회계 흐름의 모든 것 Journal, Ledger, Trial balance, P/L, B/S

What is Accounting?

Record, classify, and summarize the financial data into meaningful format i.e P/L, B/S

 

Accounting Process [ Record – Classify – Summarize]

 

1. Source document – any evidence that prove financial or economic events has taken place, i.e, bills, voucher, invoices

2. Journal – based on the source documents, make entries

• Posting: The process of transferring the debit and credit from journal to ledger accounts is known as posting

3. Ledger – based on the journal books, particular account is made

4. Trial Balance – all balances are summarized at once

5. Financial Statements

• P/L
• Balance sheet

 

 

---

 

Journalize the following transactions:

1. On 1/1, Brody started his business with cash at $200,000.
2. On 2/5, sales at $140,000 are made on credit to ABC company, with COGS at $10,000
3. On 2/22, bought inventory with cash at $50,000.
4. On 3/7, cash sales made at $20,000, with COGS at $10,000
5. On 3/14, bought Inventory on credit from John at $30,000
6. On 3/22, received cash from ABC company $20,000.
7. On 5/20, paid $15,000 to John 
8. On 6/30, paid $30,000 for rent 

1/1	(Dr) Cash 200,000	(Cr) Capital  200,000
2/5	(Dr) A/R 140,000  (Dr) COGS 10,000	(Cr) Revenue 140,000 (Cr) Inventory 10,000
2/22	(Dr) Inventory 50,000	(Cr) Cash 50,000
3/7	(Dr) Cash 20,000   (Dr) COGS 10,000	(Cr) Revenue 20,000 (Cr) Inventory 10,000
3/14	(Dr) Inventory 30,000	(Cr) A/P 30,000
3/22	(Dr) Cash 20,000	(Cr) A/R 20,000
5/20	(Dr) A/P 15,000	(Cr) Cash 15,000
6/30	(Dr) Rent 30,000	(Cr) Cash 30,000

Posting

---

 

Ledger

 

Ledger

 

---

Trial balance

 

Account	Dr	Cr
Cash	145,000
Capital		200,000
A/P		15,000
A/R	120,000
COGS	20,000
Inventory	60,000
Revenue		160,000
Rent	30,000
Total	375,000	375,000

 

---

손익계산서 (P/L)

Revenue	160,000
Less: COGS	(20,000)
Gross profit	140,000
Less: operating expenses
Rent	(30,000)
Net profit	110,000

*Revenue - Expense = Net profit / loss

 

재무상태표 (B/S)

Assets
Cash	145,000
A/R	120,000
Inventory	60,000
Total Assets	325,000
Liabilities & Capital
A/P	15,000
Capital	200,000
Retained earning	110,000
Total liabilities and Capital	325,000

*Assets = Liabilities + Equity