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Halo~

In: Business and Management

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CHAPTER 2

THE RECORDING PROCESS
ACCT100 Fall 2013 Teresa Chu
Chapter 2-1

The Account
Record increases and decreases in a specific asset, liability or equity item Debit = “Left” Credit = “Right”

Account Name

T-Account form

Debit / Dr.

Credit / Cr.

Chapter 2-2

Debits and Credits Double-entry system

Dual effect of transaction

Each transaction MUST affect 2 or more accounts to keep the basic accounting equation balance DEBIT = CREDIT for each transaction

Chapter 2-3

Summary of Debit/Credit Rules

Debits > Credits → Debit balance Credits > Debits → Credit balance Normal balance: the side to record increases
Chapter 2-4

Steps in the Recording Process
1) Analysis of transaction → Analyze business documents which provide evidence of transactions (e.g. sales invoice, check, bill or cash register tape)

2) Journalizing 3) Posting

Chapter 2-5

The Journal

Also refer to “General Journal” Book of original entry Contributions: Record transactions in chronological order
1. Show complete effects of a transaction

2. Provide chronological record of transactions

Chapter 2-6

Step 2 Journalizing: entering transactions in a journal

3. Help preventing or locating errors because debit and credit amounts can be easily compared

Journalizing
Oct. 1 Lynn Robbins begins business as a real estate agent with a cash investment of ¥200,000 in exchange for ordinary shares 2 Hires an administrative assistant. 3 Purchases office furniture for ¥19,000 on account. E2-4 Presented below is information related to Beijing Real Estate Agency.

6 Sells a house and lot for N. Fennig; bills N. Fennig ¥32,000 for realty services provided. 27 Pays ¥8,500 on balance related to transaction of Oct 3. E2-5 Instructions - Journalize the transactions for E2-4.
Chapter 2-7

30 Pays the administrative assistant ¥25,000 salary for Oct.

Journalizing
Oct. 1 Lynn Robbins begins business as a real estate

agent with a cash investment of ¥200,000 in exchange for ordinary shares.
General Journal
Ref.

(Analysis: + Cash; + Share Capital - Ordinary)
Date Account Title Debit Credit 200,000

J1

Oct. 1

Cash

(Issued shares for cash)

Share Capital - Ordinary

200,000

Chapter 2-8

Journalizing
Oct. 2 Hires an administrative assistant.

(Analysis: A business-related transaction)
General Journal
Ref.

Date Oct. 2

Account Title No entry

Debit

Credit

Chapter 2-9

Journalizing
Oct. 3

Purchases office furniture for ¥ 19,000 on account.

(Analysis: + Office furniture; + Accounts payable)
General Journal
Ref.

Oct. 3

Date

Office furniture

Account Title

Debit

(Purchased furniture on account)

Accounts payable

19,000

Credit 19,000

Chapter 2-10

Journalizing
Oct. 6

Sells a house and lot for N. Fennig; bills N. Fennig ¥32,000 for realty services provided.

(Analysis: + Accounts receivable; + Service revenue)
General Journal
Ref.

Oct. 6

Date

Accounts receivable

Account Title

(Provided services on account)

Service revenue

32,000

Debit

Credit 32,000

Chapter 2-11

Journalizing
Oct. 27

Pays ¥8,500 on balance related to transaction of Oct. 3. (Analysis: - Cash; - Accounts payable)
General Journal
Ref.

Oct. 27

Date

Accounts payable (Paid on account) Cash

Account Title

Debit

8,500

Credit 8,500

Chapter 2-12

Journalizing
Oct. 30

Pays the administrative assistant ¥25,000 salary for Oct. (Analysis: - Cash; + Salaries expense)
General Journal
Ref.

Oct. 30

Date

Salaries expense (Paid salaries) Cash

Account Title

25,000

Debit

Credit 25,000

Chapter 2-13

In-class Exercise: P2-3A requirement (b)

Journalizing
Simple Entry – Involve two accounts, 1 debit and 1 credit Compound Entry – Require 3 or more accounts
Example – On June 15, H. Burns, purchased equipment for $15,000 by paying cash of $10,000 and the balance on account.
Date Account Title

General Journal
Ref.

June 15

Equipment Cash

Debit

15,000

Credit 10,000 5,000

(Purchased equipment)
Chapter 2-14

Accounts payable

The Ledger
Also refer to “General Ledger” General Ledger: contains all asset, liability, equity, revenue and expense accounts

G/L order: 1) Asset 2) Liability 3) Equity 4) Revenue 5) Expense Chart of Accounts: list the accounts and account numbers in the general ledger Step 3 Posting: transferring journal entries to ledger accounts
Chapter 2-15

Chapter 2-16

500-799 expenses 800-899 other revenues 900-999 other expenses

400-499 revenues

Standard Form of Account
Three-column form of account Widely used in practice Keep a running balance after each transaction
Cash
Date
Oct. 1 27 30

No. 101
Debit
200,000 8,500 25,000

Explanation

Ref.

Credit

Balance
200,000 191,500 166,500

Chapter 2-17

Posting

5
Account Title

Oct. 1

Date

General Journal
Ref.

J1
Debit
200,000

Cash

(Issued shares for cash)

Share Capital - Ordinary

101

Credit
200,000

General Ledger
Cash
Ref. Date

Acct. No. 101
Credit Balance

Oct. 1

Explanation

J1

200,000

Debit

200,000

1
Chapter 2-18

2

3

4

The Trial Balance
A list of accounts and their balances at a given time List accounts using the ledger order Only prove debits equal credits after posting
Beijing Real Estate Agency
Trial Balance October 31, 2013 Debit $ 166,500 32,000 19,000 Credit

Cash Accounts receivable Office furniture Accounts payable Share capital - ordinary Service revenue Salaries expense

$ 10,500 200,000 32,000 25,000 $ 242,500 $ 242,500

NO guarantee that all journals or ledger are correct
Chapter 2-19

In-class Exercise: P2-3A requirement (d)

Limitations of a Trial Balance
The trial balance may balance even when
1. a transaction is NOT journalized 3. a journal entry is posted twice 2. a correct journal entry is NOT posted 4. incorrect accounts are used in journalizing or posting 5. offsetting errors are made in recording the amount of a transaction

Chapter 2-20

Use of Currency Signs
NO “$” in journal or ledger Use “$” in trial balance and financial statements Show “$” for 1st item and total of that column

Chapter 2-21

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Halo 4

...Executive Summary Diageo, PLC is an international company responsible for producing assorted liquor drinks for the consumer domestically and globally. Diageo is the #1 premium liquor producer and disturber in the United States. Within this company the North America Global Supply provides one of the leading ultra high premium triple filtered premium liquors. This organization strives to provide quality product to their consumer. Through the years this company has shown their commitment to the consumer and brands because many have been around for generations, while some have been developed more recently to meet new consumer tastes and experiences. The company believes that people can celebrate with their products at every occasion no matter where they are in the world. This is why 'celebrating life every day, everywhere' is at the core of what we do. The North America Conversion Division operates under the same commitment to the brands and consumer as the main Diageo entity. The balanced scorecard shows the specific strategies and key measurements that enable Diageo to deliver their commitment to the consumers and brand through the four different perspectives (Atkinson, Kaplan, Matsumura, & Young, 2011). The many stakeholders to include the consumer, the employees and the senior executive team utilize SMART objective to deliver their strategy, providing a distinct advantage to their competitors. This paper will examine the Diageo approach to be a world class organization......

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