Seoul National University Business School

Spring 2025

Chapter 2
The Recording Process

1
Chapter 2 The Recording Process
Learning Objectives
LO 1 Describe how accounts, debits, and credits are
used to record business transactions.
LO 2 Indicated how a journal is used in the recording
process.
LO 3 Explain how a ledger and posting help in the
recording process.
LO 4 Prepare a trial balance.

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Learning Objective 1
Describe how accounts, debits, and
credits are used to record business
transactions.

3
LO 1
Household Ledger
Date Description Amount Balance
7/24 Salary 3,500,000 3,634,000
7/25 Rent (800,000) 2,834,000
Phone Bill (90,000) 2,744,000
Lunch Expense (12,000) 2,732,000
Coffee Price (4,000) 2,728,000
… …
7/27 Credit Card Payment (2,500,000) 102,000
7/28 Loan 3,000,000 3,102,000

• A household ledger helps track personal finances by recording

transactions that affect cash balances.
• Each transaction is documented when there is an actual inflow or
outflow of cash.

4
LO 1
Dual Nature of Transactions
Each transaction impacts at least two accounts.
• Paying for goods with a credit card: You receive the goods, and a
payment obligation is created on the card.
• Credit card payment: You pay cash to settle the payment obligation.
• Bank loan: You receive cash now, and a future repayment obligation
arises.
• Car purchase: You acquire ownership of a car, and a installment
payment obligation is created.

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LO 1
Dual Nature of Transactions
Each transaction impacts at least two accounts.
• Paying for goods with a credit card: You receive goods (Asset), and a
payment obligation (Liability) is created on the card.
• Credit card payment: You pay cash (Asset) to settle the payment
obligation (Liability).
• Bank loan: You receive cash (Asset) now, and a future repayment
obligation (Liability) arises.
• Car purchase: You acquire ownership of a car (Asset), and an
installment payment obligation (Liability) is created.

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LO 1
Transaction Recording Method
Double-entry bookkeeping (복식부기)

• Every transaction affects at least two accounts (Debit & Credit).

• Example: If you take a $10,000 loan, Cash (Asset) increases and Loan
Payable (Liability) increases.

Assets = Liabilities + Equity Accounting Equation

Debit (차변) Credit (대변)

Principle of Double-entry Accounting:

• Total Debits = Total Credits → The system must always balance.
• If debits and credits don’t match, an accounting error has occurred.

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LO 1
Accounts, Debits, and Credits
The Account
• An account is an individual accounting record of increases and decreases
in a specific asset, liability, or equity item.
• In its simplest form, an account consists of three parts:
 A title (Account Name)
 A left side (Debit, Dr.)
 A right side (Credit, Cr.)

8
LO 1
Accounts, Debits, and Credits
The Account
What is a T-Account?
• A T-Account is a simple way to visualize Account Name
how debits and credits affect an account. Debit / Dr. Credit / Cr.
• Debit (Dr.) = Left side
• Credit (Cr.) = Right side

Why is this important?

• This structure helps businesses record transactions accurately.

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LO 1
Debits and Credits
Tabular Summary (Chapter 1)

Understanding the Two Formats

• The Tabular Summary (left) lists transactions in a traditional journal-style
format.
• The Account Form (right) is a T-Account representation, showing how
debits and credits are posted to the Cash account. LO 1
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Debits and Credits
There are two sides in accounting

Assets = Liabilities + Equity

Account Name

Increases Increases

Decreases: in the opposite side LO 1

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Debits and Credits

Assets = Liabilities + Equity

Example: If you buy equipment with cash, the Equipment account is

debited, and the Cash account is credited.
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LO 1
Debits and Credits

Debits Credits
Increase assets Decrease assets
Decrease liabilities Increase liabilities

• Increases in cash (an asset) are entered on the left side and decreases
in cash are entered on the right side.
• Both sides of the basic equation (Assets = Liabilities + Equity) must
be equal.
• Increases and decreases in liabilities have to be recorded opposite from
increases and decreases in assets.
• Thus, increases in liabilities are entered on the right or credit side, and
decreases in liabilities are entered on the left or debit side.
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LO 1
Debits and Credits
Double-entry system
► Each transaction must affect two or more accounts to keep the
basic accounting equation in balance.

