Introduction to Financial Accounting

Course 2: Recording in Journals & Posting in Ledgers

Module 2: Posting Transactions from the General Journal to the Ledger

ACTIVITY
1) Post the general journal entries that you created from Week 1 into the ledger accounts (T accounts).
2) Then, complete the posting process by completing the Posting Reference tab in the General Journal.
Abracadabra Company
General Journal
Page 1
Date Account Post Ref. Debit Credit
2022
Nov. 1 Cash 101 12,000
Common stock 12,000
Sold stock to investors

Nov. 3 Office furniture 2,000

Accounts payable 2,000
Purchased office furniture on credit

Nov. 8 Prepaid rent 4,000

Cash 4,000
Paid for two months of rent in advance

Nov. 12 Accounts payable 1,500

Cash 1,500
Paid down amount owed to creditors

Nov. 15 Accounts receivable 6,600

Service revenue 6,600
Performed services for customers on account

Nov. 18 Cash 3,500

Service revenue 3,500
Performed services for customers for cash

Nov. 23 Telephone expense 860

Cash 860
Paid telephone bill

Nov. 26 Cash 6,250

Accounts receivable 6,250
Received cash from customers on account

Nov. 28 Advertising expense 1,150

Cash 1,150
Paid employees for November hours worked

Nov. 30 Dividends 750

Cash 750
Paid cash dividend to shareholders
Introduction to Financial Accounting
Course 2
Week 2

ACTIVITY

Abracadabra Company
General Ledger
CASH - 101 ACCOUNTS PAYABLE - 201 COMMON STOCK - 301

SERVICE REVENUE - 401

ACCOUNTS RECEIVABLE - 111

TELEPHONE EXPENSE - 503

PREPAID RENT - 114

ADVERTISING EXPENSE - 507

OFFICE FURNITURE - 121

DIVIDENDS - 305