1. Being When are systematic is a things worth sure success. remembering? Carefulness is When is an next to entry good exactness. and when is it not?
2. A list of account names (Titles). Enumerates the titles to be used on the recording of transactions. Chart of Accounts Cash Repair Income Receivable – A Trading Rent Expense Furniture Salary Expense Payable – X Supplies Expense Co, Capital Telephone Expense Utilities Expense
3. Is the book where the day to day business transactions are recorded.
4. XYZ Repair Shop Mr. Y - Owner Feb. 2010 General Journal Page: 1 2010 Explanation F Debit Credit Feb. 7 Cash P 10,000 Mr. Y, Capital P 10,000•GENERAL JOURNAL - It is a book of original entry in the sense ?that transactions are recorded for the first time in this book. It is thebook where the day-to-day business transactions are recorded.• JOURNALIZING – is the process of recording transactions in thegeneral journal.•JOURNAL ENTRIES – are the records made in the generaljournal.
5. XYZ Repair Shop Mr. Y – Owner Feb. 2010 General Ledger CASH Page: 1 2010 Explanation Amount 2010 Explanation Amount Feb. 7 Cash P 10,000•GENERAL LEDGER – is the book where the same information found in thegeneral journal is transferred for the purpose of summarizing similar ?transactions. It is the book of final entry. It is a group of accounts•POSTING - is the transferring of information from the general journal to thegeneral ledger.•ACCOUNT – it is an accounting device containing a debit side and a creditside, used to summarized information which are shown in detail in the generaljournal.
6. XYZ Repair Shop Mr. Y – Owner Feb. 2010 General Ledger Mr. Y CAPITAL Page: 22010 Explanation Amount 2010 Explanation Amount Feb. 7 Cash P 10,000 ?
7. CASH- coins, currency, and cash equivalent. If some of the money of the business are deposited in the bank, there may be two accounts used, namely, cash in bank and cash on hand. ACCOUNTS RECEIVABLE- Claims due from customers of the business for goods sold or for services rendered on credit. “On credit” is synonymously expressed as “On accounts.” These items are also known as “Charge accounts.”
8. NOTES RECEIVABLE- Amounts due or collectible from customers for goods or services sold, or from others, for loans granted supported by written promises called “promissory notes.” MERCHANDISE- Goods owned and unsold which were purchased by the business for resale. SUPPLIES- stationeries, pencils, pens, inks, and other supplies unused. LAND- Land used for building sites or other business purposes.
9. BUILDINGS- Buildings owned and used by the business. MACHINERY and EQUIPMENT- machines, tools, motors, etc. FURNITURE and FIXTURES- Tables, desks, chairs, counters, showcases, and the like. OFFICE EQUIPMENT- Trucks, automobiles, and other equipment used for transporting merchandise.
10. ACCOUNTS PAYABLE- Debts to other parties for merchandise or services bought but not paid. NOTES PAYABLE- Debts due to other parties supported by written promises made by the business. TAXES PAYABLE- Amount of levies on property or income due to the government. SUPPLIES EXPENSE- Cost of supplies used. TAXES- Amount of taxes incurred by the business.
11. UTILITIES- Cost of light, water, and power consumed by the business. INSURANCE EXPENSES- Premiums on insurance policies paid and incurred by the business. REPAIRS and MAINTENANCE- Expenses for repairing or servicing the buildings, machineries, and equipment of the business. RENT EXPENSE-Amount paid or incurred for the use of property, usually premises. INTEREST EXPENSE- Amount added to the principal of money obligations.
12. Being When are systematic is a things worth sure success. remembering? Carefulness is When is an next to entry good exactness. and when is it not?
13. Bring sheets of general journal and general ledger.