ACCT 2101 Lecture Notes - Lecture 2: Deferral, Accounts Payable, Accounts Receivable
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Account Tracking form provided:
Account Title -> copy the name of the accounts from the listbelow
Account Major Classification -> Asset (A), Liability (L),Ownerâs Equity (OE), Revenue (R) or Expense (E) or Not Applicable(NA)
Contra account -> place a check mark in this column if theitem is a contra account
Account Sub Classification -> only to be used with Asset andLiability accounts; Current Asset (CA); Property, Plant &Equipment (PPE); Current Liability (CL), Long-term Liability (LTL)or Not Applicable (NA)
Normal Balance -> debit (DR), credit (CR) or Not Applicable(NA)
Financial Statement-> Income Statement (IS), Statement ofOwnerâs Equity (SOE), Balance Sheet (BS) or Not Applicable (NA)
Temporary or Permanent -> T for temporary (nominal) accountsand P for permanent (real) accounts
Accounts Payable |
Accounts Receivable |
Accumulated Depreciation |
Advertising Expense |
Buildings |
Cash |
Depreciation Expense |
Fees Earned |
Income Summary |
Insurance Expense |
Interest Payable (due in 1 month) |
Interest Receivable (due in 2 months) |
Joey Bee, Capital |
Joey Bee, Drawing |
Land |
Notes Payable (due in 3 years) |
Notes Receivable (due in 2 months) |
Office Equipment |
Prepaid Insurance |
Prepaid Rent |
Rent Expense |
Notes Payable (due in 2 months) |
Store Equipment |
Supplies |
Supplies Expense |
Taxes Payable (due in 4 months) |
Unearned Fees |
Unearned Rent |
Unearned Revenue |
Wages Payable |
The following data were accumulated for use in reconciling the bank account of Creative Design Co. for August 20Y6:
1. | Cash balance according to the companyâs records at August 31, $18,257. |
2. | Cash balance according to the bank statement at August 31, $27,261. |
3. | Checks outstanding, $14,624. |
4. | Deposit in transit, not recorded by bank, $6,131. |
5. | A check for $58 in payment of an account was erroneously recorded in the check register as $580. |
6. | Bank debit memo for service charges, $11. |
Journalize the entry or entries that should be made by the company. Refer to the Chart of Accounts for exact wording of account titles.
Chart of Accounts
CHART OF ACCOUNTS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Creative Design Co. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General Ledger | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Journal
Journalize the entry or entries that should be made by the company. Refer to the Chart of Accounts for exact wording of account titles.
PAGE 1
JOURNAL
ACCOUNTING EQUATION
DATE | DESCRIPTION | POST. REF. | DEBIT | CREDIT | ASSETS | LIABILITIES | EQUITY | |
---|---|---|---|---|---|---|---|---|
1 | ||||||||
2 | ||||||||
3 | ||||||||
4 |