► Recording done by debiting at least one account and crediting

another.

► DEBITS must equal CREDITS.

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LO 1
Debits and Credits
✔ Purchasing goods with cash
(Dr) Goods 50,000 = (Cr) Cash 50,000
✔ Purchasing goods with a credit card
(Dr) Goods 50,000 = (Cr) Credit Card Liability 50,000
✔ Paying off a credit card balance
(Dr) Credit Card Liability 50,000 = (Cr) Cash 50,000

🔴 Even if no cash moves, the transaction still

impacts accounts.

Principle of Double-entry Accounting:

Debits must always equal credits.
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LO 1
 Debits and Credits
If Debit amounts are greater than Credit amounts, the account
will have a debit balance.

Transaction #1 Transaction #2
Transaction #3

Balance

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LO 1
 Debits and Credits
If Debit amounts are less than Credit amounts, the account will
have a credit balance.

Transaction #1 Transaction #2
Transaction #3

Balance

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LO 1
Debits and Credits
Assets
 Assets - Debits should exceed credits.
Debit / Dr. Credit / Cr.

 Liabilities – Credits should exceed debits.

Normal Balance  Normal balance is on the increase side.

Chapter
3-23

• For assets, debits (Dr.) increase the account

Liabilities , and credits (Cr.) decrease it.
Debit / Dr. Credit / Cr.
• Since assets grow with debits, their normal
balance is on the debit side.
• For liabilities, credits (Cr.) increase the
Normal Balance
account, and debits (Dr.) decrease it.
Chapter
3-24
• Since liabilities grow with credits, their
normal balance is on the credit side.

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LO 1
Normal Balances
Assets and Liabilities

• Asset accounts normally show debit balances.

That is, debits to a specific asset account should exceed credits to
that account.

• Liability accounts normally show credit balances.

That is, credits to a liability account should exceed debits to
that account. 19
LO 1
Debits Review Question

Debits:
a. increase both assets and liabilities.
b. decrease both assets and liabilities.
c. increase assets and decrease liabilities.
d. decrease assets and increase liabilities.

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LO 1
Debits – Solution

Debits:
a. increase both assets and liabilities.
b. decrease both assets and liabilities.
c. increase assets and decrease liabilities. (Correct)
d. decrease assets and increase liabilities.

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LO 1
Dr./Cr. Procedures for Equity
Equity
• Net assets after deducting total liabilities from total assets.

• Classified into Paid-in Capital and Retained Earnings.

• Paid-in Capital: The actual amount paid by shareholders to the
company

• Retained Earnings: The accumulated amount of net income from

business operations after deducting dividends since the company’s
establishment.

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LO 1
Dr./Cr. Procedures for Equity
Share Capital—Ordinary
• Share capital represents the owners' investment in a company, which is
contributed in exchange for ownership in the form of shares.

• When a company issues shares, it is raising funds from investors, and this
amount is recorded as Share Capital—Ordinary in the equity section of
the balance sheet.

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LO 1
Dr./Cr. Procedures for Equity
Share Capital—Ordinary.
Debits Credits
Decrease Share Capital Increase Share Capital

• Companies issue the Share Capital—Ordinary in exchange

for the owners’ investment paid in to the company.

• Credits increase the Share Capital—Ordinary account, and

debits decrease it.

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LO 1
Normal Balance
Share Capital—Ordinary.

• Knowing the normal balance in an account may help you

trace errors.
• Occasionally, though, an abnormal balance may be correct.
• The cash account, for example, will have a credit balance
when a company has overdrawn its bank balance.

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LO 1
Dr./Cr. Procedures for Equity
Share Capital—Ordinary.
• Let’s say a company issues $100,000 worth of shares to investors.
The accounting entry would be as follows:

• Dr. Cash (Asset) $100,000

• Cr. Share Capital—Ordinary (Equity) $100,000

• Now, if the company later decides to repurchase some of its shares

for $30,000, the entry would be:

• Dr. Share Capital—Ordinary (Equity) $30,000

• Cr. Cash (Asset) $30,000

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LO 1
Normal Balance
Retained Earnings.

