Archive for November 2011
Explore Sample General Ledger Journal Entry
The best way to learn accounting basic and explore sample general ledger journal entry is to analyze actual samples and understand how they work and how they should be accounted for. So in this article I will be exploring general journal and general ledger entries and explaining their essence.
General Journal Entries
If we come back to the accounting cycle and how the accounting data is recorded we can remember that all the transactions which have an impact on the financial position of the business are first of all recorded in the general journal. This a special form where we indicate which account and by which amount is debited and credited and provide a short description of the transaction recorded. For example, if we record acquisition of inventory on credit, in the general journal we will record the following entry:
D Inventory XXXX
___C Accounts Payable XXXX
Acquisition of inventory on credit
Ledger Entries
The next step after the transaction has been recorded in the general journal is to post the entries into the general ledger. This is a universe of all accounts which are used by the business for the purpose of accounting. Each account has a name and two side, i.e. debit and credit side. On these sides the entries from general journal are being posted. If we come back to the example above, the following posting will be done to this ledger:
D_______Inventory______C
XXXX_________________
Quentin Townsend- Bringing His Aspirations To Reality
For a visionary man such as Quentin Townsend, it is essential to put all his efforts to make his dream come true. Aside from being a basketball enthusiast, he also wanted to be an entrepreneur when he was at a young age. That is why he studied harder than any of his classmates when he was at the Joseph Business School. He graduated with flying colors and even granted the highest honor of Joseph Scholar. His good upbringing mirrors the man that he is today because he grew up with strong mentors, hard work, and community outreach and of course, basketball.
He was a native of Joliet, Illinois and after finishing his studies, he tried several areas where he can put all his knowledge and skill at work. Before engaging in the basketball world, Quentin Townsend was once managed a workforce team at the Fortune 500 Corporation. Subsequently, he also made a name for himself in the Real Estate business. He and his wife have established the Townsend & Company Sales Team. When they got the chance to own a home after their marriage, they find the significance of having your own house which serves as an investment at the same time. This inspired both of them to leave their previous jobs and be a full-time realtor. For several years, they have helped a lot of families to invest and be the owner of their dream house. Quentin made a lot of progress in this area and he was even awarded the Will County Rookie of the Year in 2001, the same year that he has started.
In 2004, when Quentin Townsend had enough savings and capital, he grabs the chance to purchase a franchise of American Basketball Association. He targeted the Atlanta market and renamed the team Atlanta Vision. For him, the best part of it is he is able to incorporate his knowledge in handling the business and enjoy his passion for basketball. Throughout his management, the team become recognized and had showed a great performance in every game. This is a pride for Atlanta citizens and they admire him for bringing color to the history of basketball in the area. After four years of hard work and dedication, ABA decided to choose him to be their President and Chief Operating Officer. His visions came to reality because of all the devotion that he had poured into the business.
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