Journal Entries: A Tutorial

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來自 University of Virginia 的課程

Financial Accounting Fundamentals

316 個評分

University of Virginia

Financial Accounting Fundamentals

316 個評分

This course will teach you the tools you'll need to understand the fundamentals of financial accounting. Concise videos, the financial records of a small business, and "your turn" activities guide you through the three most commonly used financial statements: the Balance Sheet, the Income Statement, and the Statement of Cash Flows. Beyond recording transactions, you'll learn how to prepare these financial statements, and read and analyze them to draw basic conclusions about a company's financial health. By the end of this course, you will be able to: - Use journal entries to record transactions; - Prepare and use t-accounts to summarize transactions recorded during an accounting period; - Describe the three most commonly used financial statements and how they fit together; - Prepare these financial statements based on transactions recorded during an accounting period; and - Draw basic conclusions about a company's financial health.

從本節課中

Introduction to Recording Transactions

After learning about the Balance Sheet, we’re ready to move on to using journal entries to record transactions, then t-accounts to summarize transactions recorded during an accounting period. We’ll apply those tools to record transactions for a fictional startup company, The Garden Spot, during its first year of operations (TGS Year 1). As we go along, we’ll also evaluate the effect of transactions on the balance sheet equation to ensure it remains balanced.

Introduction to Recording Transactions1:27

T-Accounts: A Tutorial4:06

Journal Entries: A Tutorial3:47

Recording Transactions: Example 15:32

Recording Transactions: Example 24:50

Recording Transactions: Example 36:10

Recording Transactions: Your Turn10:42

Introduction to TGS Year 15:42

TGS Year 1: Transaction 16:05

TGS Year 1: Transaction 24:35

TGS Year 1: Transaction 32:30

TGS Year 1: Transaction 41:50

TGS Year 1: Transaction 5 and a Summary3:58

與講師見面

Luann J. Lynch
Almand R. Coleman Professor of Business Administration
Darden School of Business

The journal entry is a tool that we use to record a transaction, so

that it could be posted into an individual account.

There are four things you need to know in order to be able to record

a journal entry.

The first one is the accounts that are affected.

The second is the type of account of that we're talking about, either asset,

liability or owners' equity.

The third is whether the account increases or

decreases, and the fourth is the dollar amount.

If you know those four things, then you're ready to write your journal entry.

Let's talk about the format we'll use to write that journal entry.

Each journal entry has a left side or a debit side, and a right side,

or a credit side.

The left side is written first.

And then the right side is written underneath the left side and

indented slightly to the right.

Let me show you what we're talking about.

We'll identify the account that we want to make a left side entry to, and

we'll write the account name.

Then in parenthesis we'll write the account type.

To remind ourselves whether this is an asset,

a liability, or an owners' equity account.

Then we'll make a notation about whether the balance increases or decreases.

And then we'll place, The dollar amount by which that account is affected.

Then we move to the right side of the entry and we're going to indent

that slightly underneath the left side, indented slightly to the right.

We'll identify the account to which we want to make a right side entry or

a credit, and we'll indicate its account name.

Indicate the type of account we're talking about.

Again, asset, liability or owners' equity.

An indication of whether we have an increase or

decrease in that account balance.

And then the dollar amount by which, that account is affected.

Now importantly,

The left side and the right side entries must equal.

And if the left side totals and the right side totals are equal, we've done a really

nice job of recording that journal entry, and we can post it to the T-account.

Now, in summary, recall that the left side entries

would contain any increases to asset accounts or

decreases to liabilities or owners' equity accounts.

Remember, assets is on the left side of the equation.

So if we have an increase to an asset account,

it goes on the left side of the journal entry.

The right side of the journal entry will contain any decreases to an asset account,

or increases to the liability or owners' equity account.

Remember that the liabilities and

the owners' equity account show up on the right side of the equation.

And so we record increases to those accounts using a right side entry.

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