• Retained earnings is net income that is kept (retained) in the business. It

represents the portion of equity that the company has accumulated
through the profitable operation of the business.

• It accumulates over time and reflects the company's ability to reinvest

profits for future growth, expansion, or debt reduction.

• Credits (net income) increase the Retained Earnings account, and debits
(dividends or net losses) decrease it. 27
LO 1
Normal Balance
Retained Earnings.
How Retained Earnings Work in Accounting

• Debits (Dr.) → Decrease Retained Earnings

• "When a company pays dividends to shareholders or experiences net losses,
it decreases retained earnings, which is recorded as a debit."
• Example 1: Declaring $10,000 in dividends:
• Dr. Retained Earnings $10,000
• Cr. Dividends Payable $10,000
• Example 2: If the company has a net loss of $20,000:
• Dr. Retained Earnings $20,000
• Cr. Income Summary $20,000

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LO 1
Normal Balance
Retained Earnings.
How Retained Earnings Work in Accounting

• Credits (Cr.) → Increase Retained Earnings

• "When a company earns net income, it increases retained earnings, which
is recorded as a credit in the Retained Earnings account."
• Example: If a company earns $50,000 in profit, the entry is:
• Dr. Income Summary $50,000
• Cr. Retained Earnings $50,000

Why Does Retained Earnings Matter?

• Retained earnings help businesses fund operations, expansion, and
investment without relying on external financing.
• Investors and analysts look at retained earnings to assess a company's long
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-term financial health and profitability. LO 1
Normal Balance
Dividends.

Dividends:
• A company’s distribution to its shareholders.
• The most common form of a distribution is a cash dividend.

• Dividends reduce the shareholders’ claims on retained earnings.

• Debits increase the Dividends account, and credits decrease it.

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LO 1
Normal Balance
Dividends.
• Debits (Dr.) → Increase Dividends Account
• Dividends are not considered an expense but rather a distribution of
profits. However, they reduce retained earnings, so they are
recorded as a debit when declared.
• Example: If a company declares $10,000 in dividends:
• Dr. Dividends $10,000
• Cr. Dividends Payable $10,000

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LO 1
Normal Balance
Dividends.
• Credits (Cr.) → Decrease Dividends Account
• Once dividends are paid to shareholders, the Dividends Payable
account (a liability) is debited, and cash is credited to reflect the
payment.
• Example: When the company pays the dividends:
• Dr. Dividends Payable $10,000
• Cr. Cash $10,000

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LO 1
Dr./Cr. Revenues and Expenses
Revenues and Expenses.
Debits Credits
Decrease revenues Increase revenues
Increase expenses Decrease expenses

• The purpose of earning revenues is to benefit the shareholders of the

business. When a company recognizes revenues, equity increases.
• The effect of debits and credits on revenue accounts is the same
as their effect on Retained Earnings.

• Expenses have the opposite effect. Expenses decrease equity.

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LO 1
Normal Balances
Revenues and Expenses.

• Revenue accounts are increased by credits and decreased by debits.

• Expense accounts are increased by debits and decreased by credits.

• Because revenues increase equity, a revenue account has the

same debit/credit rules as the Retained Earnings account.
Expenses have the opposite effect.

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LO 1
Equity Relationships

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LO 1
Summary of Debit/Credit Rules

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LO 1
 Summary of Debit/Credit Rules
Statement of Financial Pos
ition Income Statement

Asset = Liability + Equity Revenue - Expense

Debit

Credit

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 Normal Balances
Equity  Issuance of share capital and revenues
Debit / Dr. Credit / Cr.
increase equity (credit).

 Dividends and expenses decrease equity

Normal Balance
(debit).
Chapter
3-25

Share Capital Retained Earnings Dividends

Debit / Dr. Credit / Cr. Debit / Dr. Credit / Cr. Debit / Dr. Credit / Cr.

Normal Balance Normal Balance Normal Balance

Chapter Chapter Chapter

3-25 3-25 3-23

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Normal Balances
Revenue
Debit / Dr. Credit / Cr.  The purpose of earning revenues is to
benefit the shareholders.

 The effect of debits and credits on

Normal Balance
revenue accounts is the same as their
Chapter
3-26 effect on equity.

