Journalizing, posting, trial balance, & financial statements

In summary, the speaker is taking a course in Financial Accounting Fundamentals and has been told that the physics forum can help with questions related to this subject. They are having trouble with a specific question, which involves journalizing December transactions using accounts on the balance sheet and in the chart of accounts. The speaker has already provided their attempted solution and is specifically seeking feedback on certain transactions. They also mention that they will be posting part b) of the question on a separate thread due to file limitations.
  • #1
alexandria
169
2

Homework Statement


I am doing a course called Financial Accounting Fundamentals (BAF3M-B) and I was told that physics forum provides help with qts related to this subject.
Anyways,
Here is the question I'm having trouble with: Sorry if the scanned version is a bit blurry :P

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a) Journalize the December transactions, using accounts on the balance sheet and in the chart of accounts

Homework Equations


No equations required

The Attempt at a Solution



Here is my answer for part a), I'm specifically having a problem with the dec.10th transaction, the dec.12th transaction (the one that deals with the hydro bill and water bill), the dec.15th transaction (paid $250 to J.Stowe, the owner, for her own use), the dec.20th transaction, and the 23rd transaction. I have no idea if I analyzed those transactions properly and journalized them correctly. Please tell me if my answer for part a) is correct. Thanks.
a)

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p.s. I will be posting part b) of this qts on a completely different thread, because this thread is extending way too long and covers so much already. I'll leave a link to this thread in the new thread, so if ppl want to see the original question they can come here.

Also, I'm not allowed to upload more than 10 files, so the rest of part a) is down below.
 

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  • #2
Here are the rest of my answers for part a), can someone please tell me if I analyzed each december transaction and journalized them correctly. The december transactions that I had the most trouble with (and I'm pretty sure I analyzed them incorrectly) are listed in the previous message. I'm pretty sure most of my anwers are correct, but please go over the ones that I had trouble with. Thanks.
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Related to Journalizing, posting, trial balance, & financial statements

1. What is the purpose of journalizing and posting?

Journalizing and posting are important steps in the accounting process that help to record and organize financial transactions. Journalizing involves recording the details of each transaction in a journal, while posting involves transferring the information from the journal to the appropriate accounts in the general ledger. These steps help to ensure accuracy and completeness of financial records.

2. What is a trial balance and why is it important?

A trial balance is a statement that lists all the accounts and their balances at a specific point in time. It is important because it helps to identify any errors or discrepancies in the accounts. If the debits and credits do not match, it signals that there is an error that needs to be corrected before the financial statements can be prepared.

3. What are financial statements and why are they important?

Financial statements are documents that provide an overview of a company's financial performance. They include the income statement, balance sheet, and cash flow statement. These statements are important because they provide valuable information to stakeholders such as investors, creditors, and management, to make informed decisions about the company's financial health and future.

4. What is the difference between a journal entry and a ledger entry?

A journal entry is the initial recording of a transaction in the journal, while a ledger entry is the transfer of that information from the journal to the appropriate account in the general ledger. Journal entries provide a detailed description of the transaction, while ledger entries provide a summary of the transaction for each account.

5. What happens if the debits and credits do not balance in the trial balance?

If the debits and credits do not balance in the trial balance, it means that there is an error in the accounting records. This could be due to a mistake in journalizing or posting, or a mathematical error. The error must be identified and corrected before the financial statements can be prepared. Common errors include transposing numbers, omitting a transaction, or recording an incorrect amount.

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