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Journal and Adjusting Entries. Rules To Remember. Accounts are not your checking or saving accounts They are storage devices for your financial transactions

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Rules to remember
Rules To Remember

  • Accounts are not your checking or saving accounts

  • They are storage devices for your financial transactions

  • When a Bank “Credits Your Account” for your deposits it is because your money is a Liability to them …. Our transactions are the opposite of the banking transactions


Rules to remember1
Rules To Remember

  • Assets have a Normal Balance of DEBIT

    • To increase an Asset, make a Debit Entry

    • To decrease an Asset, make a Credit Entry

  • Liabilities have a Normal Balance of Credit

    • To increase a Liability, make a Credit Entry

    • To decrease a Liability, make a Debit Entry


Rules to remember2
Rules To Remember

  • Equity has a Normal Balance of Credit

    • To increase an Equity, make a Credit Entry

    • To decrease an Equity, make a Debit Entry

  • Revenues have a Normal Balance of Credit

    • To increase a Revenue, make a Credit Entry

    • To decrease a Revenue, make a Debit Entry

  • Expenses have a Normal Balance of DEBIT

    • To increase an Expense, make a Debit Entry

    • To decrease an Expense, make a Credit Entry



Paid rent 3 months in advance 300
Paid rent 3 months in advance $300 Supplies to start Company


Purchased office equip on account 50
Purchased Office Equip on Account $50 Supplies to start Company


Purchased office supplies for cash 40
Purchased Office Supplies for Cash $40 Supplies to start Company





Paid wages 60
Paid wages $60 Supplies to start Company


Placed ad for 70 will pay next month
Placed ad for $70, will pay next month Supplies to start Company


Balances as of 1 31 07 before adjustments
Balances as of 1-31-07 Supplies to start Company (Before Adjustments)


Balances as of 1 31 07 before adjustments1
Balances as of 1-31-07 Supplies to start Company (Before Adjustments)


Adjusting entry office supplies on hand total 6
Adjusting Entry Supplies to start CompanyOffice Supplies on hand total $6


Adjusting entry rent expense for month 100
Adjusting Entry Supplies to start CompanyRent Expense For Month $100


Adjusting entry office equip depr 20
Adjusting Entry Supplies to start CompanyOffice Equip Depr $20


Adjusting entry owe employees 50 at end of month
Adjusting Entry Supplies to start CompanyOwe Employees $50 at end of month




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