GoVenture®
ACTIVITY
Practice Accounting
Complete this activity by entering the correct number values
(including zeros) in all of the green boxes. Do not enter the dollar
sign. If you enter an incorrect value, a message will appear with the
correct value.You can save this PDF document with your answers.
Double-Entry Bookkeeping
Your business buys an office desk for $100, record the
transaction below.
ACCOUNT
DEBIT
CREDIT
Cash
DESCRIPTION
Buy office desk
Assets
Buy office desk
Your business sells the office desk for $200 and you invoice
the customer to pay in 30 days.
A/R is accounts receivable
ACCOUNT
DEBIT
Revenue
Cost of
Goods Sold
DESCRIPTION
Sold office desk
A/R
Assets
CREDIT
Sold office desk
$100
Sold office desk
GoVenture®
ACTIVITY
Your customer pays in full with cash after 10 days.
ACCOUNT
DEBIT
CREDIT
Cash
DESCRIPTION
Payment Received
A/R
Sold office desk
General Journal and Ledger
The General Journal (GL) provides a record of all financial
transactions in chronological order (as they occur). Complete the
General Journal by posting the February transactions below into the
table on the next page. Follow the examples shown for January.
JANUARY
FEBRUARY
1. Paid Rent $3,000.
5. Paid Rent $3,000
2. Paid $5,000 for Advertising.
6. Paid $4,000 for Advertising.
3. Made $1,000 Loan Payment,
which included $800 principal
and $200 interest.
7. Made $2,000 Loan Payment,
which included $1,600
principal and $400 interest.
4. Earned Sales Revenue of
$10,000 for services provided.
8. Earned Sales Revenue of
$15,000 for services provided.
GoVenture®
ACTIVITY
MONTH
#
ACCOUNT
DEBIT
CREDIT
January
1
Expense Rent
$3,000
January
1
Asset Cash
January
2
Expense Advertising
January
2
Asset Cash
January
3
Liability Loan Principal
$800
January
3
Expense Loan Interest
$200
January
3
Asset Cash
$1,000
January
4
Sales Revenue
$10,000
January
4
Asset Cash
February
5
Expense Rent
February
5
Asset Cash
February
6
Expense Advertising
February
6
Asset Cash
February
7
Liability Loan Principal
1,600
February
7
Expense Loan Interest
400
February
7
Asset Cash
February
8
Sales Revenue
February
8
Asset Cash
$3,000
$5,000
$5,000
$10,000
2,000
GoVenture®
ACTIVITY
The General Ledger (GL) provides a record of financial transaction
within each specific account showing the debits and credits made on
the account and the running balance. Complete the General Ledger
by posting the February from above into the tables below. Follow the
examples shown for January.
CASH
MONTH
DESCRIPTION
January
ASSET
DEBIT
CREDIT
BALANCE
Rent
$3,000
$50,000
January
Advertising
$5,000
$45,000
January
Loan Payment
$1,000
$41,000
January
Sales Revenue
February
Rent
February
Advertising
February
Loan Payment
February
Sales Revenue
$10,000
$51,000
SALES REVENUE
MONTH
DESCRIPTION
December
DEBIT
CREDIT
BALANCE
Services
$2,000
$2,000
January
Services
$10,000
$12,000
February
Services
GoVenture®
ACTIVITY
RENT EXPENSE
MONTH
DESCRIPTION
DEBIT
CREDIT
BALANCE
December
Rent
$3,000
$3,000
January
Rent
$3,000
$6,000
February
Rent
ADVERTISING EXPENSE
MONTH
DESCRIPTION
December
Advertising
January
Advertising
February
Advertising
DEBIT
CREDIT
BALANCE
$0
$5,000
$5,000
LOAN INTEREST EXPENSE
MONTH
DESCRIPTION
DEBIT
CREDIT
BALANCE
December
Loan Payment
$100
$100
January
Loan Payment
$200
$300
February
Loan Payment
LOAN PRINCIPAL LIABILITY
MONTH
DESCRIPTION
DEBIT
CREDIT
BALANCE
November
Loan Received
$5,000
$5,000
December
Loan Payment
$400
$4,600
January
Loan Payment
$800
$3,800
February
Loan Payment