PACIFIC TRUCKING. OPENING ENTRY Purpose: To record balances to establish accounts at the beginning of a new fiscal period.

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Presentation transcript:

PACIFIC TRUCKING

OPENING ENTRY Purpose: To record balances to establish accounts at the beginning of a new fiscal period

ACCOUNTING CYCLE 1.Transaction Occurs 2.Journal entry

Opening Entry ASSETS (DEBIT ACCOUNTS FIRST) LIABILITIES (CREDIT ACCOUNTS) OWNER’S EQUITY (Listed last) Brief Explanation! Date!

Transactions Date! Debit Account Credit Account Brief Explanation!

ACCOUNTING CYCLE 1.Transaction Occurs 2.Journal entry 3.Posting to the ledger  a record of individuals accounts & balances (t- accounts)

ASSETS Cash A/R- W. Caruso A/R- R. Van Loon Supplies Trucks Equipment (OB) (OB) 150 (OB) 620 (OB) 2 465(OB) (OB)

LIABILITIES & OWNER’S EQUITY Bank Loan B. Rissien, Capital A/P- Dini Bros. A/P- Packham Supply (OB) (OB) (OB) 3 946(OB) 2 465

Transaction 1: $200 of supplies is purchased from Packham supply to be paid at a later date Supplies A/P- Packham Supply (OB) 2 465(OB) (1) 200

Transaction 2: $500 IS PAID TO Dini Bros. In part payment of the amount owed to them Cash (OB) A/P- Dini Bros. (OB) (2) 500

Transaction 3: $200 cash is received from R. Van Loon in part payment of his debt Cash (OB) (2) 500 (3) 200 A/R- R. Van Loon (OB) 620

Transaction 4: A delivery service is provided for a customer at a price of $400. The customer pays cash at the time the service is completed Cash (OB) (2) 500 (3) 200 B. Rissien, Capital (OB) (4) 400

Transaction 5: A used truck costing $8 000 is purchased from Dini Bros. A cash down payment of $2 500 is made at the time of the purchase and the balance is paid at a later date. Trucks (OB) A/P- Dini Bros. (OB) (2) 500 Cash (OB) (2) 500 (3) 200 (4) 400 (5) (5) (5) 5 500

Transaction 6: A delivery is completed for R. Van Loon at a price of $350. Van Loon does not pay for the service at the time it is made but agrees to pay within 60 days. B. Rissien, Capital (OB) (4) 400 (3) 200 A/R- R. Van Loon (OB) 620 (6) 350

Transaction 7: One of the lifting machines (part of equipment) breaks down. $650 cash is spent on repairing the machine. Cash (OB) (2) 500 (3) 200 (4) 400 (5) B. Rissien, Capital (OB) (4) 400 (6) 350 (7) 650

Total ALL of the T-ACCOUNTS Cash (OB) (2) 500 (3) 200 (4) 400 (5) (7) 650 (3) 200 A/R- R. Van Loon (OB) 620 (6) 350 Trucks (OB) (5) Supplies (OB) (1) 200 A/R- W. Caruso Equipment (OB) 150 (OB)

Liabilities & Owner’s Equity B. Rissien, Capital (OB) (4) 400 (6) 350 (7) 650 A/P- Dini Bros. (OB) (2) 500 (5) A/P- Packham Supply (OB) (1) 200 Bank Loan (OB)

Ex. 3 & 5 p (t), p. 85 (w) Ex. 2 p. 83 (t), p. 34 (w)