Professional Bio for a Tech Director with 10+ Years Experience

CREATE A PROFESSIONAL BIO
SEE THE SAMPLE FORMAT BELOW
Sentence 1: [Name] is a [job title] who [job description].
E.g., Lisa Green is an English teacher who teaches beginning to
advanced literature courses for 10th and 11th grade students at
Bloomfield High School.
Sentence 2: [Name] believes that [why you do the work you do].
E.g., Lisa believes that written and analytical skills are not only
a fundamental part of academic excellence, but are also the
building blocks of critical thinking in high school and beyond.
Sentence 3: [Name/pronoun] has [mention your achievements].
E.g., In addition to managing the English curriculum for the
school, she runs an after school program where she works one-
on-one with students.
Sentence 4: [Name/pronoun] is a [mention any relevant awards,
training or honors].
E.g., She has also been nominated Teacher of the Year for two
consecutive years.
Sentence 5: [Name/pronoun] holds a [insert degree] in [field of
study] from [university].
E.g., Lisa holds a BA in Creative Writing and a Master’s Degree
in Teaching from the University of Michigan.
Once you’ve filled in this template, put it all together into a
single paragraph to create an initial framework for your
professional biography. Note that you can shorten or expand
upon this bio according to your unique needs.

Here is more info about the person:
SUMMARY ABOUT THE PERSON, DO NOT COPY ALL
THIS.
A Front-End Developer and Service-Now Developer Providing
solution with expertise in (Front-End) JavaScript, Html, CSS,
Bootstrap (ServiceNow) Testing, Design, Development, and
Implementation experience. Working in the Information
Technology Sector for over ten years and seven years in
Service-Now. Experienced in the Process flow, implementing
solutions, Business Analysis, planning and management. Helped
businesses reach their goal with best practices. Areas of
Expertise are Agile Methodology ( Scrum ), GRC(Policy &
Compliance, Risk Management, Vendor Risk Management),
Human Resources Service Delivery, ITAM-SAM PRO || ITSM
(Service-catalog, Knowledge, Incident, Change, Problem) as
well as Design solutions. Always aggressively identify and
resolve inefficient operational processes, Including knowledge
in CMDB,MID-SERVER & Discovery. Very Resourceful,
analytical, and detail-driven individual with capabilities in
completing multiple projects with competing deadlines.
TECH INDUSTRY, OVER 10+ YEARS OF EXPERIENCE
WORK IN HEALTH CARE, MANUFACTURING, FINANCIAL,
OIL AND GAS SECTOR
SO PLS GENERATE NICE WORDS ABOUT A PERSON WITH
THE ROLE OF A TECHNOLOGY DIRECTOR
CREATE A PROFESSIONAL BIO

SEE THE SAMPLE FORMAT BELOW
Sentence 1: [Name] is a [job title] who [job description].
E.g., Lisa Green is an English teacher who teaches beginning to
advanced literature courses for 10th and 11th grade students at
Bloomfield High School.
Sentence 2: [Name] believes that [why you do the work you do].
E.g., Lisa believes that written and analytical skills are not only
a fundamental part of academic excellence, but are also the
building blocks of critical thinking in high school and beyond.
Sentence 3: [Name/pronoun] has [mention your achievements].
E.g., In addition to managing the English curriculum for the
school, she runs an after school program where she works one-
on-one with students.
Sentence 4: [Name/pronoun] is a [mention any relevant awards,
training or honors].
E.g., She has also been nominated Teacher of the Year for two
consecutive years.
Sentence 5: [Name/pronoun] holds a [insert degree] in [field of
study] from [university].
E.g., Lisa holds a BA in Creative Writing and a Master’s Degree
in Teaching from the University of Michigan.
Once you’ve filled in this template, put it all together into a
single paragraph to create an initial framework for your
professional biography. Note that you can shorten or expand
upon this bio according to your unique needs.

