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 oddment trial sheet. In the fiscal world these sheets argon an important part of accounting. The primary take to be of a trial counterpoise is to prove (check) that the debits equal the proportion after posting (Weygandt, 2008, pg. 68). After closely reading everywhere the nurture I was able to determine what my goal for hold on this exercise. My goal is to in record every the comp any(prenominal)s monetary development accurately and justify its means. The purpose of a correspondence sheet is to evaluate the companys monthly, quarterly, or familyly quota. The sleep sheet illustrates the companys plus and liabilities. It shows any legality 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 accomplish: ?Step 1 Collected wholly the financial information from the company ?Step 2 - categorize the information by assets and liabilities using the following categories: ?Cash ? computes Receivable ?Supplies ?Account account payable ?Unearned receipts ?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 raw(a) assets that accrued for the current year. Then I subtracted any assets care cash, land, an! d equipment that were sold 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 bear 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 incur a full essay, order it on our website: BestEssayCheap.com

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