Accounting Fundamental: Journal Entries, T-Accounts, Trail Balance

This article covers the basics of accounting fundamental, including journal entries, T-Accounts, and trail balance. It also includes a bibliography of recommended readings. The content is relevant for students studying financial accounting theory, issues in financial accounting, and corporate financial accounting. The course code, course name, and university are not mentioned.

Running head: ACCOUNTING FUNDAMENTAL
Accounting Fundamental
Name of the Student
Name of the University
Authors Note
Course ID

1ACCOUNTING FUNDAMENTAL
Table of Contents
Journal Entries:...........................................................................................................................2
T-Accounts:................................................................................................................................4
Trail Balance:.............................................................................................................................8
Bibliography:............................................................................................................................10

2ACCOUNTING FUNDAMENTAL
Journal Entries:
In the Books of TechWorks
Journal Entries
Date Particulars
Amount
($)
Amount
($)
01-
May Accounts Receivables A/c…………………Dr 9000
To Sales A/c 9000
(Being goods bills issued to supplier)
02-
May Purchase A/c ……………….Dr 140
To Accounts Payable A/c 140
(Being purchase of supplies on account)
03-
May Furniture A/c……………………………Dr 1200
Carriage A/c………………………..……Dr 150
To Cash……………A/c 1350
(Being furniture purchase on cash and paid for
transportation)
04-
May Advertising A/C………………….Dr 4000
To Accounts Payable ……………..A/c 4000
(Being invoice received from Australia Daily)
05-
May Purchase A/c ……………………..Dr 12466
To Accounts Payable …………………A/c 12466
(Being keyboards and flash drive purchased from ICT
on account)
06-
May Cash A/c …………………………Dr 17700
To Sales ……………….A/c 17700
(Being keyboards and flash drive sold in cash)
08-
May Cash A/c……………………………………………Dr 9000
To Accounts Receivables ……..A/c 9000
(Being cash received)
10-
May Rent A/C …………………………..Dr 500

3ACCOUNTING FUNDAMENTAL
To Cash ……………………..A/c 500
(Being rent paid)
12-
May Accounts Payable A/C…………………….Dr 2000
To Cash ………………………A/c 2000
(Being accounts payable paid off)
14-
May Cash A/C ……………………………..Dr 3500
To Investment Securities………………..A/c 3500
(Being investment security sold @14 per security)
17-
May Salaries A/C……………………….Dr 750
To Cash …………….. A/C 750
(Being salary paid to Chris)
19-
May Salaries Expense A/c……………..Dr 100
To Salaries Payable ……..A/c 100
(Being salaries payable paid off)
20-
May Salaries A/C……………………….Dr 4000
To Cash …………….. A/C 4000
(Being salary paid to Leon and Nancy)
22-
May Bank Loan A/c………………..Dr 3000
To Cash …………………A/c 3000
(Being bank loans paid)
22-
May Interest Payable A/C……………….Dr 45
To Cash …………………..A/c 45
(Being interest paid)
25-
May Accounts Payable A/C………………..Dr 4000
To Cash ……………………A/c 4000
28-
May Accounts payable A/c…………Dr 12466
To Discount Received ………..A/c 230

4ACCOUNTING FUNDAMENTAL
To Cash……………………….A/c 12236
(Being full payment made to ICT and received
discount)
T-Accounts:
Accounts receivable Accounts
Dr Cr
Date Particulars
Amount
($) Date Particulars
Amount
($)
01-
May To Sales A/c 9000
08-
May By Cash A/c 9000
9000 9000
Sales Accounts
Dr Cr
Date Particulars
Amount
($) Date Particulars
Amount
($)
To Balance C/d 26700
01-
May
By Accounts
Receivable A/c 9000
06-
May By Cash A/c 17700
26700 26700
Purchase Accounts
Dr Cr
Date Particulars
Amount
($) Date Particulars
Amount
($)
02-
May
To Accounts Payable
A/c 140 By Balance C/d 12606
05-
May
To Accounts Payable
A/c 12466
12606 12606
12606
Accounts Payable Accounts
Dr Cr
Date Particulars
Amount
($) Date Particulars
Amount
($)

