demonstration for e- learning
TRANSCRIPT
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JOURNALIZING
Carrelle Jane D. QuitaligBBTE III-2N
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HOW TO MAKE A PIZZA
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JOURNALIZINGthe process of recording businesstransactions in the book of original entrycalled the journal.
business information comes from varietyof source documents such as invoices,receipts, vouchers, checks, etc.
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THE JOURNAL
A journal is the a permanentchronological record of businesstransactions.
A journal entry shows all of theeffects of a transaction as
expressed in terms of terms ofdebit and credit and mayinclude an explanation of thetransaction.
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THE DOUBLE-ENTRYBOOKKEEPING
a method of recording businesstransactions which recognizes the dualeffect of a transaction.
Each transaction is recoded by debitingand crediting accounts .
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WHAT IS AN ACCOUNT?
An account is a record ofeach ass, liability, ownersequity, revenue andexpense items in which the
effects of businesstransactions are recorded.
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THE T-ACCOUNT
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WHAT IS DEBIT? CREDIT?The words debit and credit came fromLatin words debere (meaning to owe)and credere (meaning to trust orbelieve).
Debit is abbreviated as Dr. and credit asCr.
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DEBIT AND CREDITEQUATION
The learner is charged by the tutor or theinstructor to develop a product or aproject by applying learned principlesand concepts to his/her specific context.
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RULES OF DEBIT AND CREDIT
Debit signifies:
Increase in AssetsDecrease in LiabilitiesDecrease in CapitalIncrease in Drawing
Decrease inRevenueIncrease in Expense
Credit signifies:
Decrease in AssetsIncrease in LiabilitiesIncrease in CapitalDecrease in Drawing
Increase inRevenueDecrease in Expense
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THE GENERAL JOURNAL1. Date Column
Write the year in small figures on top ofthe first line of the date column.The month is written below the year onthe first line.The date is written on the first line of the2nd column.
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2. Description Column
the title of the account debited is written on the firstline t the extreme left of the description column.
The title of the account credited is written on the 2 nd line indented by about half inch from the debitentry.A brief description of the transaction is written
below the entry indented again by about half inchfrom the credit entry.
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3. Posting Reference ColumnThis column is filled up only during the postage stage.The account number of the account debited andcredited are written on this column after they areposted to the ledger.
4. Debit ColumnThe amount of the account debited is written on thiscolumn.
5. Credit ColumnThe amount of the account credited is written on thiscolumn.
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THE LEDGERA group of accounts is called a ledger .The ledger provides a summary oftransactions for an accounting period.
Since it is the last book used in recordingtransactions, ledger is called the book offinal entry .