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 balance trial sheet. In the fiscal world these sheets are an important part of accounting. The primary mean of a trial balance is to prove (check) that the debits equal the attribute after posting (Weygandt, 2008, pg. 68).
After closely reading over the information I was able to determine what my goal for terminate this exercise. My goal is to in record every the comp any(prenominal)s financial information accurately and justify its means. The purpose of a balance sheet is to evaluate the companys monthly, quarterly, or familyly quota. The balance sheet illustrates the companys plus and liabilities. It shows any equity 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 process:
?Step 1 Collected all the financial information from the company
?Step 2 - categorize the information by assets and liabilities using the following categories:
?Cash
? computes Receivable
?Supplies
?Account Payable
?Unearned Revenue
?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 new assets that accrued for the current year. Then I subtracted any assets like cash, land, and 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 provide 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 get a full essay, order it on our website: Ordercustompaper.com



If you want to get a full essay, wisit our page: write my paper