Journal entries

Overview

1. Journalize each entry for the month of December in the General Journal. Use the Monopoly Chart of Accounts for your account titles.

The first transaction had been completed below:

Transaction: July 1, 2025 $1,500 Cash investment in Owner's Equity
Debit Journal Entry: July 1, 2025 Cash $1,500

Owner's Equity $1,500

Owner 's Investment in company

1. Post the journal entries into the General Ledger accounts for each transaction.

1. Calculate the balance for each account in the General Ledger.

1. Create a Trial Balance for July 31, 2025. Remember, the trial balance must balance which means Debits must equal Credits!

1. Create an Income Statement for the month ending July 31, 2025.

1. Create a Statement of Retained Earnings for the month ended July 31, 2025.