Okay hi everybody this is a video for anybody that wants to have a quick review of how to do transactions into a general journal. I'm going to be working with the following things: a blank general journal, a list of all your transactions, and a pencil. I hope you have everything we are going to be doing. The transactions from the extreme adventures simulation I'm going to do probably the first four or five transactions with you and hopefully that will be enough to get you started. If it's not then of course you know you can watch the video over and over if you need to or ask me ask your neighbor, or you can even view the key. Basically use all the resources available to you so you can start to get this thing figured out. The very first transaction we're going to do is right here on May 1st. It says that we received cash from our owner as an investment. That was for $15,000. All right, so to be able to do this transaction, I need to record it over here in my general journal. Just a quick reminder: you are always going to record the account that is the debit transaction first, and then directly beneath that, you will record the account that is the credit transaction. So, let's do this first one together. We received cash from our owner, anytime we receive cash, it is a debit. And the way I know that is because my cheat sheet tells me it says right here: if you receive cash, it's a debit. So since I know that I received cash, I'm going to first put May first for my date, and on the first line, I'm going to write cash. The document number will always...
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About General Journal Template
General Journal Template is a document used to record different types of financial transactions such as purchases, sales, cash receipts, and payments in chronological order with specific dates. It provides an organized and consistent way to record financial transactions by using debit and credit columns. The General Journal Template is needed by businesses of all sizes, including small and medium-scale businesses, to maintain a proper record of financial transactions. It is an essential tool for accountants and bookkeepers to keep track of all the accounts payable, accounts receivable, and other financial transactions. Moreover, it is also an important document for auditors and tax authorities to verify the accuracy of the financial statements and tax returns.
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