Guide - How to Prepare a General Journal

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Guide - How to Prepare a General Journal - Component 2

In this article we follow the following example, which will help responding to the question how you can make a common journal. So the first step was to create a list of the company accounts which is employed for the accounting purposes.

Subsequent we post the beneath dealings into the suitable journal company accounts, debiting or crediting the related attributes of the company accounts to be able to reflect improve or reduction in assets, liabilities or collateral, depending on the character of transaction.

List of dealings and publishing towards the company accounts:

1. Shareholders spent publishing equipment costing $4000 and cash amounting to $1500 into the company

D_________Gear_________D

4000_________________________

D_______Cash______________D_

1500_________________________

D________Share Funds________D

__________________________5500

2. Stock to supply publishing services fro $400 was acquired on credit

D___________Stock__________D

400____________________________

D_______Company accounts Payable________D

___________________________400

3. In the first month the organization supplied publishing services for $560 and got money for these services

D__________________Cash__________D

560_______________________________

D_______________Revenue__________D

______________________________560

4. Stock price of which is $100 was adopted to supply those services

D______Expenses_________D

100______________________

D_______Stock________D

______________________100

So that all the dealings had been posted into the common journal. In case there are no dealings for that particular accounting period, the next phase to completing the journal could be summarizing the company accounts and determining the closing amounts.

Whilst summarizing the company accounts it is necessary to remember that:

Resource category company accounts will have debit amounts
Equity and legal responsibility company accounts will have credit amounts
Revenue and costs company accounts will have respectively credit and debit amounts, however, these company accounts is going to be shut following the trial stability is ready and then accounting period begins

Amounts of the company accounts will be used to put together trial stability, however this can be done only following the period-finish adjusting records had been recorded and posted into the company accounts properly.

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