Accounting and Finance Foundations

Unit 7

Accounting and Finance Foundations Unit 7: Financial Statements 609

Financial Statements

Chapter 18

Student Guide

Step 3 of the accounting cycle: You posted the general journal to the general ledger and reviewed the

subsidiary ledgers for errors. Here is that general ledger:

Lesson 18.7 Review of the Accounting Cycle:

Putting it all Together (cont’d)

General Ledger

December 20YY

Beginning

Balance

$0.00

Date

General

Ledger

Account

Description of Transaction Debit Credit Balance

1 12/31/20YY 110 Cash $30,550.00 $30,550.00

2 12/31/20YY 120 Accounts Receivable $2,500.00 $33,050.00

3 12/31/20YY 130 Supplies $10,650.00 $43,700.00

4 12/31/20YY 210 Accounts Payable $6,500.00 $37,200.00

5 12/31/20YY 310 Capital, Mrs. King $30,500.00 $6,700.00

6 12/31/20YY 320 Owner’s Draw, Mrs. King $600.00 $7,300.00

7 12/31/20YY 330 Income Summary Account $7,300.00

8 12/31/20YY 410 Revenue, Design Services $8,000.00 -$700.00

9 12/31/20YY 420 Revenue, Design Products -$700.00

10 12/31/20YY 510 Rent Expense $500.00 -$200.00

11 12/31/20YY 520 Utilities Expense $200.00 $00.00