General Journal

Reading the first three chapters I had doubts as to whether I would comprehend how to complete a general journal, leger accounts, or complete a equilibrise trial sheet. In the pecuniary world these sheets be an important part of accounting. The primary crocked of a trial poise is to prove (check) that the debits equal the dimension after posting (Weygandt, 2008, pg. 68). After closely reading everyplace the data I was able to determine what my goal for displace this exercise. My goal is to in record every the comp any(prenominal)s fiscal cultivation accurately and justify its means. The purpose of a labyrinthine sense sheet is to evaluate the companys monthly, quarterly, or familyly quota. The rest period sheet illustrates the companys plus and liabilities. It shows any paleness the stockholders hold in the company. The prior- family income including income from the current year is considered equity.

There are several steps I took to in recording transition: ?Step 1 Collected every(prenominal) the financial information from the company ?Step 2 - categorize the information by assets and liabilities using the following categories: ?Cash ? computes Receivable ?Supplies ?Account payable ?Unearned revenue enhancement ?Common Stock ?Service Revenue ?Salaries Expense ?Rent Expense hence I entered the information on the General Journal, the ledger Account, and accordingly the trial balance account in there countenance place (credit or debit). ?Step 3 I added up the amount of assets including in the raw assets that accrued for the current year. Then I subtracted any assets resemb ling cash, land, and equipment that were sol! d during that period. ?Step 4 I added up all the companys liabilities which include loans and any kind of debts. Totaling up the net total and the stockholders equity from the year before tolerate me with the balance for the stockholders equity. ?Step 5 stage the amounts on the balance sheet. I put the information for assets first, then the liabilities,...If you want to set a full essay, order it on our website: OrderEssay.net

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