- CHAPTER 3 TEST–GET IT FROM YOUR TEACHER
- TAKE THE CHAPTER 3 TUTORIAL QUIZ–POST-TEST–WILL GO IN MY GRADE–This is done to show you what learned from Chapter 3.
- CHAPTER 4 TUTORIAL QUIZ–PRE-TEST
Journalizing and Posting Transactions
- LO1 Describe the flow of data from source documents through the trial balance.
- LO2 Describe and explain the purpose of source documents.
- LO3 Describe the chart of accounts as a means of classifying financial information.
- LO4 Journalize transactions.
- LO5 Post to the general ledger and prepare a trial balance.
- LO6 Explain how to find and correct errors.
- Flow of Data (See Figure 4-1)–WATCH THIS VIDEO
- Analyze transactions using source documents and chart of accounts.
- Enter journal transactions in the general journal in proper form.
- Post entries to the accounts in the general ledger.
- Prepare a trial balance.
- Source Documents (See Figure 4-2)–WATCH THIS VIDEO
- Are almost any document that provides information about a business transaction.
- Trigger the analysis of what has happened.
- Serve as objective evidence and to verify the accuracy of accounting records.
- FYI: Notice the chart of accounts on the inside back cover of the text.
- Use the chart of accounts order for listing expenses on the income statement. This is often easier than listing by amount when doing the homework.
- Emphasize that source documents provide objective, verifiable evidence of the transaction. These documents are important if anyone challenges the accuracy of the accounting records.
- The Chart of Accounts (See Figure 4-3)–WATCH THIS VIDEO
- Is a list of all accounts used by a business.
- Arranged according to the accounting equation.
- Asset accounts begin with “1.”
- Liability accounts begin with “2.”
- Owner’s equity accounts begin with “3.”
- Revenue accounts begin with “4.”
- Expense accounts begin with “5.”
- Share the following with me in a Google Doc:
- Complete Exercises E4-1A, E4-1B
- Study Guide Review Question (pages SG-36 to SG-37) #1 – 4
- End of Chapter Review Questions (page 115 in the big textbook) # 1 – 4