Here is more info about the person:
SUMMARY ABOUT THE PERSON, DO NOT COPY ALL
THIS.
A Front-End Developer and Service-Now Developer Providing
solution with expertise in (Front-End) JavaScript, Html, CSS,
Bootstrap (ServiceNow) Testing, Design, Development, and
Implementation experience. Working in the Information
Technology Sector for over ten years and seven years in
Service-Now. Experienced in the Process flow, implementing
solutions, Business Analysis, planning and management. Helped
businesses reach their goal with best practices. Areas of
Expertise are Agile Methodology ( Scrum ), GRC(Policy &
Compliance, Risk Management, Vendor Risk Management),
Human Resources Service Delivery, ITAM-SAM PRO || ITSM
(Service-catalog, Knowledge, Incident, Change, Problem) as
well as Design solutions. Always aggressively identify and
resolve inefficient operational processes, Including knowledge
in CMDB,MID-SERVER & Discovery. Very Resourceful,
analytical, and detail-driven individual with capabilities in
completing multiple projects with competing deadlines.
TECH INDUSTRY, OVER 10+ YEARS OF EXPERIENCE
WORK IN HEALTH CARE, MANUFACTURING, FINANCIAL,
OIL AND GAS SECTOR
SO PLS GENERATE NICE WORDS ABOUT A PERSON WITH
THE ROLE OF A TECHNOLOGY DIRECTOR
Chapter 3 ANALYZING AND RECORDING TRANSACTIONS
Principles of Accounting, Volume 1: Financial Accounting

PowerPoint Image Slideshow
Chapter Outline
3.1 Describe Principles, Assumptions, and Concepts of
Accounting and Their Relationship to Financial Statements
3.2 Define and Describe the Expanded Accounting Equation and
Its Relationship to Analyzing Transactions
3.3 Define and Describe the Initial Steps in the Accounting
Cycle
3.4 Analyze Business Transactions Using the Accounting
Equation and Show the Impact of Business Transactions on
Financial Statements
3.5 Use Journal Entries to Record Transactions and Post to T-
Accounts
3.6 Prepare a Trial Balance
Module 3.1 Describe Principles, Assumptions, and Concepts of
Accounting and Their Relationship to Financial Statements
The Financial Accounting Standards Board (FASB) is an
independent, nonprofit organization that sets the standards for
financial accounting and reporting, including generally accepted
accounting principles (GAAP), for both public- and private-
sector businesses in the United States.
GAAP are the concepts, standards, and rules that guide the
preparation and presentation of financial statements.
US accounting rules are called US GAAP.
International accounting rules are called International Financial
Reporting Standards (IFRS).
Some companies that operate on a global scale may be able to
report their financial statements using IFRS.
Publicly traded companies (those that offer their shares for sale
on exchanges in the United States) have the reporting of their

financial operations regulated by the Securities and Exchange
Commission (SEC).
Teacher Notes: By having proper accounting standards such as
US GAAP or IFRS, information presented publicly is
considered comparable and reliable. As a result, financial
statement users are more informed when making decisions.
3
The conceptual framework is a set of concepts that guide
financial reporting. These concepts help ensure information is
comparable and reliable to stakeholders.
Revenue recognition principle: directs a company to recognize
revenue in the period in which it is earned; is earned when a
product or service has been provided
Expense recognition (matching) principle: states that we must
match expenses with associated revenues in the period in which
the revenues were earned
Cost principle: states that virtually everything the company
owns or controls (assets) must be recorded at its value at the
date of acquisition
Full disclosure principle: states that a business must report any
business activities that could affect what is reported on the
financial statements
The Conceptual Framework
Teacher Notes: Revenue recognition is not dependent on when
cash is received.
Expense recognition is not dependent on when cash is paid.
Matching is important so as not to overstate or understate
income.
4
Separate entity concept: prescribes that a business may only

report activities on financial statements that are specifically
related to company operations, not those activities that affect
the owner personally
Conservatism: states if there is uncertainty in a potential
financial estimate, a company should err on the side of caution
and report the most conservative amount
Monetary measurement concept: must be a monetary unit by
which to value the transaction
Going concern assumption: assumes a business will continue to
operate in the foreseeable future
Time period assumption: states a company can present useful
information in shorter time periods, such as years, quarters, or
months
The Conceptual Framework (continued)
5
Figure 3.2
GAAP Accounting Standards Connection Tree. (attribution:
Copyright Rice University, OpenStax, under CC BY-NC-SA 4.0
license)
6
The accounting equation can be thought of from a “sources and
claims” perspective. Everything a company owns must equal
everything the company owes to creditors (lenders) and owners
(individuals for sole proprietors or stockholders for companies
or corporations).

