Explanation Journal entry : A journal entry refers to the logging of a transaction into accounting journal items. The journal entry consists of different recordings, each of which is a debit or credit. The first step in the accounting process is analyzing the transactions and recording them as journal entries. T-account: A T-account is an account used to represent a general ledger account. The title of the account is present at the top. The left side of the base of T denotes the debit amount and the right side denotes the credit amount. Trial Balance: A trial balance can be defined as a bookkeeping worksheet wherein the balances of the ledgers of a company are brought together into the debit column and the credit column. A trial balance is prepared by a company periodically, generally at the end of an accounting period. It is usually prepared to make sure that the entries in the bookkeeping system of a company are correct and true. Prepare the general ledgers of the company as on 30 June, 2018. Cash a/c No.100 Date Explanation Ref. Debit Credit Balance June 2 Common stock 80,000 80,000 June 8 Office supplies 8,000 72,000 June 15 Wage expenses 8,000 64,000 June 20 Furniture 10,000 54,000 June 22 Sales revenue 120,000 174,000 Table (1) Office Supplies a/c No.101 Date Explanation Ref. Debit Credit Balance June 8 Cash 8,000 8,000 Table (2) Furniture a/c No.121 Date Explanation Ref. Debit Credit Balance June 20 Cash 25,000 25,000 Table (3) Notes payable a/c No...

Intermediate Accounting, Student Value Edition Plus MyLab Accounting with Pearson eText -- Access Card Package (2nd Edition)

2nd Edition

ISBN: 9780134833118

Author: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella

Publisher: PEARSON

See similar textbooks

Question

Chapter 4, Problem 4.11E

To determine

To prepare: The unadjusted trial balance of D Company.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Chapter 4, Problem 4.10E

Chapter 4, Problem 4.12E

Students have asked these similar questions

General Accounting

Aristotle Corp. has an inventory turnover ratio of 14.92, based on annual sales of $18,500,000. The firm reports a current ratio of 8.25 and current liabilities of $410,000. The company also holds $590,250 in cash and marketable securities. What is the firm's Days Sales Outstanding (DSO)?

What is the estimate of the overhead

Chapter 4 Solutions

Intermediate Accounting, Student Value Edition Plus MyLab Accounting with Pearson eText -- Access Card Package (2nd Edition)

Ch. 4 - Prob. 4.1Q Ch. 4 - ShoeBuy uses reversing entries for events such as...Ch. 4 - What is equity? What are the three components of...Ch. 4 - Prob. 4.4Q Ch. 4 - Will all transactions have a dual effect on the...Ch. 4 - Prob. 4.6Q Ch. 4 - What is meant by the term normal balance? Provide...Ch. 4 - Why is the general journal referred to as the book...Ch. 4 - Are account balances found in the general ledger?...Ch. 4 - What is the purpose of an unadjusted trial...

Knowledge Booster

The unadjusted trial balance of D Company.

Solution Summary: The author explains that a journal entry consists of different recordings, each of which is an account debit or credit. A trial balance is prepared periodically, generally at the end of an accounting period.

To prepare: The unadjusted trial balance of D Company.

Want to see the full answer?

Chapter 4 Solutions