2nd Periodical Examination

Pointers : Journal Entries

T- Accounts / Ledger
Trial Balance

Type of Exam:
* Multiple Choice
* True or False
* Sequencing Guideline of Journalizing Entries
(note : please familiarize the guidelines)
Description of the General Journal

Date Column – shows the date of the occurrence of the

transaction.
Particulars – shows the account debited and credited as well as a
brief explanation of the transaction.
Posting Reference – this will be used when the entries are
posted, that is, until the amounts are
transferred to the related ledger accounts.
Debit Column – the first money column wherein the amount of
the debit account is entered.
Credit Column – the second money column wherein the
amount of the credit account is entered.

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 Simple and Compound-Entry System
Date Nature of Transaction Amount of money
involved
Debit Credit

July 1 Cash
t ry
100,000

d En
ou n
Transportation Equipment 20,000

m p
Co
M. Investment 120,000

Initial Investment

July 2 M. Drawing 50,000

e E n t r y
Sim p l
Cash 50,000

Owner’s Drawing
Guidelines in Using the General Journal
Labeling the journal
1. At the top of the first page, write at the center the caption
“General Journal”
2. At the rightmost side, write the page number of the journal.
3. On the succeeding pages only the page number of the
journal is written.

Writing the date

4. The column for the year, month, and day should be properly
filled up,
5. The year and the month should be written in every page.
6. Once written on a certain page, usually referring to the first
transaction on that page, the month should not be repeated.
7. If there are two or more transactions in one day, the day
should not be repeated.
Guidelines in Using the General Journal
Writing the debit and credit account titles and
explanation
1. The debit account title should be written first. The
account should be written adjacent the line that
divides the date column and the particular column.
This means that there is no space between the line
and the first letter of the debit account title.
2. The credit account title should be indented from the
debit account title.
3. Abbreviation of account title is not allowed.
4. The explanation should be indented from the credit
account title.
5. There should be no blank space in recording
Guidelines in Using the General Journal
Writing the amount
1. The debit amount should be written on the first money
column in line with the debit account title.
2. The credit amount should be placed on the second money
column in line also with the credit account title.
3. No peso sign should be placed on the debit and credit
money columns. It is understood that all amounts written
on the debit and credit money columns are expressed in
terms of pesos.
4. If there is no centavos, a dash sign (-) is usually placed on
the centavo column instead of writing the two zeros.
5. No comma and period should be used to indicate thousand
pesos and cents. The lines in the money columns are
usually colored with specific meanings.
6. Do not add the amounts on the money columns.