ACCT 201 1st Edition Lecture 10Outline of Last Lecture I. Revenue Recognition PrincipleII. Matching PrincipleIII. T TablesOutline of Current LectureIV. Completing General Journals and LedgersCurrent LectureThe following is an example of how to complete a T-account if $500 cash was given for common stock, which falls under stockholder’s equity.+DR +CR-CR -DRA == L + SE+500 cash (DR) +500 common stock (CR)The following is an example of how to complete a general journal and general ledger.General JournalDate Account name DR CR1/1 Cash 500 Common stock 5001/15 Supplies 150 Cash 150General Ledger CashCommon Stock SuppliesThese notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute. CR:DR:*The side with the biggest value is where you get the balance1/1 500 500 1/1 1/15 150 150 -1/151/31 Balance: 350Borrowed $400, pay in four equal payments per monthA == L + SE Acct Payable+400 +400 acct pay (CR) 400 cash (DR) 100 1st pmt: -100 -100 acct pay (DR) 300 Bal.cash(CR) 100 2nd pmt: -100 -100 acct pay (DR) 200 Bal.cash(CR) 100 3rd pmt: -100 -100 acct pay (DR) 100 Bal.cash(CR)4th pmt: -100 -100 acct pay
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