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Recording transaction is a basic accounting process, with a few steps involved. The first step is to determine the transaction and which accounts it will affect. The second step is recording in the particular accounts. Consideration must be taken when numbers are inputted into the debit and credit sections.
According to T-accounts:
Cash
Account Titles Debit Credit
Common stock A. $30,000
Rent Expense B. $2,500
Automobiles, Equipment C. 6,000
Supplies E. 2,100
Prepaid Insurance F. 3,600
Accounts Receivable G. 9,000
Miscellaneous Expenses H. 2,600
Accounts Payable I. 4,000
Notes Payable J. 1,875
Salary Expense M. 6,000
Automobiles Expense N. 1,300
The Balance is $9,025
Now the Total is $39,000 $39,000
Accounts Receivable
Account Titles Debit Credit
Cash G. $9,000
Professional Fees L. 31,400
Balance $22,400
Supplies
Account Titles Debit Credit
Cash E. $2,100
Prepaid Insurance
Account Titles Debit Credit
Cash F. $3,600
Automobiles, Equipment
Account Titles Debit Credit
Notes Payable C. $22,500
Cash C. 6,000
Accounts Payable D. 8,000
Balance $36,500
Notes Payable
Account Titles Debit Credit
Automobiles, Equipment C. $22,500
Cash J. $1,875
Balance $20,625
Accounts Payable
Account Titles Debit Credit
Automobiles, Equipment D. $8,000
Cash I. $4,000
Blueprint Expense K. 5,500
Balance $9,500
Common Stock
Account Titles Debit Credit
Cash A. $30,000
Professional Fees
Account Titles Debit Credit
Accounts Receivable L. $31,400
Salary Expense
Account Titles Debit Credit
Cash M. $6,000
Blueprint Expense
Account Titles Debit Credit
Accounts Payable K. $5,500
Rent Expense
Account Titles Debit Credit
Cash B. $2,500
Automobile Expense
Account Titles Debit Credit
Cash N. $1,300
Miscellaneous Expense
Account Titles Debit Credit
Cash H. $2,600
Trial Balance
As of January 31, 2018:
Account Titles Debit Credit
Cash $9,025
Accounts receivable 22,400
Supplies 2,100
Prepaid Insurance 3,600
Automobiles, Equipment 36,500
Notes Payable $20,625
Accounts Payable 9,500
Common Stock 30,000
Professional Fees 31,400
Salary Expense 6,000
Blueprint Expense 5,500
Rent Expense 2,500
Automobiles Expense 1,300
Miscellaneous Expense 2,600
Totals $91,525 $91,525
Data and Transaction Analysis:
A. Cash $30,000 Common Stock
B. Rent Expense $2,500 Cash $2,500
C. Automobiles, Equipment $28,500 Cash $6,000 Notes Payable $22,500
D. Automobiles, Equipment $8,000 Accounts Payable $8,000
E. Supplies $2,100 Cash $2,100
F. Prepaid Insurance $3,600 Cash $3,600
G. Cash $9,000 Accounts Receivable $9,000
H. Miscellaneous expenses, $2,600 Cash $2,600
I. Accounts Payable $4,000 Cash $4,000
J. Notes Payable $1,875 Cash $1,875
K. Blueprint Expense $5,500 Accounts Payable $5,500
L. Accounts Receivable $31,400 Professional Fees $31,400
M. Salary Expense $6,000 Cash $6,000
N. Automobiles Expense $1,300 Cash $1,300
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