After studying Chapter 3, you will be able to:
- Define accounting terms related to journalizing transactions.
- Identify accounting concepts and practices related to journalizing transactions.
- Record in a general journal transactions to set up a business.
- Record in a general journal transactions to buy insurance for cash and supplies on account.
- Record in a general journal transactions that affect owner’s equity and receiving cash on account.
- Start a new journal page.
Mastery Problem 3-6
- Make a copy of this spreadsheet.
- Place this file in your Chapter 3 folder.
- Rename the file to Mastery Problem 3-6-(Your Initials)
- Complete the spreadsheet according to the directions on page 82.Jane Fernandez owns a service business called Jane’s Car Wash, which uses the following accounts.
Challenge Problem 3-7
- Make a copy of the attached spreadsheet.
- Place this file in your Chapter 3 folder.
- Rename the file to Challenge Problem 3-7-(Your Initials)
- Complete the spreadsheet according to the directions on page 83.
Tony Wirth owns a service business called Wirth’s Tailors, which uses the following accounts.
Using Source Documents
- Make a copy of the attached spreadsheet.
- Place this file in your Chapter 3 folder.
- Rename the file to Using Source Documents-(Your Initials)
- Complete the spreadsheet according to the directions on page 85 and utilizing these source documents.
Cy Sawyer owns a service business called Cy’s Repair Service, which uses the following accounts.
Study Guide 3
- Complete this Chapter 3 Study Guide to assess your learning from Chapter 3. You have as many attempts as needed to get as good of a score as you can.
Chapter 3 Practice Exam
- To help you prepare your Chapter 3 exam, you are free to use this practice exam.