Question

Problem 6-7 Recording General Journal Transactions



Juanita Ortega is the owner of Outback Guide Service. The following accounts are used to record the transactions of her business.

Answer 1

The general journal is a journal where transactions that relate to depreciation, adjustment entries, accounting errors, opening stock, etc are recorded.

This is an incomplete information, therefore an overview of the general journal will be given. The transactions under the general journal transactions include purchase transactions, sales transactions, cash payments, cash receipts, etc.

The steps that are involved in recording the transactions will be:

• Organize the transactions.
• Record the journal entries.
• Post the journal entries to the general ledger.
• Prepare an adjusted trial balance.
• Run the financial statements.
• Close the book of account.

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