Assignment Four
This assignment relates to:
Setting Up Your General Journal and General Ledger
General Journal --
Similar to the checkbook you use for your personal checking account, the General Journal is used to record each transaction in a chronological format.

Based on the information covered in the lecture and the data you used to create your financial statements in the last 2 assignments, create a General Journal for your business. It should show all of the transactions and be consistent with your other financial statements.
General Ledger --
Once you have completed your General Journal, create a General Ledger system for your business. If you are using an existing business and you know the ledger account codes, use them. Otherwise, follow the generic coding scheme given in the book --
  • Assets = 100's
  • Liabilities = 200's
  • Equity = 300's
  • Revenues = 400's
  • Expenses = 500's
Post your General Journal transactions to your General Ledger.

General Journal and Ledger forms are available in the downloads section of my website
Trial Balance --
When you are done posting, complete a Trial Balance.
** NOTE ** This Trial Balance should match the Trial Balance from last week's assignment.
Email --
Attach all required documents to an email (ex: General Journal, General Ledger and Trial Balance).

Send these to me making sure to add "Lab 4" in the subject line and include your name in the body of the email.
Part of Final Project

You guessed it !! The General Journal and General Ledger will be part of your Final Project / Final Exam. They should be in sync with the previous assignments. If you need to add something to stay in balance, add it to each assignment that should show it.


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