General Ledger Accounting Software

Posts Tagged ‘record’

On my chart of accounts is an account called “Income Summary” how do i record it in my General Ledger?

Also , do i need to do one for a general journal? if so how?

School accounting project —___—

Prepare the journal entries to record the reimbursement of petty cash fund.
General ledger account Petty cash has a balance of 3,000.00
Coins and Currency – 152.00
An IOU from Allison, an employee for cash advance- 740.00
Petty cash vouchers for the following:
Softdrinks- 200.00
Rice – 143.50
Papers – 1,700

Let’s say I have a small business and I ordered $15000 from a Vendor. I don’t have the cash to pay the vendor, so I charge it on a Business Credit Card. Now the $15000 in products will be used as inventory- My question is, How will I record that in my general ledger? And if I pay off the credit card, how will that be shown in my general ledger? Please help…

-Clueless

The entry is: Sold merchandise to company A, FOB shipping point. However, the next entry is: For the convenience of company A, we paid shipping for them. Because we are selling, i would think the correct account to debit would be either “freight out” or “delivery expense” but neither of them were in the general ledger. I thought that only purchases go through the ‘merchandise inventory’, but now i dont know. My question is, do i debit merch. inventory or create a new ‘delivery expense’ account?

Can you help me out for this question please?

Record the following transactions:

Jan1: Started business with 10 500 cash
Jan2 Put 9000 of the cash into bank account
Jan3 Bought goods for cash 550
Jan4 Bought goods on credit from: Tdry 500; FHood 930; MSmith 160; GLow 510
Jan5 Bought stationery on crediit from Buttons ltd 89
Jan6 Sold goods on credit to: Tong 170, Lfish 240, Msingh 326; Atom 204
Jan8 Paid rent by cheque 220
Jan10 Bought fixtures on credit from Chiefs Ltd 610
Jan 11 Paid salaries in cash 790
Jan 14 Returned goods to: Fhood 30; MSmith 42
Jan15 Bought van by cheque 6500
Jan 16 Received loan from B Barclay by cheque 2000
Jan 18 Goods returned to us by: Tong 5; MSingh 20
Jan 21 Cash sales 145
Jan 24 Sold goods on credit to: LFish 130; Atom 410; RPLeat 158
Jan 26 We paid the following by cheque: FHood 900; MSmith 118
Jan 29 Received cheques from : RPleat 158; LFish 370
Jan 30 Received a further loan from Barclay by cash 500
Jan 30 Received 614 cash from ATom

Like Open Cash a|c Dr Capital; Open capital a|c Cr Cash or in whichever format you like, only I should know what to put in each a|c.

I know I am that bad, just started accounting, never done that in my life:)

Thank you so much!!
@Zirc…Can you do that really? That would be great! Thanks a lot! (^_^)

Feb 2. paid this month’s rent, $270
3. Received fees for this month’s services, $650
4. Purchased supplies on account, $85
5. Reimbursed the bus driver for gas expenses, $40
6. Ordered playground equipment, $1000
8. Made a payment on account, $170
9. Received cash from customers on account, $1200
10.Billed customers who had not yet paid for this month’s services, $700
11. Paid for the supplies purchased on February 4.
13. Received and purchased playground equipment ordered on February 6 for cash, $1000
17. Purchased equipment on account, $290
19. Paid this month’s utility bill, $145
22. Received cash for one month’s services from customers previously billed, $500
26. Paid part-time assistants for services, $460
27. Purchased gas and oil for the bus on account, $325
28. Made a cash withdrawal of $110

l.workingpoint.com See how easy it is to record expenses in WorkingPoint. WorkingPoint is the one place that has everything you need – software, content and community – to start, manage and grow your business. Accounting is soimportant for your business. You need a business accounting software, payroll, bookkeeping that will do more than just keep your accounts in order or be a general ledger. You need an accounting software that is designed especially for the way you run your small business. Enter WorkingPoint. What makes WorkingPoint so special? No other free invoice software gives you free invoices, profit loss statements and all the other features you need to run your business in such an easy to use package! Enter your information into our free profit and loss form to see a complete financial picture of your business in a few easy steps. Looking to start creating invoices or for an easy free invoice download, free printable invoice or free online invoice form? Create invoices for free with WorkingPoint. Looking for a sample profit and loss statement? We’ve got a profit loss form to get you started. Create a WorkingPoint login in a few easy steps and get started. WorkingPoint is more than just a free invoice. It’s more than just a free profit loss statement form. It integrates your invoice with a complete financial picture of your business. Generate invoices from your working point dashboard with our free invoice template, then generate a profit and loss statement …

Can you help me out for this question please?

Record the following transactions:

Jan1: Started business with 10 500 cash
Jan2 Put 9000 of the cash into bank account
Jan3 Bought goods for cash 550
Jan4 Bought goods on credit from: Tdry 500; FHood 930; MSmith 160; GLow 510
Jan5 Bought stationery on crediit from Buttons ltd 89
Jan6 Sold goods on credit to: Tong 170, Lfish 240, Msingh 326; Atom 204
Jan8 Paid rent by cheque 220
Jan10 Bought fixtures on credit from Chiefs Ltd 610
Jan 11 Paid salaries in cash 790
Jan 14 Returned goods to: Fhood 30; MSmith 42
Jan15 Bought van by cheque 6500
Jan 16 Received loan from B Barclay by cheque 2000
Jan 18 Goods returned to us by: Tong 5; MSingh 20
Jan 21 Cash sales 145
Jan 24 Sold goods on credit to: LFish 130; Atom 410; RPLeat 158
Jan 26 We paid the following by cheque: FHood 900; MSmith 118
Jan 29 Received cheques from : RPleat 158; LFish 370
Jan 30 Received a further loan from Barclay by cash 500
Jan 30 Received 614 cash from ATom

Like Open Cash a|c Dr Capital; Open capital a|c Cr Cash or in whichever format you like, only I should know what to put in each a|c.

Thank you so much!!

Borrowed $81,000 from a local bank and signed two notes. The first note of $22,500 requires payment of principal in six months with annual interest rate 10%.
The second note of $58,500 requires the payment of principal in two years. Interest at 10% is payable each year on Feb 1, 2010, and Feb 1, 2011