Accounting and Finance Foundations

Unit 7

Accounting and Finance Foundations Unit 7: Financial Statements 607

Financial Statements

Chapter 18

Student Guide

2.3.9Lesson 18.7 Review of the Accounting Cycle:

Putting it all Together (cont’d)

Page____

General Journal

Date Account^

Number

Description of Transaction Debit Credit

1 12/01/20YY 110 Cash $30,000.00

2 310 Capital, Mrs. King $30,000.00

3 Deposit to open business account.

4 12/05/20YY 130 Supplies $2,500.00

5 210 Accounts Payable $2,500.00

6 Bought glass shelves for displays.

7 12/07/20YY 130 Supplies $400.00

8 110 Cash $400.00

9 Bought supplies with cash.

10 12/07/20YY 110 Cash $3,000.00

11 410 Revenue, Design Services $3,000.00

12 Received payment for designing services.

13 12/09/20YY 120 Accounts Receivable $5,000.00

14 410 Revenue, Design Services $5,000.00

15 Received payment on account for designing

services.

16 12/15/20YY 510 Rent Expense $500.00

17 110 Cash $500.00

18 Rent payment for December.

19 12/20/20YY 210 Accounts Payable $1,000.00

20 110 Cash $1,000.00

21 Payable to Displays Inc. on account.

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