ACCOUNTING 2017-18 October 11, 2017

Today’s Agenda (Day 37)

1. Homework Check:
Exercise: Recording Transactions 2.1
Drill 2-D2 and Drill 3-D1 Exercises

2. Class Activity
 Ch 3 PPT Review – CONT’D
 Class Review of Drill 3 – D2 – see p. 2 of document
 Independent Work: You may use class time to work on the Independent Activity on p. 3 of
document

HOMEWORK:
 Read Chapter 3 – Recording Transactions in a General Journal

Ch 3 – Recording Transactions in a General Journal

Check General journal Journalizing Sales invoice
Double-entry accounting Invoice Memorandum Source document
Entry Journal Receipt Special Amount/General
Amount Column

REMINDERS:
 Ch 3 Vocabulary (definition only)  Fri, Oct. 6
 Ch 3 Test  Fri, Oct. 13 NOTE New Date!!
ACCOUNTING 2017-18 CLASS ACTIVITY

Drill 3-D2 Journalizing transactions in a general journal

Tamika Gilbert’s business uses the following accounts.

Cash
Accts. Rec.—Klein Co. Tamika Gilbert, Capital
Accts. Rec.—Palmer Carson Tamika Gilbert, Drawing
Prepaid Insurance Sales
Supplies Advertising Expense
Accts. Pay.—Matson Company Utilities Expense

INSTRUCTIONS:
Journalize the following transactions. Use the General Journal Template. See msbeland.weebly.com.

Transactions
1. Received cash from sales, $900.00.
2. Sold services on account to Klein Co., $200.00.
3. Paid cash for supplies, $75.00.
4. Paid cash on account to Matson Company, $750.00.
5. Paid cash for advertising, $85.00.
6. Tamika Gilbert, owner, withdrew cash for personal use, $1,000.00.
7. Sold services on account to Palmer Carson, $240.00.
8. Paid cash for electricity bill, $160.00.
9. Paid cash for the telephone bill, $125.00.
10. Received cash from owner as an investment, $850.00.
11. Received cash from sales, $500.00
12. Paid cash for insurance, $290.00
ACCOUNTING 2017-18 INDEPENDENT ACTIVITY

PROBLEMS: SET B

Frontier Park was started on April 1 by M. Preston. The following selected events and transactions occurred
during April.

Apr. 1 Preston invested $35,000 cash in the business.

4 Purchased land costing $27,000 for cash.

8 Incurred advertising expense of $1800 on account.

11 Paid salaries to employees $1500.

12 Hired park manager at a salary of $4000 per month, effective May 1.

13 Paid $1650 cash for a one-year insurance policy.

17 Withdrew $1000 cash for personal use.

20 Received $6800 in cash for admission fees.

25 Sold 100 coupon books for $25 each. Each book contains 10 coupons that entitle the holder to
one admission to the park.

30 Received $8900 in cash admission fees.

30 Paid $900 on balance owed for advertising incurred on April 8

Frontier Park uses the following accounts:

Cash, Prepaid Insurance, Land, Accounts Payable, Unearned Service Revenue, Owner’s Capital, Owner’s
Drawings, Service Revenue, Advertising Expense, and Salaries and Wages Expense.

INSTUCTIONS: Journalize the April transactions. Use the General Journal Template as located on
msbeland.weebly.com