Transactions in The General Journal

Skip to main content. Liability Transactions Liability accounts in the general ledger are made up of accounts payable, salaries payable, notes payable and other accounts that reflect what the business owes in the current fiscal year and beyond.

Other Transactions General ledger journal entries can also be used to reclassify amounts. The General Ledger AccountingCoach: About the Author Eileen Rojas holds a bachelor's and master's degree in accounting from Florida International University. Accessed 18 December Small Business - Chron.

Depending on which text editor you're pasting into, you might have to add the italics to the site name. What Is a Liability? Notes to the Financial Statements. Transaction Analysis and Double-entry Accounting. Summary of Chapter 1 Learning Objectives. The Accounting Process Learning Objectives. Transaction Analysis Using Accounts. Preparation of Financial Statements. Using Formal Accounting Records.

Recording Transactions in the General Journal. Posting Transactions to the General Ledger. Summary of Chapter 2 Learning Objectives. Revenue Recognition Principle in More Detail. Adjusting Prepaid Asset Accounts. Adjusting Unearned Liability Accounts. Adjusting Plant and Equipment Accounts. Adjusting for Accrued Revenues and Expenses. Accruing Income Taxes Expense. The Adjusted Trial Balance. Posting the Closing Entries to the General Ledger.

The Post—Closing Trial Balance. Summary of Chapter 3 Learning Objectives. Financial Statement Disclosure Decisions. Qualities of Accounting Information. The Classified Balance Sheet. Non-Current or Long-Term Liabilities. Presentation of the Balance Sheet. The Classified Income Statement. Notes to Financial Statements.

Summary of Chapter 4 Learning Objectives. Accounting for the Sale of Goods Learning Objectives. The Basics of Merchandizing. Recording the Purchase of Merchandize Inventory. Purchase Returns and Allowances. Recording the Sale of Merchandize Inventory. Sales Returns and Allowances. The Periodic Inventory System. Description of the Periodic Inventory System. Purchase returns and Allowances. Closing Entries — Periodic Inventory System.

Summary of Chapter 5 Learning Objectives. Assigning Costs to Merchandize Learning Objectives. Inventory Cost Flow Assumptions.

Comprehensive Example—Weighted Average Perpetual. Effect of Inventory Errors on the Financial Statements.

Estimating the Balance in Merchandize Inventory. Summary of Chapter 6 Learning Objectives. Cash and Receivables Learning Objectives. Establishing and Reimbursing the Petty Cash Fund.

Cash Collections and Payments. General Ledger Reconciling Items. Debit and Credit Card Transactions. Estimating Uncollectible Accounts Receivable.

The Income Statement Method. The Balance Sheet Method. Writing Off Accounts Receivable. Recovery of a Write-Off.

Summary of Chapter 7 Learning Objectives. To learn more, visit our Earning Credit Page Transferring credit to the school of your choice Not sure what college you want to attend yet? Browse Articles By Category Browse an area of study or degree level. Bachelor Degree in Accounting.

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