Debits and Credits - Booking Basic Journal Entries

This is an exercise that is intended to walk you through how to book basic journal entries. A blank copy of the exercise is available by visiting http://evergreen.loyola.edu/~ktrich Note that it may be useful to download both the regular template as well as the T-account template.

I have also posted a document titled "What the Heck are Debits and Credits" to the website at the bottom that might be useful.

Category:

Education

Tags:

• Financial Accounting
• Journal Entries
• Bookkeeping
• Introductory Accounting

[hersheyorio]

I think transaction 2 should be credited to Consulting Revenue since a service is provided.

[LoyolaAC201]

@hersheyorio - our book uses the term service revenue, but I think consulting revenue is a fine response as well.

[TheBigfatseal]

I don't agree with transaction 6. Office supplies should be expensed rather than capitalized.

[LoyolaAC201]

@TheBigfatseal - You are right that office supplies are expensed, but only when they are actually used. At the time of purchase, they are just an asset.

[LoyolaAC201]

@TheBigfatseal - My next video (adjusting and closing entries) shows how to deal with this...

[Bupinderpeters]

This is super cool! way better than our accounts lecturer at brunel lol

[BrownBread4]

This site is perfect...wow we just did this on an exam yesterday ::))