After completing Lesson 3-3, you will be able to:
- Identify accounting concepts and practices related to journalizing transactions.
- Record transactions that affect owner’s equity and receiving cash on account in a five-column journal.
Notes 3-3
- Obtain a Notes 3-3 handout from your instructor and record your notes through the presentation. You can also view the presentation here.
Working Together 3-3
- Make a copy of this spreadsheet.
- Place this file in your Chapter 3 folder.
- Rename the file to Lesson 3-3-(Your Initials)
- Complete the spreadsheet according to the directions on page 73 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 3-3
- 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 3-3
- Complete this self-assessment for Lesson 3-3. You can use your textbook and notes to complete this assessment.
Lesson 3-3 Assignment
- Using your Lesson 3-3 spreadsheet, click on the Application Problem 3-3 sheet at the bottom left, and complete the problem as directed on page 80 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
- Dennis Gilbert owns a service business called D & G Company, which uses the following accounts.
- Using your Lesson 3-3 spreadsheet, click on the Application Problem 3-5 sheet at the bottom left, and complete the problem as directed on page 81 or below.Hans Schultz owns a service business called YardCare, which uses the following accounts.
Cash Accts. Pay.-Midwest Supplies Advertising Expense Accts. Rec.-Frank Morris Hans Schultz, Capital Utilities Expense Supplies Hans Schultz, Drawing Prepaid Insurance Sales -