For the rest of the text, we switch the structure of the business
to a corporation, and instead of owner’s equity, we begin
using stockholder’s equity, which includes account titles such
as common stock and retained earnings to represent the owners’
interests.
Accounting Equation
Teacher Notes: Remind students of a home, mortgage, equity
example. Common stock and retained earnings will be
discussed/explained in more detail later.
7
Double-Entry Bookkeeping
The basic components of even the simplest accounting system
are accounts and a general ledger.
An account is a record showing increases and decreases to
assets, liabilities, and equity; each of these categories includes
many individual accounts.
A general ledger is a comprehensive listing of all of a
company’s accounts with their individual balances.
Recording transactions in the general ledger utilizes a double-
entry accounting system:
Each time we record a transaction, we must record a change in
at least two different accounts. Having two or more accounts
change will allow us to keep the accounting equation in balance.
Not only will at least two accounts change, but there must also
be at least one debit and one credit side impacted.
The sum of the debits must equal the sum of the credits for each
transaction.

Teacher Notes: The double-entry accounting system has been
around since the 11th or 12th century when it was first formally
written about by Luca Pacioli, a Franciscan friar and
mathematician who was good friends with Leonardo da Vinci. It
had been used in various forms since the 1300s, and likely even
way before that, but it had never been formalized until Pacioli.
After his 615 page book—a summary of everything we knew
about math at that point—was published, the double-entry
accounting system was used more, but it really took off during
the Industrial Revolution.
8
Debits and Credits
In order for companies to record the myriad of transactions they
have each year, there is a need for a simple, but detailed,
system. Each account can be split into a right side and a left
side.
A debit (DR) records financial information on the left side of
each account. A credit (CR) records financial information on
the right side of an account. One side of each account will
increase and the other side will decrease. The ending account
balance is found by calculating the difference between debits
and credits for each account.
This graphic representation of a general ledger account is
known as a T-account:
9
Depending on the account type, the sides that increase and
decrease will vary.

10
The normal balance is the expected balance each account type
maintains, which is the side that increases.
Account Normal Balances and Increases
Table 3.1
Type of AccountIncreases withNormal
balanceAssetDebitDebitLiabilityCreditCreditCommon
StockCreditCreditDividendsDebitDebitRevenueCreditCreditExp
enseDebitDebit
Teacher Notes: It is important to understand normal balances, as
these help not only with recording transactions, but also with
putting together the financial statements and tracking recording
errors.
11
Accounting equation with expanded equity side:

Expanded Accounting Equation. (attribution: Copyright Rice
University, OpenStax, under CC BY-NC-SA 4.0 license)
Module 3.2 Define and Describe the Expanded Accounting
Equation
and Its Relationship to Analyzing Transactions
12
Various Asset Accounts
Cash: includes paper currency as well as coins, checks, bank
accounts, and money orders
Accounts receivable: money that is owed to the company,
usually from a customer
Inventory: goods available for sale; are an asset until they are
sold
Supplies: (office supplies) include pens, paper, and pencils;
considered assets until an employee uses them, at which time
they have lost their economic value and their cost is now an
expense to the business
Prepaid expenses: items paid for in advance of their use, such as
rent and insurance; considered assets until used
Notes receivable: similar to accounts receivable, is money owed
to the company by a customer or other entity, but includes
interest and specific time payment terms
Equipment: includes desks, chairs, and computers; has a long-
term value and is considered a long-term asset, meaning it can
be used for more than one accounting period; will lose value
over time in a process called depreciation

