Accounting in Society

MACQUARIE BUSINESS SCHOOL

Department of Accounting and
Corporate Governance

ACCG1000 Accounting in Society

WEEK 5 TUTORIAL Financial Accounting for Business –
Preparing General Journal Entries

Tutorial Discussion Questions

Q1. What is the purpose of a general journal entry? Discuss the advantages of the general
journal.

Q2. What is a chart of accounts? Why is a chart of accounts important?

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 Accounting in Society

Chapter 2: BE2.3 & 2.4

Dudley Advertising Ltd

**The first transaction has been completed to give you some guidance

Basic Analysis Debit /Credit analysis

1 August Cash (asset) Increase Debits increase assets

Share Capital (equity) Increase Credits increase equity
4th August

16th August

27th August

Dudley Advertising Ltd

General Journal

Date Description Debit Credit

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 Chapter 2: PSB 2.7 part (a) only Accounting in Society

Busy Bookkeepers Pty Ltd

Date Account Name Debit Credit

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 Accounting in Society

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 Accounting in Society

In-Class Activity

Date Account Name Debit Credit

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Additional Self-Study Questions Accounting in Society

Chapter 2: E2.6

Bookit Pty Ltd

Accounts Accounts
debited credited
Transaction Basic (a) Specific (b) Effect (c) Normal (d) Basic (a) Specific (b) Effect (c) Normal (d)

1 Asset Cash Increase Debit Equity Share capital Increase Credit

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 Chapter 2: E2.7 Accounting in Society

Bookit Pty Ltd

Date Account Name Debit Credit

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 Chapter 2: PSA2.5 part (a) Accounting in Society

Mahon Consultants Pty Ltd

Date Account Name Debit Credit

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Accounting in Society

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