Day 13

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

  1. 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.

Notes 3-1

  1. 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

  1. Make a copy of this spreadsheet.
  2. Place this file in your Chapter 3 folder.
  3. Rename the file to Lesson 3-1-(Your Initials)
  4. Complete the spreadsheet according to the directions on page 62 or below.
  5. 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

  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  

     

Self-Assessment 3-1

  1. Complete this self-assessment for Lesson 3-1.  You can use your textbook and notes to complete this assessment. 

Lesson 3-1 Assignment

  1. 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.
  2. 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