General Journal Entries, Ledger Accounts, Trial Balance, Income Assignment

General Journal Entries, Ledger Accounts, Trial equaliser, Income Statement, Statement of Owners Equity and Balance Sheet (Case of Amal Translation) - Assignment ExampleIn simple definition, General journal is a statement where double entry bookkeeping are posted by debiting an accouting followed by a corresponding crediting of another accounting using the same amount (Carl, James and Jonathan, 2008). Both debited and credited amount should be equal to guard the accounting equation. Based on the available accounting information system, an organization may use specialized journal alongside the generalized journal entries in order to have an effective record keeping system. In this case, the application of a general journal entries can be limited to adjustments, as head as, in non routine entries. Below is a computed General Journal Entrues for various transaction of the Amal Translation.... 00 Translation Fee Earned 24,000 14-Sep Rental Expense 2100 Account account payable 2100 16-Sep immediate payment 48,000 Unearned Fees 48,000 20-Sep Wage Expense 4800 Cash 4800 25-Sep Cash 60,000 Account Receivable 60,000 27-Sep Account Payable 7,900 Cash 79,000 28-Sep Repairs Expense 250 Cash 250 29-Sep Amals Drawing 4960 Cash 4960 29-Sep Note Payable 20,000 Cash 20,000 30-Sep Wage Expense 4800 Cash 4800 30-Sep Advertising Expense 6600 Cash 6600 2.0 Opening Ledger Accounts Leger Accounts Ledger account is the mo entry point of business transaction into the companys accounting system. Accounting information contained in the ledger account relates to daily transactions of the business. It collects entirely credits and debts that relates to the account head within a single space. In this respect, credit and debit entries are two naturally opposing actions. In literal practice, the amount use in the transaction off sets against one another. Whatever remain is the balance or the difference after the set off. This differ ence is referred to as ledger account balance. Ledger balancing is the process of calculating the balances of ledger accounts. Irrespective of the number of credit or debit ledger accounts available, the balance is compute by setting off total debits of the company against the total credits. The differece between the two sum totals gives the ledger account balance. When setting off, the assumption made is that greater sum is set off from the smaller sum. The following equations summarizes the interpretation of ledger account balance. (Total debit- Total Credit) Applicable in case debit amount is greater. (Total credit-