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LESSON 3-1 6/12/2007
1
CENTURY 21 ACCOUNTING © Thomson/South-Western
LESSON 3LESSON 3
Journalizing Transactions
CENTURY 21 ACCOUNTING © Thomson/South-Western
Objectives:Objectives:
1. Define accounting terms related to journalizing transactions.
2. Identify accounting concepts and practices related to journalizing transactions.
3. Record transactions to set up a business in a 5-column journal.
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LESSON 3-1 6/12/2007
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CENTURY 21 ACCOUNTING © Thomson/South-Western
Objectives (Objectives (con�tcon�t.):.):
4. Record transactions to buy insurance for cash and supplies on account in a five-column journal.
5. Record transactions that affect owner�s equity and receiving cash on account in a five-column journal.
6. Prove and rule a five-column journal and prove cash.
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CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 3-1
Critical ThinkingCritical Thinking
See Travelocity Case
(p. 55)
LESSON 3-1 6/12/2007
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CENTURY 21 ACCOUNTING © Thomson/South-Western
LESSON 3LESSON 3--11
Journals, Source Documents, and
Recording Entries in a Journal
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CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 3-1
A FIVEA FIVE--COLUMN JOURNALCOLUMN JOURNAL page 57
LESSON 3-1 6/12/2007
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CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 3-1
CHECKSCHECKS page 58
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CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 3-1
SALES INVOICESSALES INVOICES page 58
LESSON 3-1 6/12/2007
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CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 3-1
OTHER SOURCE DOCUMENTSOTHER SOURCE DOCUMENTS page 59
memorandum
calculator tape
receipt
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CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 3-1
RECEIVED CASH FROM OWNER AS AN RECEIVED CASH FROM OWNER AS AN INVESTMENTINVESTMENT page 60
August 1. Received cash from owner as an investment, $5,000.00. Receipt No. 1.
1. Write the date in the Date column.
2. Write the debit amount in the Cash Debit column.
3. Record the credit amount in the General Credit column. Write thetitle of the account in the Account Title column.
4. Write the source document number in the Doc. No. column.
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LESSON 3-1 6/12/2007
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CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 3-1
PAID CASH FOR SUPPLIESPAID CASH FOR SUPPLIES page 61
August 3. Paid cash for supplies, $275.00. Check No. 1.
1. Write the date in the Date column.
2. Record the debit amount in the General Debit column. Write the title of the account in the Account Title column.
3. Write the credit amount in the Cash Credit column.
4. Write the source document number in the Doc. No. column.
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CENTURY 21 ACCOUNTING © Thomson/South-Western
ApplicationApplication
Application Problem
3-1
(p. 80)
LESSON 3-1 6/12/2007
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CENTURY 21 ACCOUNTING © Thomson/South-Western
LESSON 3LESSON 3--22
Journalizing Buying Insurance, Buying on Account, and Paying
on Account
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CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 3-1
PAID CASH FOR INSURANCEPAID CASH FOR INSURANCE page 63
August 4. Paid cash for insurance, $1,200.00. Check No. 2.
1. Write the date in the Date column.
2. Record the debit amount in the General Debit column. Write the title of the account in the Account Title column.
3. Write the credit amount in the Cash Credit column.
4. Write the source document number in the Doc. No. column.
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LESSON 3-1 6/12/2007
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CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 3-1
BOUGHT SUPPLIES ON ACCOUNTBOUGHT SUPPLIES ON ACCOUNT page 64
August 7. Bought supplies on account from Supply Depot, $500.00.Memorandum No. 1.
1. Write the date in the Date column.2. Record the debit amount in the General Debit
column. Write the title of the account in the Account Title column.
3. Record the credit amount on the next line in the General Credit column. Write the title of the account in the Account Title column.
4. Write the source document number in the Doc. No. column on the first line of the entry.
11 44 2222
3333
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CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 3-1
PAID CASH ON ACCOUNTPAID CASH ON ACCOUNT page 65
August 11. Paid cash on account to Supply Depot, $300.00. Check No. 3.
1. Write the date in the Date column.
2. Record the debit amount in the General Debit column. Write the title of the account in the Account Title column.
3. Write the credit amount in the Cash Credit column.
4. Write the source document number in the Doc. No. column.
443322
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LESSON 3-1 6/12/2007
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CENTURY 21 ACCOUNTING © Thomson/South-Western
ApplicationApplication
Application Problem
3-2
(p. 80)
CENTURY 21 ACCOUNTING © Thomson/South-Western
LESSON 3LESSON 3--33
Journalizing Transactions That
Affect Owner�s Equity and Receiving Cash
on Account
LESSON 3-1 6/12/2007
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CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 3-1
RECEIVED CASH FROM SALESRECEIVED CASH FROM SALES page 67
August 12. Received cash from sales, $295.00. Tape No. 12.
