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General Journal Entries, Ledger Accounts, Trial Balance, Income Statement, Statement of Owners Equity and Balance Sheet (Case of Amal Translation) - Assignment Example

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General Journal Entries, Ledger Accounts, Trial Balance, Income Statement, Statement of Owners Equity and Balance Sheet (Case of Amal Translation)

In simple definition, General journal is a statement where double entry bookkeeping are posted by debiting an accouting followed by a corresponding crediting of another accounting using the same amount (Carl, James and Jonathan, 2008). Both debited and credited amount should be equal to maintain the accounting equation. Based on the available accounting information system, an organization may use specialized journal alongside the generalized journal entries in order to have an effective record keeping system. In this case, the application of a general journal entries can be limited to adjustments, as well as, in non routine entries. Below is a computed General Journal Entrues for various transaction of the Amal Translation....
00       Translation Fee Earned   24,000 14-Sep Rental Expense   2100       Account Payable   2100 16-Sep Cash   48,000       Unearned Fees   48,000 20-Sep Wage Expense   4800       Cash   4800 25-Sep Cash   60,000       Account Receivable   60,000 27-Sep Account Payable   7,900       Cash   79,000 28-Sep Repairs Expense   250       Cash   250 29-Sep Amal's Drawing   4960       Cash   4960 29-Sep Note Payable   20,000       Cash   20,000 30-Sep Wage Expense   4800       Cash   4800 30-Sep Advertising Expense   6600       Cash   6600 2.0 Opening Ledger Accounts Leger Accounts Ledger account is the second entry point of business transaction into the company’s accounting system. Accounting information contained in the ledger account relates to daily transactions of the business. It collects all credits and debts that relates to the account head within a single space. In this respect, credit and debit entries are two naturally opposing actions. In real practice, the amount use in the transaction off sets against one another. Whatever remain is the balance or the difference after the set off. This difference is referred to as ledger account balance. Ledger balancing is the process of calculating the balances of ledger accounts. Irrespective of the number of credit or debit ledger accounts available, the balance is calculated by setting off total debits of the company against the total credits. The differece between the two sums gives the ledger account balance. When setting off, the assumption made is that greater sum is set off from the smaller sum. The following equations summarizes the interpretation of ledger account balance. (Total debit- Total Credit): Applicable in case debit amount is greater. (Total credit- ...Show more

Summary

General journal entries is the initial point of reporting various transactions of the business into the accounting system. It provide a chronological method of recording all the business transactions…
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General Journal Entries, Ledger Accounts, Trial Balance, Income Statement, Statement of Owners Equity and Balance Sheet (Case of Amal Translation) essay example
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