Buildings, machinery, and land: all considered long-term assets;
building and machinery depreciate; land is not depreciated
13
Figure 3.4
Assets. Cash, buildings, inventory, and equipment are all types
of assets. (credit clockwise from top left: modification of “Cash
money! 140606-A-CA521-021” by Sgt. Michael
Selvage/Wikimedia Commons, Public Domain; modification of
“41 Cherry Orchard Road” by “Pafcool2”/Wikimedia Commons,
Public Domain; modification of “ASM-e1516805109201” by
Jeff Green, Rethink Robotics/ Wikimedia Commons, CC BY
4.0; modification of “Gfp-inventory-space” by Yinan
Chen/Wikimedia Commons, CC0)
14
Various Liability Accounts
Accounts payable: recognizes that the company owes money and
has not paid
Notes payable: similar to accounts payable in that the company

owes money and has not yet paid, but the terms are usually
longer, are typically more formal (written agreements), and
include interest
Unearned revenue: represents a customer’s advanced payment
for a product or service that has yet to be provided by the
company; the company cannot record revenue yet, and must
record a liability, as the company is liable to the customer to
either complete the service (or deliver the goods) or return the
customer’s money.
15
Equity Account Components
Stockholders’ equity is the owner’s (stockholders’) investments
in the business and earnings.
Two components of stockholders’ equity:
Contributed capital: amounts paid into the business for an
ownership interest (stock); business uses that money to grow
and develop the business
Retained earnings: income that has been earned by the business
that has been paid out in the form of dividends to the owners
(stockholders)

16
Assets = Liabilities + Stockholders’ Equity
Assets = Liabilities + [Contributed Capital + Retained Earnings]
Assets = Liabilities + [Contributed Capital + {Beg. Retained
Earnings + Net Income – Dividends}]
Assets = Liabilities + [Contributed Capital + {Beg. Retained
Earnings + (Revenues – Expenses) – Dividends}]
Income Statement
Statement of Stockholders’ (Owners’) Equity
Balance Sheet
Financial Statement and Accounting Equation Interrelationships
Review
Teacher Notes: This helps show why the income statement must
be completed first, then the income is moved to the statement of
stockholder’s (owner’s) equity, and finally, the final
stockholder’s equity balances are part of the balance sheet. In
Chapter 4, students will be presented with the statement of
retained earnings.
17

Sample Exercise
EA11. Identify whether each of the following transactions
would be recorded with a debit (Dr) or credit (Cr) entry. Debit
or credit?A.Cash increaseB.Supplies decreaseC.Accounts
Payable increaseD,Common Stock decreaseE.Interest Payable
decreaseF.Notes Payable decrease
Module 3.3 Define and Describe the Initial Steps in the
Accounting
Cycle
The accounting cycle is a step-by-step process to record
business activities and events to keep financial records up to
date. The process occurs over one accounting period, and the
cycle will begin again in the following period. A period is one
operating cycle of a business, which could be a month, quarter,
or year.
Figure 3.5
The Accounting Cycle. (attribution: Copyright Rice University,
OpenStax, under CC BY-NC-SA 4.0 license)
The entire cycle is meant to keep financial data organized and
easily accessible to both internal and external users of
information.
20
Figure 3.6
Accounting Cycle. The first four steps in the accounting cycle.
Modified for PPT. (attribution: Copyright Rice University,

The first four steps of the accounting cycle are
This takes information from original sources or activities and
translates that information into usable financial data.
This takes analyzed data from Step 1 and organizes it into a
comprehensive record of every company transaction.
Posting takes all transactions from the journal during a period
and moves the information to a general ledger.
This takes information from the general ledger and transfers it
onto a document showing all account balances, and ensures
debits = credits.
Teacher Notes: In this chapter, we focus on the first four steps
in the accounting cycle: identify and analyze transactions,
record transactions to a journal, post journal information to a
ledger, and prepare an unadjusted trial balance.
21
Figure 3.7: Sample General Journal (Used in Step 2)
General Journal. (attribution: Copyright Rice University,
The general journal will contain a chronological listing of
transactions. A transaction is a business activity or event that
has an effect on financial information presented on financial
statements and comes from an original source. The journal is
where a company can find a record of all transactions that
occurred during a given time period, such as a day.
Teacher Notes: These next few slides will show in very general
form the first four steps of the accounting cycle. Those four
steps will be detailed in the remaining sections of the
chapter/slides.
22

