of Sales |
x/xx/xxxx |
|
|
|
Correct |
Error |
|
Sales were $10.00 and
Cost Of Sales were $6.00 |
|
0.00 |
0.00 |
|
| Transaction 6
Sales Day 1-Inventory |
x/xx/xxxx |
|
|
|
Correct |
Error |
|
,Cash Received was $10.00 and Inventory decreased by $6.00 |
|
0.00 |
0.00 |
|
| Transaction 6
Sales Day 1-Sales |
x/xx/xxxx |
|
|
|
Correct |
Error |
|
|
|
0.00 |
0.00 |
|
| Transaction 7
Paying Debts-Accounts Payable-Mom |
x/xx/xxxx |
|
|
|
Correct |
Error |
Transaction 7 |
Paying Off Debts |
|
0.00 |
0.00 |
|
| Transaction 7
Paying Debts-Notes Payable-Mia |
x/xx/xxxx |
|
|
|
Correct |
Error |
|
Mia pays off Accounts Payable to Mom of $6.00 And |
|
0.00 |
0.00 |
|
| Transaction 7
Paying Debts-Cash |
x/xx/xxxx |
|
|
|
Correct |
Error |
|
Mia pays off $4.00 of her loan balance -Loans Payable-Mia. |
|
0.00 |
0.00 |
|
| Transaction
8 Loan from Mia-Cash |
x/xx/xxxx |
|
|
|
Correct |
Error |
Transaction 8 |
Loan to Business |
|
0.00 |
0.00 |
|
| Transaction
8 Loan from Mia-Notes Payable |
x/xx/xxxx |
|
|
|
Correct |
Error |
|
Mia loans the business $7.00 |
|
0.00 |
0.00 |
|
| Transaction
9 Inventory Purchase |
x/xx/xxxx |
|
|
|
Correct |
Error |
Transaction 9 |
Purchase of Inventory from Mom |
|
0.00 |
0.00 |
|
| Transaction
9 Inventory Purchase-Cash |
x/xx/xxxx |
|
|
|
Correct |
Error |
|
Mia pays Mom $7.00 for Invemtory |
|
0.00 |
0.00 |
|
| Transaction
10 Sales Day 2-Cash |
x/xx/xxxx |
|
|
|
Correct |
Error |
Transaction 10 |
Sales Day 2-$13.50 |
|
0.00 |
0.00 |
|
| Transaction
10 Sales Day 2-Cost Of Sales |
x/xx/xxxx |
|
|
|
Correct |
Error |
|
Sales were $13.50 and
Cost Of Sales were $7.00 |
|
0.00 |
0.00 |
|
| Transaction
10 Sales Day 2-Inventory |
x/xx/xxxx |
|
|
|
Correct |
Error |
|
,Cash Received was $13.50 and Inventory decreased by $7.00 |
|
0.00 |
0.00 |
|
| Transaction
10 Sales Day 2-Sales |
x/xx/xxxx |
|
|
|
Correct |
Error |
|
|
|
0.00 |
0.00 |
|
| Transaction
11 Paying Debts-Notes Payable-Mia |
x/xx/xxxx |
|
|
|
Correct |
Error |
Transaction 11 |
Paying Debts |
|
0.00 |
0.00 |
|
| Transaction
11 Paying Debts-Cash |
x/xx/xxxx |
|
|
|
Correct |
Error |
|
Mia pays herself $8.00 for the Loan still owed to her. |
|
0.00 |
0.00 |
|
| Transaction
12 Paying Owners-Owner Draws-Mia |
x/xx/xxxx |
|
|
|
Correct |
Error |
Transaction 12 |
Paying Owners |
|
0.00 |
0.00 |
|
| Transaction
12 Paying Owners-Owner Draws-Leo |
x/xx/xxxx |
|
|
|
Correct |
Error |
|
The kids wat to draw out some money. |
|
0.00 |
0.00 |
|
| Transaction
12 Paying Owners-Cash |
x/xx/xxxx |
|
|
|
Correct |
Error |
|
Mia pays Leo $2.75 and herself $2.75 |
|
0.00 |
0.00 |
|
| |
|
|
|
|
|
|
|
for a total cash outlay
of $5.50. |
|
|
|
|
|
|
|
|
|
|
|
| Closing Entries |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| Closing Entry 1 |
|
|
|
|
|
|
|
|
|
| Closing
Entry 1 Owner Equity-Mia Closing Draw |
x/xx/xxxx |
|
|
|
Correct |
Error |
|
|
|
0.00 |
0.00 |
|
| Closing
Entry 1 Owner Equity-Leo Closing Draw |
x/xx/xxxx |
|
|
|
Correct |
Error |
|
|
|
0.00 |
0.00 |
|
| Closing
Entry 1 Owner Draws-Mia Closing Draw |
x/xx/xxxx |
|
|
|
Correct |
Error |
|
|
|
0.00 |
0.00 |
|
| Closing
Entry 1 Owner Draws-Leo Closing Draw |
