ACCT 201 1st Edition Lecture 10 Outline of Last Lecture I Revenue Recognition Principle II Matching Principle III T Tables Outline of Current Lecture IV Completing General Journals and Ledgers Current Lecture The 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 DR CR CR CR DR A 500 cash DR L SE 500 common stock CR The following is an example of how to complete a general journal and general ledger General Journal Date Account name 1 1 Cash Common stock 1 15 Supplies Cash DR CR 500 500 150 150 The side with the biggest value is where you get the balance General Ledger Cash Common Stock Supplies These 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 1 1 500 500 1 1 1 15 150 150 1 15 1 31 Balance 350 Borrowed 400 pay in four equal payments per month A 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 rd 3 pmt 100 100 acct pay DR 100 Bal cash CR 4th pmt 100 100 acct pay DR cash CR
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