Figure 3.8: Sample General Ledger in T-Account Form (Used in
Step 3)
General Ledger in T-Account Form. (attribution: Copyright Rice
The general ledger provides a record of transactions for each
individual account in chronological order within that account.
The ledger is where a company will find the balance for a
specific account. These account balances will make up the trial
balance created in Step 4.
23
Figure 3.9: Sample Trial Balance (Created in Step 4)
Unadjusted Trial Balance. (attribution: Copyright Rice
The trial balance will include all account balances. Those
balances will come from the general ledger.
24
Module 3.4 Analyze Business Transactions Using the
Accounting
Equation and Show the Impact of Business Transactions on
Financial Statements
The first step in the accounting cycle is to identify and analyze
transactions.
Each original source must be evaluated for financial
implications. Meaning, will the information contained on this
original source affect the financial statements? If the answer is

yes, the company will then analyze the information for how it
affects the financial statements.
One task is to determine the value of the transaction; sometimes
this is obvious, and others times it is less clear.
Your Turn: Monetary Value of Transactions
You are the accountant for a small computer programming
company. You must record the following transactions. What
values do you think you will use for each transaction?
The company purchased a secondhand van to be used to travel
to customers. The sellers told you they believe it is worth
$12,500 but agreed to sell it to your company for $11,000. You
believe the company got a really good deal because the van has
a $13,000 Blue Book value.
Your company purchased its office building five years ago for
$175,000. Values of real estate have been rising quickly over
the last five years, and a realtor told you the company could
easily sell it for $250,000 today. Since the building is now
worth $250,000, you are contemplating whether you should
increase its value on the books to reflect this estimated current
market value.
Your company has performed a task for a customer. The
customer agreed to a minimum price of $2,350 for the work, but
if the customer has absolutely no issues with the programming
for the first month, the customer will pay you $2,500 (which
includes a bonus for work well done). The owner of the
company is almost 100% sure she will receive $2,500 for the
job done. You have to record the revenue earned and need to
decide how much should be recorded.
The owner of the company believes the most valuable asset for
his company is the employees. The service the company
provides depends on having intelligent, hardworking,
dependable employees who believe they need to deliver exactly
what the customer wants in a reasonable amount of time.

Without the employees, the company would not be so
successful. The owner wants to know if she can include the
value of her employees on the balance sheet as an asset.
Transaction 1: Issues $20,000 shares of common stock for cash.
Analysis: Cash is an asset and common stock is stockholder’s
equity. When a company collects cash, this will increase assets
because cash is coming into the business. When a company
issues common stock, this will increase a stockholder’s equity
because he or she is receiving investments from owners.
Recording Transactions: Understanding Impact on the
Accounting
Equation
27
Transaction 2: Purchases equipment on account for $3,500,
payment due within the month.
Analysis: Equipment is an asset. There is an increase to assets
because the company has equipment it did not have before. We
also know that the company purchased the equipment on

account, meaning it did not pay for the equipment immediately
and asked for payment to be billed instead and paid later —this
is a liability, specifically labeled as accounts payable. There is
also an increase to liabilities because the company now owes
money.
28
Transaction 3: Receives $4,000 cash in advance from a
customer for services not yet rendered.
Analysis: We know that the company collected cash, which is
an asset. This collection of $4,000 increases assets because
money is coming into the business.
29
Transaction 4: Provides $5,500 in services to a customer who
asks to be billed for the services.
Analysis: The company performed a service and therefore
earned revenue. However, the customer asked to be billed for

the service, meaning the customer did not pay with cash
immediately. The customer owes money and has not yet paid,
signaling an accounts receivable. Accounts receivable is an
asset that is increasing in this case.
30
Transaction 5: Pays a $300 utility bill with cash.
Analysis: The company paid with cash, an asset. Assets are
decreasing by $300 since cash was used to pay for this utility
bill. The company no longer has that money.
31
Transaction 6: Distributed $100 cash in dividends to
stockholders.
Analysis: The company paid the distribution with cash, an asset.
Assets decrease by $100 as a result. Dividends affect equity
and, in this case, decrease equity by $100.

