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Analyzing transactions and recording them as journal entries is the first step in the accounting cycle. It begins at the start of the accounting period and continues during the whole period. Transaction analysis is the process of determining whether a particular business event will effect the assets, liabilities or equity of the business and the magnitude of its effect (i.e. its currency value). When analyzing transactions, accountants also classify them appropriately and record them according to the debit-credit rules. Business transactions are those events which cause change in the value of its assets, liabilities or equities.
The following example illustrates how to record journal entries:
To illustrate the total accounting process we extracted some transaction of a company and step by step procedures are described.
Company A was incorporated on January 1, 2010 with an initial capital of 5,000 shares of $20 par value common stock. During the first month of its operations, the company engaged in following transactions:

Date
Transaction
Jan 2
An amount of $36,000 was paid as advance rent for three months.
Jan 3
Paid $60,000 cash on the purchase of equipment costing $80,000. The remaining amount was recognized as a one year note payable with interest rate of 9%.
Jan 4
Purchased office supplies costing $17,600 on account.
Jan 13
Provided services to its customers and received $28,500 in cash.
Jan 13
Paid the accounts payable on the office supplies purchased on January 4.
Jan 14
Paid salaries to its employees for first two weeks of January, aggregating $19,100.
Jan 18
Provided $54,100 worth of services to its customers. They paid $32,900 and promised to pay the remaining amount.
Jan 23
Received $15,300 from customers for the services provided on January 18.
Jan 25
Received $4,000 as an advance payment from customers.
Jan 26
Purchased office supplies costing $5,200 on account.
Jan 28
Paid salaries to its employees for the third and fourth week of January: $19,100.
Jan 31
Paid $5,000 as dividends.
Jan 31
Received electricity bill of $2,470.
Jan 31
Received telephone bill of $1,494.
Jan 31
Miscellaneous expenses paid during the month totaled $3,470

The first step of accounting process is identification of transactions. As all of this events selected here are measurable in terms of money so these should be recorded and in the next step of accounting process are maintained for these.

Analyzing transactions and recording them as journal entries is the second step of accounting process. The following table shows the journal entries for the above events.

Company A
Journal Entries
January 31, 2010

Date
Account
L.P.
Debit
Credit
Jan 1

Cash
Common Stock

100,000


100,000
Jan 2

Prepaid Rent
Cash

36,000


36,000
Jan 3


Equipment
Cash
Notes Payable

80,000



60,000
20,000
Jan 4

Office Supplies
Accounts Payable

17,600


17,600
Jan 13

Cash
Service Revenue

28,500


28,500
Jan 13

Accounts Payable
Cash

17,600


17,600
Jan 14

Wages Expense
Cash

19,100


19,100
Jan 18


Cash
Accounts Receivable
Service Revenue

32,900
21,200



54,100
Jan 23

Cash
Accounts Receivable

15,300


15,300
Jan 25

Cash
Unearned Revenue

4,000


4,000
Jan 26

Office Supplies
Accounts Payable

5,200


5,200
Jan 28

Wages Expense
Cash

19,100


19,100
Jan 31

Dividends
Cash

5,000


5,000
Jan 31

Electricity Expense
Utilities Payable

2,470


2,470
Jan 31

Telephone Expense
Utilities Payable

1,494


1,494
Jan 31

Miscellaneous Expense
Cash

3,470


3,470

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