Appendix A

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Appendix A
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think

• there are two parts to every entry
• what did the Co. receive
• what did it give up
• OR
• why did we receive it
• why did we give it up

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think

• will this go on the
• income statement
• balance sheet

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for each part of the entry - think

• is this a(n)
• revenue (sales)
• expense
• asset
• liability
• contribution from the owner

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Accounting cycle

• general journal - recording
• general ledger - posting
• trial balance
• adjusting journal entries
• general ledger - posting
• trial balance
• financial statements

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general journal - recording

• the general journal is a diary
• it is in chronological order
• in the order transactions or events occur

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General ledger - posting

• the general ledger is an account
• your checkbook is a ledger account
• it shows increases in the account
• decreases in the account
• the account balance

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trial balance

• it is just a listing of account balances

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adjusting journal entries

• adjustments that we need to make to account
  balances
• same old General Journal
• same old General Ledger

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Adjusted trial balance
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February
a new game set the score card to Zero
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