Project 1
1. Project 1
1.15. Page 4
Training Room 4: Journalizing Transactions
Time to Work
When you are confident that you can analyze and journalize transactions, continue to the assessment assignment below.
Check the Journalizing Rubric to make sure you didn’t forget anything. All rubrics are available in the Toolkit for you to access at any time.
Remember that a Chequing account is considered the same as cash, since the cash in the bank is readily available.
Open General Journal Template, and save the form as pr1-tr4-a1, or as instructed by your teacher.
Using the account titles from Dr. Kondrito’s Chart of Accounts, journalize the following transactions on page 7 of a general journal.
| 1 | Paid rent for the month of May, $1500.00, Cheque #200 |
2 |
Received $20 000.00 for dental services, Receipt No. 111 |
8 |
Received $50 000.00 for Accounts Receivable, Receipt No. 112 |
14 |
Paid $25 000.00 to the bank on amount owed, Cheque #201 |
15 |
Charged Accounts Payable $1500.00 for dental equipment, Purchase Order #15 |
20 |
Owner withdrew $2000.00, Cheque #202 |
22 |
Paid Utilities $850.00, Cheque #203 |
23 |
Bought a new office chair for $500.00, Cheque #204 |
29 |
Purchased a new computer for $5000.00, Cheque #205 |
30 |
Paid salaries of $10 000.00, Cheque #206 |
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Training Room 4 Summary
This training room showed you how to record business transactions from source documents (such as the opening entry, cheques, receipts) in the general journal, so a business has a record of its day-to-day business activities.
The next training room will continue your training in journalizing by showing you how to set up a petty-cash fund and journalizing any associated transactions.