x/xx/xxxx |
|
|
|
Correct |
Error |
|
|
|
0.00 |
0.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Close Owner Draws to Owner
Equity Accounts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Closing Entry 2 |
|
|
|
|
|
|
|
|
|
|
|
|
| Closing
Entry 2 Closing Sales |
x/xx/xxxx |
|
|
|
Correct |
Error |
|
|
|
0.00 |
0.00 |
|
| Closing
Entry 2 Closing Cost of Sales |
x/xx/xxxx |
|
|
|
Correct |
Error |
|
|
|
0.00 |
0.00 |
|
| Closing
Entry 2 Closing Owner Equity-Leo |
x/xx/xxxx |
|
|
|
Correct |
Error |
|
|
|
0.00 |
0.00 |
|
| Closing
Entry 2 Closing Owner Equity-Mia |
x/xx/xxxx |
|
|
|
Correct |
Error |
|
|
|
0.00 |
0.00 |
|
|
|
|
|
|
|
|
|
|
|
| Transfer Profit of $10.50 to
Owner Equity Accounts |
|
|
|
|
|
|
|
|
| To Owner Equity Accounts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Closing Books
Entries-Student Help |
|
|
|
|
|
|
|
|
|
|
|
| Closing Entry 1 |
Debit |
Credit |
|
|
|
|
|
|
|
|
|
| Owner Draws-Leo |
2.75 |
|
|
|
|
|
|
|
|
|
|
| Owner Draws-Mia |
2.75 |
|
|
|
|
|
|
|
|
|
|
| Owner Equity-Leo |
|
2.75 |
|
|
|
|
|
|
|
|
|
| Owner's Equity-Mia |
|
2.75 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Close Owner Draws to Owner
Equity Accounts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Closing Entry 2 |
|
|
|
|
|
|
|
|
|
|
|
| Sales |
23.50 |
|
|
|
|
|
|
|
|
|
|
| Cost Of Sales |
|
13.00 |
|
|
|
|
|
|
|
|
|
| Owner Equity-Leo |
|
5.25 |
|
|
|
|
|
|
|
|
|
| Owner Equity-Leo |
|
5.25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Transfer Profit of $10.50 |
|
|
|
|
|
|
|
|
| To Owner Equity Accounts |
|
|
|
|
|
|
|
|
| (Balance Sheet Accounts),
effectively resetting the temporary |
|
|
|
|
|
|
|
| accounts to zero for the next period. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Bookkeeping closing
entries are journal entries |
|
|
|
|
|
|
|
|
|
| made at the end of an
accounting period to transfer |
|
|
|
|
|
|
|
|
|
| the
balances of temporary accounts (Income
Statement Accounts) |
|
|
|
|
|
|
|
|
| to permanent accounts
effectively resetting the temporary |
|
|
|
|
|
|
|
|
|
| accounts accounts to zero. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| General Ledger |
|
Financial Statements |
|
|
|
|
|
| Cash |
Debit |
Credit |
Balance |
|
Income Statement |
|
|
| Transaction 1 Owners
Investment-Cash |
0.00 |
|
0.00 |
|
Sales and Cost of Sales |
|
Dr Column |
Cr Column |
|
| Transaction
2 Loan from Mia-Cash |
0.00 |
|
0.00 |
|
Sales |
$0.00 |
|
$0.00 |
|
| Transaction
3 Equipment Purchase-Cash |
|
0.00 |
0.00 |
|
Cost Of Sales |
$0.00 |
$0.00 |
$0.00 |
|
| Transaction
4 Loan from Mom-Cash |
0.00 |
|
0.00 |
|
| Transaction
5 Inventory Purchase-Cash |
|
0.00 |
0.00 |
|
Net Income-Profit |
$0.00 |
|
|
|
|
| Transaction
6 Sales Day 1-Cash |
0.00 |
|
0.00 |
|
|
|
|
| Transaction
8 Loan from Mia-Cash |
0.00 |
|
0.00 |
|
Balance Sheet |
|
|
|
|
| Transaction
9 Inventory Purchase-Cash |
|
0.00 |
0.00 |
|
Assets |
|
|
|
|
| Transaction
10 Sales Day 2-Cash |
0.00 |
|
0.00 |
|
Cash |
$0.00 |
$0.00 |
$0.00 |
|
| Transaction
11 Paying Debts-Cash |
|
0.00 |
0.00 |
|
Inventory |
$0.00 |
$0.00 |
$0.00 |
|
| Transaction
12 Paying Owners-Cash |
