Analyzing and Recording Transactions

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Presentation transcript:

Analyzing and Recording Transactions Chapter 2 Exercises Analyzing and Recording Transactions

Analyzing Transactions In-Class Exercises: Exercise No. Page 2-7 79 Journal Entries

Analyzing Transactions Prepare general journal entries for the following transactions of a new company called Pose for Pics. Aug. 1 Kasey Madison, the owner, invested $7,500 cash and $32,500 of photography equipment in the company. Aug. 2 Paid $3,000 cash for an insurance policy covering the next 24 months. Aug. 5 Purchased office supplies for $1,400 cash. Aug. 20 Received $2,650 cash in photography fees earned. Aug. 31 Paid $875 cash for August utilities.

Analyzing Transactions

Analyzing Transactions In-Class Exercises: Exercise No. Page 2-8 79 T-Accounts & Trial Balance

Analyzing Transactions Using the journal entries from Exercise 2-7, post the general journal entries to the T-accounts (which will serve as the general ledger). After posting entries to the T-accounts, prepare a trial balance as of August 31 for Pose for Pics.

Analyzing Transactions Completed T-Accounts

Analyzing Transactions