Unit 6 : The Journal and Source Documents
A good accounting system must be able to handle transactions in order, even if they are happening at a rapid pace. The chronological journal is a centuries-old device that keeps track of business transactions.
As I mentioned in class today, you are to work on the Smith Industries Exercise handout
Please remember that for this question, you are to
1. set up the t-account ledger
2. record the transactions
3. general journal
4. prepare an income statement
Let me know if you have any questions.