Do Now Write down the Normal Balances of the following accounts: Cash LESSON 3-1 10/1/2017 Do Now Write down the Normal Balances of the following accounts: Cash AR Supplies AP Revenue Expenses Drawing Capital Debit Credit GREEN

A GENERAL JOURNAL page 57 General Journal has 2 amount columns and all kinds of entries can be found in chronological order. Double – Entry Accounting: Each transaction effects at least 2 accounts. Both the debit and credit are recorded, reflecting the dual effect of each transaction on the businesses records. LESSON 3-1

Source Documents A business paper from which information is obtained for a journal entry. Each transaction is described by a source document that proves that the transaction did occur. What is an example of a source document? If I paid off an AP, what would be my source doc? Do you ever mail cash? LESSON 3-1

CHECKS page 58 LESSON 3-1

LESSON 3-1

What if we sell something on account? How do we document it? LESSON 3-1

SALES INVOICES page 58 LESSON 3-1

Receipts When CASH is received from sources OTHER THAN SALES receipt LESSON 3-1

LESSON 3-1 10/1/2017 Memo page 59 memorandum When no other source doc is prepared for a transaction, or additional info is needed LESSON 3-1 GREEN

Calculator Tape calculator tape Source Doc for Daily Sales LESSON 3-1

RECEIVED CASH FROM OWNER AS AN INVESTMENT page 60 August 1. Received cash from owner as an investment, $5,000.00. Receipt No. 1. 2 1 3 4 1. Write the date in the Date column. 2. Write the title of the account debited. Write the debit amount. 3. Write the title of the account credited. Write the credit amount. 4. Write the source document number in the Doc. No. column. LESSON 3-1

PAID CASH FOR SUPPLIES page 61 August 3. Paid cash for supplies, $275.00. Check No. 1. 2 1 3 4 1. Write the date in the Date column. 2. Write the title of the account debited. Write the debit amount. 3. Write the title of the account credited. Write the credit amount. 4. Write the source document number in the Doc. No. column. LESSON 3-1

Workbook Pg 37 Text Pg 62 Working Together Workbook Pg 39 On Your Own

TERMS REVIEW journal journalizing entry general journal page 62 journal journalizing entry general journal double-entry accounting source document check invoice sales invoice receipt memorandum LESSON 3-1