FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Concept explainers

Bookkeeping
Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.
Question

Closing Entries for the Operating Accounts?

**Transcription for Educational Website:** --- **Instruction:** Prepare closing entries for the Human Resource Fund (ignore government-wide closing entry). **(If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)** **Interface Description:** - **View transaction list** - a button to access the list of transactions. --- **Journal Entry Worksheet:** - **Tabs:** A, B, C, D (currently on tab A). - **Instruction Box:** - "Record the entry to close the operating statement accounts." - **Note:** - "Enter debits before credits." **Journal Entry Table:** - **Columns:** - **Transaction**: Sequential numbering starting with 1. - **General Journal**: Field to input the account name. - **Debit**: Field to input the debit amount. - **Credit**: Field to input the credit amount. - **Rows:** Multiple lines available for entry under the aforementioned columns. **Additional Fields:** - **Explanation:** A field for entering a detailed explanation of the transaction. **Buttons:** - **Record entry**: To save the entry. - **Clear entry**: To remove the current entry. - **View general journal**: To access the full journal ledger. --- This transcription and interface breakdown provide guidance on how to navigate and use the journal entry worksheet for closing entries in an accounting setting.
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Transcribed Image Text:**Transcription for Educational Website:** --- **Instruction:** Prepare closing entries for the Human Resource Fund (ignore government-wide closing entry). **(If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)** **Interface Description:** - **View transaction list** - a button to access the list of transactions. --- **Journal Entry Worksheet:** - **Tabs:** A, B, C, D (currently on tab A). - **Instruction Box:** - "Record the entry to close the operating statement accounts." - **Note:** - "Enter debits before credits." **Journal Entry Table:** - **Columns:** - **Transaction**: Sequential numbering starting with 1. - **General Journal**: Field to input the account name. - **Debit**: Field to input the debit amount. - **Credit**: Field to input the credit amount. - **Rows:** Multiple lines available for entry under the aforementioned columns. **Additional Fields:** - **Explanation:** A field for entering a detailed explanation of the transaction. **Buttons:** - **Record entry**: To save the entry. - **Clear entry**: To remove the current entry. - **View general journal**: To access the full journal ledger. --- This transcription and interface breakdown provide guidance on how to navigate and use the journal entry worksheet for closing entries in an accounting setting.
### Transaction Journal Entries for Educational Purposes #### Transaction 1 - **Fund / Governmental Activities**: Internal Service Fund - **General Journal Entry**: - Description: Record the $100,000 transfer to cover initial expenses from the General Fund. The transfer is not expected to be repaid. - **Debit**: Cash $100,000 - **Credit**: Interfund Transfer In $100,000 - **Fund / Governmental Activities**: Governmental Activities - **General Journal Entry**: - Description: No Journal Entry Required #### Transaction 2 - **Fund / Governmental Activities**: Internal Service Fund - **General Journal Entry**: - Description: Record the 2-year computer lease with an initial $5,000 payment. The present value of the remaining payments is $82,218. - **Debit**: Leased Assets $87,218 - **Credit**: - Cash $5,000 - Lease Obligations Payable $82,218 - **Fund / Governmental Activities**: Governmental Activities - **General Journal Entry**: - Description: Record the 2-year computer lease with an initial $5,000 payment. The present value of the remaining payments is $82,218. - **Debit**: Leased Assets $87,218 - **Credit**: - Cash $5,000 - Lease Obligations Payable $82,218 #### Transaction 3 - **Fund / Governmental Activities**: Internal Service Fund - **General Journal Entry**: - Description: Record the $15,000 salaries and wages paid to employees. - **Debit**: Salaries and Wages Expense $15,000 - **Credit**: Cash $15,000 - **Fund / Governmental Activities**: Governmental Activities - **General Journal Entry**: - Description: Record the $15,000 salaries and wages paid to employees. - **Debit**: Expenses—General Government $15,000 - **Credit**: Cash $15,000 #### Transaction 4 - **Fund / Governmental Activities**: Internal Service Fund - **General Journal Entry**: - Description: Record the $2,500 office supplies purchased on account. - **Debit
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Transcribed Image Text:### Transaction Journal Entries for Educational Purposes #### Transaction 1 - **Fund / Governmental Activities**: Internal Service Fund - **General Journal Entry**: - Description: Record the $100,000 transfer to cover initial expenses from the General Fund. The transfer is not expected to be repaid. - **Debit**: Cash $100,000 - **Credit**: Interfund Transfer In $100,000 - **Fund / Governmental Activities**: Governmental Activities - **General Journal Entry**: - Description: No Journal Entry Required #### Transaction 2 - **Fund / Governmental Activities**: Internal Service Fund - **General Journal Entry**: - Description: Record the 2-year computer lease with an initial $5,000 payment. The present value of the remaining payments is $82,218. - **Debit**: Leased Assets $87,218 - **Credit**: - Cash $5,000 - Lease Obligations Payable $82,218 - **Fund / Governmental Activities**: Governmental Activities - **General Journal Entry**: - Description: Record the 2-year computer lease with an initial $5,000 payment. The present value of the remaining payments is $82,218. - **Debit**: Leased Assets $87,218 - **Credit**: - Cash $5,000 - Lease Obligations Payable $82,218 #### Transaction 3 - **Fund / Governmental Activities**: Internal Service Fund - **General Journal Entry**: - Description: Record the $15,000 salaries and wages paid to employees. - **Debit**: Salaries and Wages Expense $15,000 - **Credit**: Cash $15,000 - **Fund / Governmental Activities**: Governmental Activities - **General Journal Entry**: - Description: Record the $15,000 salaries and wages paid to employees. - **Debit**: Expenses—General Government $15,000 - **Credit**: Cash $15,000 #### Transaction 4 - **Fund / Governmental Activities**: Internal Service Fund - **General Journal Entry**: - Description: Record the $2,500 office supplies purchased on account. - **Debit
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