2. 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?
3. 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
4. Is
the book where the day to
day business transactions are
recorded.
5. 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 the
book where the day-to-day business transactions are recorded.
• JOURNALIZING – is the process of recording transactions in the
general journal.
•JOURNAL ENTRIES – are the records made in the general
journal.
6. 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 the
general 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 the
general ledger.
•ACCOUNT – it is an accounting device containing a debit side and a credit
side, used to summarized information which are shown in detail in the general
journal.
7. XYZ Repair Shop
Mr. Y – Owner
Feb. 2010
General Ledger
Mr. Y CAPITAL Page: 2
2010 Explanation Amount 2010 Explanation Amount
Feb. 7 Cash P 10,000
?
8. 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.”
9. 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.
10. 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.
11. 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.
12. 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.
13. 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?
14. Bring sheets of general journal and general
ledger.