General Journal Bookkeeping Question

by Kim
(80601)

General Journal Bookkeeping Question

I have been ask to provide a general journal recording a month's worth of transactions.

One of the transactions states there is a $300 cash shortage.

How do I report this in the general journal?

I am thinking debiting Cash Shortage/Overage expense account and crediting the Cash account?

Is this the correct thing to do?

General Ledger

For the March period, balance sheet, income statement & trial balnce all balanced, Aged AR = AR GL account, & Aged Ap = AP GL account. April: trial balance, balance sheet, & income statement balance. Aged AR is $26k > AR GL account, & Aged AP is $6k > AP GL account. There are no journal entries for anything approaching those amounts for either AR or AP. I found AR on-account amounts dated for April but posted to June, and vice versa. Aged AP invoices = invoices not paid as of April 30th in the detail invoice report. Where else can I look?

General Ledger

by Jennifer
(Australia)

Ledger

How is the general ledger used to inform others about the budget?

General Ledger

by Warren
(Anderson, IN USA)

When an owner buys goods or services with their personal money with the intention of being re-paid later, how is this shown on a general ledger? In addition to the general ledger, are these shown on another ledger(s)?

Personal money used to pay for business expenses is usually journaled by debiting the expense account and credit Owner's Contributions (equity) account.

If the money is intented on being repaid later, you can setup and credit an Owner's Loan (liability) account instead. When the money is repaid, you will credit the bank account and debit the Owner's Loan account.

General Ledger Acct Misc Fees

by Nita
(Fresno, CA)

I posted BIT Fees(Biennial Inspection of Terminals) for commercial vehicles to the General Ledger Account - Misc Fees. Should I have posted to General Ledger Account - Tax and Licenses?? Also, when should I use the General Ledger Account - Misc Fees?

Hi Nita,

Thanks for your question. You were fine to post these fees to your miscellaneous fees account. Taxes and Licenses are usually reserved for business licenses and business taxes. You would use the Miscellaneous fees account any time you have an expense that doesn't fit another category.

General Ledger Adjustments

by
( )

How do I increase an income account on the income statement and decrease an Other Current Assets account on the balance sheet?

Hello,

Thank you for your question.

An income account carries a normal credit balance and other current assets hold a normal debit balance. Therefore, in order to increase an income account you would credit it and in order to increase an other current assets account you would debit it.

General Ledger and Trial Balance

by Katlego
(Johannesburg)

Draw up the general ledger and trial balance for the question on the graphic

General Reserve

by Sarah
(Ireland)

How do I do Profit & Loss A/C and Balance Sheet for relating to General Reserve A/Cs. When I enter the sharecapital in the Balance Sheet should I enter the full amount or do I deduct the Reserve and ordinary dividends first?

GJ/E Adjustment

1)I have to decrease my customer liability account by $25k due to double billing against same order.
What other account should this affect besides customer deposits when making the adjustment?
All projects shipped and revenue recognized!

2) Per above, I also need to credit only the financial side of last invoice issued to them with a small balance due. Please advise how this can be done without affecting the revenue as mentioned above.

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