32
All six transactions summarized:
33
Your Turn: Debbie’s Dairy Farm
Debbie’s Dairy Farm had the following transactions:
Debbie ordered shelving worth $750.
Debbie’s selling price on a gallon of milk is $3.00. She finds
out that most local stores are charging $3.50. Based on this
information, she decides to increase her price to $3.25. She has
an employee put a new price sticker on each gallon.
A customer buys a gallon of milk paying cash.
The shelving is delivered with an invoice for $750.
Which events will be recorded in the accounting system?
Sample Exercise
EA3. Provide the missing amounts of the accounting equation
for each of the following companies.

35
Module 3.5 Use Journal Entries to Record Transactions and Post
to
T-Accounts
Accountants use special forms called journals to keep track of
their business transactions. A journal is the first place
information is entered into the accounting system.
Formatting when recording journal entries:
Include a date of when the transaction occurred.
The debit account title(s) always come first and on the left.
The credit account title(s) always come after all debit titles are
entered, and on the right.
The titles of the credit accounts will be indented below the debit
accounts.
You will have at least one debit (possibly more).
You will always have at least one credit (possibly more).
The dollar value of the debits must equal the dollar value of the
credits or else the equation will go out of balance.
You will write a short description after each journal entry.
Skip a space after the description before starting the next
journal entry.
Teacher Notes: The process of recording entries using the
accounting equation is not how transactions are recorded by
businesses. They use a systematic process to follow the steps of
the accounting cycle.
36
Date
Debit Accounts First
Credit Accounts Indented

Description
Dollar Values of Debits Equal Dollar Values of Credits
Modified for PPT.
37
A compound entry is when there is more than one account listed
under the debit and/or credit column of a journal entry.
38
Putting the First Three Steps of the Accounting Cycle Together
Printing Plus, Inc. had the following transactions for the month
of January:
On January 3, 2019, issues $20,000 shares of common stock for
cash.
On January 5, 2019, purchases equipment on account for
$3,500, payment due within the month.
On January 9, 2019, receives $4,000 cash in advance from a
customer for services not yet rendered.
On January 10, 2019, provides $5,500 in services to a customer
who asks to be billed for the services.
On January 12, 2019, pays a $300 utility bill with cash.
On January 14, 2019, distributed $100 cash in dividends to
stockholders.
On January 17, 2019, receives $2,800 cash from a customer for
services rendered.
On January 18, 2019, paid in full, with cash, for the equipment
purchase on January 5.
On January 20, 2019, paid $3,600 cash in salaries expense to

employees.
On January 23, 2019, received cash payment in full from the
customer on the January 10 transaction.
On January 27, 2019, provides $1,200 in services to a customer
who asks to be billed for the services.
On January 30, 2019, purchases supplies on account for $500,
payment due within three months.
Teacher Notes: The following series of slides will detail the
various steps in the accounting cycle.
39
Transaction 1: On January 3, 2019, issues $20,000 shares of
common stock for cash.
Analysis: Cash, an asset, increases and Common Stock, an
equity, increases.
Financial Statement Impact:
Step 1: Record the Transactions in the General Journal
40
Transaction 2: On January 5, 2019, purchases equipment on
account for $3,500, payment due within the month.

Analysis: Equipment, an asset, increases and Accounts Payable,
a liability, increases.
41
Transaction 3: On January 9, 2019, receives $4,000 cash in
advance from a customer for services not yet rendered.
Analysis: Cash, an asset, increases and Unearned Revenue, a
liability, increases.
42
Transaction 4: On January 10, 2019, provides $5,500 in services
to a customer who asks to be billed for the services.
Analysis: Accounts Receivable, an asset, increases and Service

Revenue, which positively impacts equity, increases.
43
Transaction 5: On January 12, 2019, pays a $300 utility bill
with cash.
Analysis: Cash, an asset, decreases and Utility Expense, which
negatively impacts equity, increases.
44
Transaction 6: On January 14, 2019, distributed $100 cash in
dividends to stockholders.
Analysis: Cash, an asset, decreases and Dividends, which

45
Transaction 7: On January 17, 2019, receives $2,800 cash from
a customer for services rendered.
Analysis: Cash, an asset, increases and Service Revenue, which
positively impacts equity, increases.
46
Transaction 8: On January 18, 2019, paid in full, with cash, for
the equipment purchase on January 5.
Analysis: Cash, an asset, decreases and Equipment, an asset,
increases.
47