5ACCOUNTING FUNDAMENTAL
12-
May To Cash A/c 2000
02-
May By Purchase A/c 140
25-
May To Cash A/c 4000
04-
May By Addvertising A/c 4000
28-
May To Cash A/c 12236
05-
May By Purchase A/c 12466
By Balance C/d 1630
18236 18236
1630
Furniture Accounts
Dr Cr
Date Particulars
Amount
($) Date Particulars
Amount
($)
03-
May To Cash A/c 1200 By Balance C/d 1200
1200 1200
Carriage Accounts
Dr Cr
Date Particulars
Amount
($) Date Particulars
Amount
($)
03-
May To Cash A/c 150 By Balance C/d 150
150 150
Cash Accounts
Dr Cr
Date Particulars
Amount
($) Date Particulars
Amount
($)
06-
May To Sales A/c 17700
03-
May By Furniture A/C 1200
08-
May
To Accounts
Receivable A/c 9000
03-
May By Carriage A/c 150
10-
May By Rent A/c 500
12-
May
By Accounts Payable
A/c 2000
14-
May By Investment A/c 3500

6ACCOUNTING FUNDAMENTAL
17-
May By Salaries A/C 750
20-
May By Salaries A/c 4000
22-
May By Bank Loans A/c 3000
22-
May By Interest Payable A/c 45
25-
May
By Accounts Payable
A/c 4000
By Balance C/d 7555
26700 26700
Advertising Accounts
Dr Cr
Date Particulars
Amount
($) Date Particulars
Amount
($)
04-
May
To Accounts Payable
A/c 4000 By Balance C/d 4000
4000 4000
Rent Accounts
Dr Cr
Date Particulars
Amount
($) Date Particulars
Amount
($)
10-
May To Cash A/c 500 By Balance C/d 500
500 500
Investments Securities Accounts
Dr Cr
Date Particulars
Amount
($) Date Particulars
Amount
($)
14-
May To Cash A/C 3500 By Balance C/d 3500
3500 3500

7ACCOUNTING FUNDAMENTAL
Salaries Accounts
Dr Cr
Date Particulars
Amount
($) Date Particulars
Amount
($)
17-
May To Cash A/C 750 By Balance C/d 4750
20-
May To Cash A/C 4000
4750 4750
Salaries Expense Accounts
Dr Cr
Date Particulars
Amount
($) Date Particulars
Amount
($)
19-
May
To Salaries Payable
A/c 100 By Balance C/d 100
100 100
Bank Loan Accounts
Dr Cr
Date Particulars
Amount
($) Date Particulars
Amount
($)
22-
May To Cash A/c 3000 By Balance C/d 3000
3000 3000
Salaries Payable Accounts
Dr Cr
Date Particulars
Amount
($) Date Particulars
Amount
($)
To Balance C/d 100
19-
May
By salaries Expense
A/c 100
100 100

8ACCOUNTING FUNDAMENTAL
Interest Payable Accounts
Dr Cr
Date Particulars
Amount
($) Date Particulars
Amount
($)
22-
May To Cash 45 By Balance C/d 45
45 45
Discount Received Accounts
Dr Cr
Date Particulars
Amount
($) Date Particulars
Amount
($)
To Balance C/d 230
28-
May
By Accounts Payable
A/c 230
230 230
Trail Balance:
In The Books Of Tech works
Trial Balance as on…
Dr Cr
Ledger Balances Amount ($) Amount ($)
Sales A/c 26700
Purchase A/c 12606
Accounts Payable A/c 1630
Furniture A/c 1200
Carriage A/c 150
Cash A/c 7555
Advertisement 4000
Rent A/c 500
Investment Securities 3500
Salaries A/c 4750
Salaries Expenses A/c 100
Bank Loans A/c 3000
Salaries Payable A/c 100
Interest Payable A/c 45
Discount Received A/c 230
Retained Earnings 4544

9ACCOUNTING FUNDAMENTAL
35305 35305

10ACCOUNTING FUNDAMENTAL
Bibliography:
Craig, D. and Michaela, R., 2014. Financial Accounting Theory.
Deegan, C., 2013. Financial accounting theory. McGraw-Hill Education Australia.
Henderson, S., Peirson, G., Herbohn, K. and Howieson, B., 2015. Issues in financial
accounting. Pearson Higher Education AU.
Scott, W.R., 2015. Financial accounting theory (Vol. 2, No. 0, p. 0). Prentice Hall.
Warren, C.S. and Jones, J., 2018. Corporate financial accounting. Cengage Learning.
Williams, J., 2014. Financial accounting. McGraw-Hill Higher Education.

11ACCOUNTING FUNDAMENTAL