December 1 of the current year, Kuh Lang opened a beauty parlor. Summary transactions are shown below:
Answer (1)
Answer: check the photos for the journal entries, ledger, and trial balance:)Journalizing is simply the process of writing down a business transaction in the accounting books so it’s properly recorded. Every transaction has two sides: something you receive (debit) and something you give up (credit). When you journalize, you first write the date, then the account to be debited with the amount, and underneath it, you write the account to be credited with the amount (indented). “AWE LER” is a handy rule for journalizing: A-W-E (Assets, Withdrawals/Drawing, Expenses) all increase with Debits, while L-E-R (Liabilities, Owner’s Equity/Capital, Revenue) all increase with Credits; decreases go on the opposite side. Remember: Debit up for A-W-E; Credit up for L-E-R.