Transaction 9: On January 20, 2019, paid $3,600 cash in
salaries expense to employees.
Analysis: Cash, an asset, decreases and Salaries Expense, which
48
Transaction 10: On January 23, 2019, received cash payment in
full from the customer on the January 10 transaction.
Analysis: Cash, an asset, increases and Accounts Receivable, an
asset, decreases.
49
Transaction 11: On January 27, 2019, provides $1,200 in
services to a customer who asks to be billed for the services.

Analysis: Accounts Receivable, an asset, increases and Service
Revenue, which positively impacts equity, increases.
50
Transaction 12: On January 30, 2019, purchases supplies on
account for $500, payment due within three months.
Analysis: Supplies, an asset, increases and Accounts Payable, a
liability, increases.
51
All the transactions as they would appear, chronologically, in
the general journal
52

Sample Exercise
EA15. Journalize for Harper and Co. each of the following
transactions or state no entry required and explain why. Be sure
to follow proper journal writing rules.
A corporation is started with an investment of $50,000 in
exchange for stock.
Equipment worth $4,800 is ordered.
Office supplies worth $750 are purchased on account.
A part-time worker is hired. The employee will work 15–20
hours per week starting next Monday at a rate of $18 per hour.
The equipment is received along with the invoice. Payment is
due in three equal monthly installments, with the first payment
due in sixty days.
Posting example:
The January 3 entry entered in the journal is shown here, posted
to the general ledger accounts for Cash and Common Stock.
Each account will show the current balance.
Step 2: Posting Transactions from General Journal to the
General
Ledger
Modified for PPT.
54
These are all the transactions recorded in the journal during the
month of January that affected the cash account.

Teacher Notes: Only the cash entries were extracted from the
journal in order to show how to post to the general ledger.
55
The cash transactions from the journal would be posted to the
Cash account in the ledger.
56
Running Balance
Modified for PPT.
57
Using the same transactions:
Transaction 1: On January 3, 2019, issues $20,000 shares of
common stock for cash.
Determining Account Balance Using T-Accounts
Modified for PPT.
Teacher Notes: These are the same transactions, only showing
how the running account balances would appear if we posted the
entries to a T-account. It is important to understand that T-
accounts are only used for illustrative purposes in a textbook,
classroom, or business discussion. They are not official
accounting forms. Companies will use ledgers for their official

books, not T-accounts.
58
Transaction 2: On January 5, 2019, purchases equipment on
account for $3,500, payment due within the month.
Modified for PPT.
59
Transaction 3: On January 9, 2019, receives $4,000 cash in
advance from a customer for services not yet rendered.
Notice the entry from Jan. 3, still appears in the T-account.
Modified for PPT.
60
Transaction 4: On January 10, 2019, provides $5,500 in services
to a customer who asks to be billed for the services.
Modified for PPT.
61
Transaction 5: On January 12, 2019, pays a $300 utility bill
with cash.

Modified for PPT.
62
Transaction 6: On January 14, 2019, distributed $100 cash in
dividends to stockholder.
Modified for PPT.
63
Transaction 7: On January 17, 2019, receives $2,800 cash from
a customer for services rendered.
Modified for PPT.
64
Transaction 8: On January 18, 2019, paid in full, with cash, for
the equipment purchase on January 5.
Modified for PPT.
65

Transaction 9: On January 20, 2019, paid $3,600 cash in
salaries expense to employees.
Modified for PPT.
66
Transaction 10: On January 23, 2019, received cash payment in
full from the customer on the January 10 transaction.
Modified for PPT.
67
Transaction 11: On January 27, 2019, provides $1,200 in
services to a customer who asks to be billed for the services.
Modified for PPT.
68
Transaction 12: On January 30, 2019, purchases supplies on
account for $500, payment due within three months.
Modified for PPT.

