After completing Lesson 3-1, you will be able to:
- Define accounting terms related to journalizing transactions.
- Identify accounting concepts and practices related to journalizing transactions.
- Record transactions to set up a business in a general journal.
Chapter 3 Folder
- Inside of your Part 1 folder, create a new folder titled Chapter 3. All your tasks completed in Chapter 3 should be stored in this folder.
- Obtain a Notes 3-1 handout from your instructor and record your notes through the presentation. You can also view the presentation here.
Working Together 3-1
- Make a copy of this spreadsheet.
- Place this file in your Chapter 3 folder.
- Rename the file to Lesson 3-1-(Your Initials)
- Complete the spreadsheet according to the directions on page 62 or below.
- A journal is given in the Working Papers. Your instructor will guide you through the following example. Norm Derner owns Derner Copy Center, which uses the following accounts.
Cash Accts. Pay.-Palm Supply Miscellaneous Expense Accts. Rec.-L. Rohe Norm Derner, Capital Rent Expense Supplies Norm Derner, Drawing Utilities Expense Prepaid Insurance Sales
On Your Own 3-1
- A journal is given in the Working Papers. Work this problem independently. Lou James owns Lou’s Service Center, which uses the following accounts.
Cash Accts. Pay.-OK Supplies Advertising Expense Accts. Rec.-C. Lord Lou James, Capital Miscellaneous Expense Supplies Lou James, Drawing Rent Expense Prepaid Insurance Sales
- Complete this self-assessment for Lesson 3-1. You can use your textbook and notes to complete this assessment.
Lesson 3-1 Assignment
- Using your Lesson 3-1 spreadsheet, click on the Application Problem 3-1 sheet at the bottom left, and complete the problem as directed on page 79 or below.
- Dennis Gilbert owns a service business called D & G Company, which uses the following accounts.
Cash Accts. Pay.-Scott Supplies Miscellaneous Expense Accts. Rec.-Covey Company Dennis Gilbert, Capital Rent Expense Supplies Dennis Gilbert, Drawing Utilities Expense Prepaid Insurance Sales