Date Accounts ???and Explanation Debit ? Nov. 2 Office Supplies ?? Accounts Payable ?? Purchased office ??supplies on accountWeek2-Mastery.doc

Use the information provided in the journal entry to post the transaction to the t-account. Post in DR/CR order.

Date	Accounts and Explanation	Debit	Credit
Nov. 2	Office Supplies	23,500
	Accounts Payable		23,500
	Purchased office supplies on account

 

Date	Accounts and Explanation	Debit	Credit
Nov. 6	Furniture	28,900
	Bright, Capital		28,900
	Bright, the owner, contributed furniture in exchange for capital.

 

Date	Accounts and Explanation	Debit	Credit
Nov. 8	Cash	27,300
	Service Revenue		27,300
	Received cash for services rendered to a client

 

Date	Accounts and Explanation	Debit	Credit
Nov. 12	Notes Payable	14,000
	Cash		14,000
	Made payment on notes payable

 

Date	Accounts and Explanation	Debit	Credit
Nov. 15	Prepaid Insurance	5,400
	Cash		5,400
	Paid for a one year insurance policy

Top of Form

A T is drawn. The vertical line divides the account into its left and right sides. The left side of the T-account is called the debit side and the right side is called the credit side. The account name is at the top, above the horizontal line.

Bottom of Form

Post the transaction to the four-column ledger account and complete the journal entry.

Top of Form

JournalPage 1

Date	Accounts and Explanation	Post. Ref.	Debit	Credit
2016 Nov. 1	Cash		40,000
	Bright, Capital			40,000
	Owner Contribution.

CashAccount No. 101

	Balance
Date	Item	Post. Ref.	Debit	Credit	Debit	Credit
2016

Bright, CapitalAccount No. 301

	Balance
Date	Item	Post. Ref.	Debit	Credit	Debit	Credit
2016

Bottom of Form

After journalizing entries, information can be entered into T-Accounts and/or the four-column ledger. Enter the information from the T-Account and calculate the running balance in the appropriate place in the four-column ledger to review the similarities between the two formats.

A T is drawn. The vertical line divides the account into its left and right sides. The left side of the T-account is called the debit side and the right side is called the credit side. The account name is at the top, above the horizontal line.
Cash
Nov. 1	41,900	8,000	Nov. 2
Nov. 8	17,800	4,800	Nov. 15
Nov. 22	29,800	5,200	Nov. 21
Dec. 21	15,400	10,200	Nov. 25
Dec. 28	14,300	4,400	Dec. 1
		2,000	Dec. 3
		5,600	Dec. 15
Bal.	79,000

Top of Form

CashAccount No. 101

	Balance
Date	Item	Post. Ref.	Debit	Credit	Debit	Credit
2016
		J1
		J1
		J1
		J1
		J1
		J1
		J1
		J1
		J1
		J1
		J1
		J1

Bottom of Form

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