The Garden Place Case Solution

1. Prepare journal entries for items 1 through 13.

The journal entries are able to provide a record of not just monetary transactions but also of everything else that takes place over the course of a day. A company's debit and credit balances, along with the documentation of any other financial activity, should be recorded in an accounting journal that was developed specifically for the purpose of containing such information. This type of journal was developed in addition to the documentation of any other financial activity. The entry that is made in the journal could be comprised of more than one entry, and depending on the specifics of the situation, each of those entries might be either a credit or a debit. We argue that a journal entry is imbalanced when the total number of debits in that record is either more than or equal to the total number of credits in that record. Either of these two scenarios meets our definition of an unbalanced entry. Journal entries are one approach that may be used to keep track of recurring expenses like depreciation and bond amortization, for example. Another option is to use a spreadsheet to record the information.

2. Post this information to T-accounts.

Informally, the process of keeping an accurate record of monetary transactions is referred to as "T-accounts," which is shorthand for the double-entry accounting system. T-accounts are maintained using the double-entry accounting system. This remark refers to the standard for the way in which the books are physically bound together as well as the way in which they are kept together in a collection. The first letter of the word is a "t" with the lowercase "t," and it is a capital letter. The account numbers should always be placed in the top left corner, the account names should be placed in the top right corner, and the debits and credits should be written in the bottom left and right corners, respectively, with a vertical line that forms the letter T separating them from one another. Every monetary transaction, in accordance with the concept of double-entry accounting, has an impact not only on one account but on two accounts. When a transaction is finished, money will be moved from one account to another.