1. Write the date in the Date column.
2. Write the debit amount in the Cash Debit column.
3. Write the credit amount in the Sales Credit column. Place a check mark in the Account Title column. A check mark is also placed in the Post. Ref. column.
4. Write the source document number in the Doc. No. column.
44 2211 3333 33
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CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 3-1
SOLD SERVICES ON ACCOUNTSOLD SERVICES ON ACCOUNT page 68
August 12. Sold services on account to Oakdale School, $350.00. Sales Invoice No. 1.
1. Write the date in the Date column.
2. Record the debit amount in the General Debit column. Write the title of the account in the Account Title column.
3. Write the credit amount in the Sales Credit column.
4. Write the source document number in the Doc. No. column.
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LESSON 3-1 6/12/2007
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CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 3-1
PAID CASH FOR AN EXPENSEPAID CASH FOR AN EXPENSE page 69
August 12. Paid cash for rent, $300.00. Check No. 4.
1. Write the date in the Date column.
2. Write the debit amount in the General Debit column. Write the title of the account in the Account Title column.
3. Write the credit amount in the Cash Credit column.
4. Write the source document number in the Doc. No. column.
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CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 3-1
RECEIVED CASH ON ACCOUNTRECEIVED CASH ON ACCOUNT page 70
August 12. Received cash on account from Oakdale School, $200.00. Receipt No. 2.
1. Write the date in the Date column.
2. Write the debit amount in the Cash Debit column.
3. Record the credit amount in the General Credit column. Write the title of the account in the Account Title column.
4. Write the source document number in the Doc. No. column.
11 2244
3333
LESSON 3-1 6/12/2007
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CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 3-1
PAID CASH TO OWNER FOR PAID CASH TO OWNER FOR PERSONAL USEPERSONAL USE page 71
August 12. Paid cash to owner for personal use, $125.00. Check No. 6.
1. Write the date in the Date column.
2. Write the debit amount in the General Debit column. Write the title of the account in the Account Title column.
3. Write the credit amount in the Cash Credit column.
4. Write the source document number in the Doc. No. column.
4411 332222
CENTURY 21 ACCOUNTING © Thomson/South-Western
ApplicationApplication
Application Problem
3-3
(p. 80)
LESSON 3-1 6/12/2007
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CENTURY 21 ACCOUNTING © Thomson/South-Western
LESSON 3LESSON 3--44
Proving and Ruling a Journal
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CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 3-1
PROVING A JOURNAL PAGEPROVING A JOURNAL PAGE page 73
1. Add each of the amount columns.
2. Add the debit column totals, and then add the credit column totals.
3. Verify that the total debits and total credits are equal.
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LESSON 3-1 6/12/2007
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CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 3-1
RULING A JOURNAL PAGERULING A JOURNAL PAGE
5. Rule double lines.
page 74
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44
1. Rule a single line.
2. Write the date.
3. Write Carried Forward.
4. Write each column total.
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CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 3-1
STARTING A NEW JOURNAL PAGESTARTING A NEW JOURNAL PAGE page 75
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441. Write the page number.
2. Write the date.
3. Write Brought Forward in the Account Title column. A check mark is also placed in the Post. Ref. column.
4. Record the column totals brought forward from the previous page.
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LESSON 3-1 6/12/2007
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CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 3-1
PROVING AND RULING A JOURNAL AT PROVING AND RULING A JOURNAL AT THE END OF A MONTHTHE END OF A MONTH page 75
5. Rule double lines.
1122 33 55
44
1. Rule a single line.
2. On the next line, write the date.
3. Write the word Totals.
4. Write each column total.
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CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 3-1
STANDARD ACCOUNTING PRACTICESSTANDARD ACCOUNTING PRACTICES page 77
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LESSON 3-1 6/12/2007
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CENTURY 21 ACCOUNTING © Thomson/South-Western
ApplicationApplication
Application Problem
3-4
(p. 81)
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CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 3-1
TERMS REVIEWTERMS REVIEW
journal journalizing special amount column general amount column entry double-entry accounting
source document check invoice sales invoice receipt memorandum
page 62
LESSON 3-1 6/12/2007
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CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 3-1
TERM REVIEWTERM REVIEW
proving cash
page 78
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CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 3-1
Chapter 3 HomeworkChapter 3 Homework page 78
1.1 Application Problems
a. Review problems completed in class.b. Use available interactive e-workpapers to complete
application problems not worked in class. c. No Chapter 3 application problems are due this week.
1.2 Mastery Problem 3-6 (p. 82)Sect. 3A � Due 06/20/07Sect. 5B � Due 06/18/07
1.3 Quiz � Chapter 3a. Sect. 3A � Due 06/20/07
Sect. 5B � Due 06/18/07b. Email quiz results to Instructor
([email protected]) and toyourself.
1.4 Exam 1 (Chapters 1 � 5), 100 points, 75 minutesSect. 3A -- Sat, 06/23/07Sect. 5B � Sat, 06/21/07
Congratulations ! You have made it through Chapter 3.
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