69
Figure 3.10
Summary of T-Accounts for Printing Plus. (attribution:
Copyright Rice University, OpenStax, under CC BY-NC-SA 4.0
license)
70
Sample Exercise
EA24. Post the following November transactions to T-accounts
for Accounts Payable and Inventory, indicating the ending
balance (assume no beginning balances in these accounts).
purchased merchandise inventory on account, $22,000
paid vendors for part of inventory purchased earlier in month,
$14,000
purchased merchandise inventory for cash, $6,500
Your Turn: Journalizing Transactions
You have the following transactions the last few days of April.
Prepare the necessary journal entries for these four transactions.
Explain why you debited and credited the accounts you did.
What will be the new balance in each account used in these
entries?
Apr. 25You stop by your uncle’s gas station to refill both gas

cans for your company, Watson’s Landscaping. Your uncle adds
the total of $28 to your account.Apr. 26You record another
week’s revenue for the lawns mowed over the past week. You
earned $1,200. You received cash equal to 75% of your
revenue.Apr. 27You pay your local newspaper $35 to run an
advertisement in this week’s paper.Apr. 29You make a $25
payment on account.
Your Turn: Normal Account Balances
Calculate the balances in each of the following accounts. Do
they all have the normal balance they should have? If not,
which one? How do you know this?
73
Module 3.6 Prepare a Trial Balance (Step 4)
The trial balance is prepared from the general ledger. Each
account balance is listed by title and with its current balance in
the appropriate debit or credit column. The total of all the
amounts in the debit column should equal the total amount in
the credit column.
Connection Between Ledger Account Balances
and the Trial Balance

75
The Final Unadjusted Trial Balance
Teacher Notes: An unadjusted trial balance is one that is created
before adjusting entries (in Chapter 4) are posted to the journal
and ledger. If the trial balance does not balance, then there is an
error. The last part of Module 3.6 explains more on how to find
errors.
76
Your Turn: Completing a Trial Balance
Complete the trial balance for Magnificent Landscaping Service
using the following T-account final balance information for
April 30, 2018.
77
Sample Exercise
EA19. A business has the following transactions:
The business is started by receiving cash from an investor in
exchange for common stock $20,000
The business purchases supplies on account $500
The business purchases furniture on account $2,000
The business renders services to various clients on account
totaling $9,000
The business pays salaries $2,000
The business pays this month’s rent $3,000
The business pays for the supplies purchased on account.

The business collects from one of its clients for services
rendered earlier in the month $1,500.
What is total income for the month?
Summary
The Financial Accounting Standards Board (FASB) is an
independent, nonprofit organization that sets the standards for
financial accounting and reporting standards for both public-
and private-sector businesses in the United States, including
generally accepted accounting principles (GAAP).
GAAP are the concepts, standards, and rules that guide the
preparation and presentation of financial statements.
The Securities and Exchange Commission (SEC) is an
independent federal agency that is charged with protecting the
interests of investors, regulating stock markets, and ensuring
companies adhere to GAAP requirements.
The FASB uses a conceptual framework, which is a set of
concepts that guide financial reporting.
The expanded accounting equation breaks down the equity
portion of the accounting equation into more detail to show
common stock, dividends, revenue, and expenses individually.
The chart of accounts is a numbering system that lists all of a
company’s accounts in the order in which they appear on the
financial statements, beginning with the balance sheet accounts
and then the income statement accounts.
Summary (continued)
Step 1 in the accounting cycle: Identifying and analyzing
transactions requires a company to take information from an
original source, identify its purpose as a financial transaction,
and connect that information to an accounting equation.

Step 2 in the accounting cycle: Recording transactions to a
journal takes financial information identified in the transaction
and copies that information, using the accounting equation, into
a journal. The journal is a record of all transactions.
Step 3 in the accounting cycle: Posting journal information to a
ledger takes all information transferred to the journal and posts
it to a general ledger. The general ledger in an accumulation of
all accounts a company maintains and their balances.
Step 4 in the accounting cycle: Preparing an unadjusted trial
balance requires transfer of information from the general ledger
(T-accounts) to an unadjusted trial balance showing all account
balances. The trial balance contains a listing of all accounts in
the general ledger with nonzero balances. Information is
transferred from the T-accounts to the trial balance.
This file is copyright 2019, Rice University. All Rights
Reserved.

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