|
0.00 |
0.00 |
|
Equipment |
$0.00 |
$0.00 |
$0.00 |
|
|
|
|
|
|
|
|
|
| Inventory |
Debit |
Credit |
Balance |
|
Total Assets |
$0.00 |
|
|
|
| Transaction 5 Inventory
Purchase |
0.00 |
|
0.00 |
|
Liabilities |
|
|
|
|
| Transaction
6 Sales Day 1-Inventory |
|
0.00 |
0.00 |
|
Accounts Payable-Mom |
$0.00 |
$0.00 |
$0.00 |
|
| Transaction
9 Inventory Purchase-Cash |
0.00 |
|
0.00 |
|
Notes Payable-Mia |
$0.00 |
$0.00 |
$0.00 |
|
| Transaction
10 Sales Day 2-Inventory |
|
0.00 |
0.00 |
|
|
|
|
|
Total Liabilities |
0.00 |
|
|
|
| Equipment |
Debit |
Credit |
Balance |
|
Owner's Equity-Mia |
|
|
|
|
| Transaction 3 Equipment
Purchase |
0.00 |
|
0.00 |
|
Owner Equity-Mia |
$0.00 |
$0.00 |
$0.00 |
|
|
|
|
|
|
Owner Draws-Mia |
$0.00 |
$0.00 |
$0.00 |
|
| Accounts Payable-Mom |
Debit |
Credit |
Balance |
|
|
|
|
| Transaction 4 Loan from
Mom-Accounts Payable |
|
0.00 |
0.00 |
|
Total Owner Equity-Mia |
$0.00 |
|
|
|
| Transaction
7 Paying Debts-Accounts Payable-Mom |
0.00 |
|
0.00 |
|
Owner's Equity-Leo |
|
|
|
|
|
|
|
|
|
Owner Equity-Leo |
$0.00 |
$0.00 |
$0.00 |
|
| Notes Payable-Lia |
Debit |
Credit |
Balance |
|
Owner Draws-Leo |
$0.00 |
$0.00 |
$0.00 |
|
| Transaction 2 Loan from
Mia-Notes Payable |
|
0.00 |
0.00 |
|
|
|
|
| Transaction
7 Paying Debts-Notes Payable-Mia |
0.00 |
|
0.00 |
|
Total Owner Equity-Leo |
$0.00 |
|
|
|
| Transaction
8 Loan from Mia-Notes Payable |
|
0.00 |
0.00 |
|
|
|
|
|
|
| Transaction
11 Paying Debts-Notes Payable-Mia |
0.00 |
|
0.00 |
|
Total Owner Equity |
$0.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Owner Equity-Mia |
Debit |
Credit |
Balance |
|
Total Liabilities & Equity |
$0.00 |
|
|
|
| Transaction 1 Owner
Equity-Mia |
|
0.00 |
0.00 |
|
|
|
|
|
|
| Closing
Entry 1 Owner Equity-Mia Closing Draw |
0.00 |
|
0.00 |
|
Wow ! We made a profit of $10.50. |
|
|
|
| Closing
Entry 2 Closing Owner Equity-Mia |
|
0.00 |
0.00 |
|
|
|
|
|
|
|
|
| Owner Draws-Mia |
Debit |
Credit |
Balance |
|
|
| Transaction 12 Paying
Owners-Owner Draws-Mia |
0.00 |
|
0.00 |
|
|
| Closing
Entry-1 Owner Draws-Mia Closing Draw |
|
0.00 |
0.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Owner Equity-Leo |
Debit |
Credit |
Balance |
|
|
|
|
|
| Transaction 1 Owner
Equity-Leo |
|
0.00 |
0.00 |
|
|
|
|
|
|
| Closing
Entry 1 Owner Equity-Leo Closing Draw |
0.00 |
|
0.00 |
|
|
|
|
|
|
|
| Closing
Entry 2 Closing Owner Equity-Leo |
|
0.00 |
0.00 |
|
|
|
|
|
|
|
|
|
|
|
| Owner Draws-Leo |
Debit |
Credit |
Balance |
|
|
| Transaction 12 Paying
Owners-Owner Draws-Leo |
0.00 |
|
0.00 |
|
|
| Closing
Entry 1 Owner Draws-Leo Closing Draw |
|
0.00 |
0.00 |
|
|
|
|
|
| Sales |
Debit |
Credit |
Balance |
|
|
| Transaction 6 Sales Day
1-Sales |
|
0.00 |
0.00 |
|
|
|
|
|
| Transaction
10 Sales Day 2-Sales |
|
0.00 |
0.00 |
|
|
|
| Closing
Entry 2 Closing Sales |
0.00 |
|
0.00 |
|
|
|
|
|
|
|
|
|
| Cost Of Sales |
Debit |
Credit |
Balance |
|
|
| Transaction 6 Sales Day
1-Cost Of Sales |
0.00 |
|
0.00 |
|
| Transaction
10 Sales Day 2-Cost Of Sales |
0.00 |
|
0.00 |
|
| Closing
Entry 2 Closing Cost of Sales |
|
0.00 |
0.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|