 Expenses have the opposite effect:

Expense expenses decrease equity.
Debit / Dr. Credit / Cr.

Normal Balance

Chapter
3-27

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 Debit/Credit Rules
Liabilities
Debit / Dr. Credit / Cr.
Normal Balance Normal Balance
Debit Credit
Normal Balance

Assets EquityChapter
3-24

Debit / Dr. Credit / Cr. Debit / Dr. Credit / Cr.

Normal Balance Normal Balance

Chapter
3-23 Chapter
3-25

Expense Revenue
Debit / Dr. Credit / Cr. Debit / Dr. Credit / Cr.

Normal Balance Normal Balance

Chapter
Chapter
3-27
3-26
40
DO IT! Normal Account Balances
Julie Loeng has just rented space in a shopping mall. In this space, she
will open a hair salon to be called “Hair It Is.” A friend has advised Julie
to set up a double-entry set of accounting records in which to record all
of her business transactions.
Identify the statement of financial position accounts that Julie will likely
need to record the transactions needed to open her business. Indicate
whether the normal balance of each account is a debit or a credit.

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LO 1
DO IT! Normal Account Balances –
Solution
Julie would likely need the following accounts in which to record the
transactions necessary to ready her hair salon for opening day:

Cash (debit balance)

Equipment (debit balance)
Supplies (debit balance)
Accounts Payable (credit balance)

If she borrows money:

Notes Payable (credit balance)
If she invests cash:
Share Capital—Ordinary (credit balance)

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LO 1
Learning Objective 2
Indicate how a journal is used in the
recording process.

43
LO 2
The Journal

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LO 2
The Journal
Companies initially record transactions in chronological order.
Thus, the journal is referred to as the book of original entry.

The journal makes several significant contributions to the recording

process:
1. It discloses in one place the complete effects of a transaction.
2. It provides a chronological record of transactions.
3. It helps to prevent or locate errors because the debit and credit
amounts for each entry can be easily compared.

45
LO 2
The Journal
Why Is the Journal Important?

• The journal plays a critical role in the accounting process by ensuring

transactions are accurately recorded before being summarized in
financial statements.

• It contributes to the recording process in three significant ways:

46
LO 2
The Journal
Complete Effects of a Transaction

• The journal captures the full impact of each transaction, showing both the
debit and credit sides, ensuring the accounting equation remains balanced.
• Example:
• If a company purchases equipment for $5,000 in cash, the journal entry
would be:
 Dr. Equipment $5,000
 Cr. Cash $5,000
• This shows both the increase in assets (equipment) and the decrease in assets
(cash) in one place.

47
LO 2
The Journal
Chronological Record of Transactions

• Since transactions are recorded in order of occurrence,

accountants and auditors can easily track the history of financial
activities.
• Example:
 If an auditor wants to review financial activities from January, they can
check the journal entries for that month and analyze every transaction
step by step.

48
LO 2
The Journal
Error Prevention and Detection

• By recording transactions in the journal first, businesses can prevent errors

before they affect the financial statements.

• Since each transaction has both a debit and a credit entry, discrepancies can
be identified early.

• Example:

 If total debits and credits in a journal entry do not match, an error

has occurred and needs correction before posting to the general
ledger.

49
LO 2
Journalizing
On September 1, Softbyte SA shareholders invested €15,000
cash in the corporation in exchange for ordinary shares, and
Softbyte purchased computer equipment for €7,000 cash.

How do you enter the transaction data in the journal?

50
LO 2
On September 1, Softbyte SA shareholders invested €15,000 cash
in the corporation in exchange for ordinary shares, and Softbyte
purchased computer equipment for €7,000 cash.

1 Date of the transaction.

2 Debit account title.
3 Credit account title.
4 Brief explanation of the transaction.
5 Reference column, which is left blank when the journal entry is made. This column
is used later when the journal entries are transferred to the individual accounts.
51
LO 2
Journal entries in a simple form
On September 1, Softbyte SA shareholders invested €15,000 cash
in the corporation in exchange for ordinary shares.
Dr. Cash 15,000 Cr. Share capital 15,000 Simple format

Cash 15,000
Share capital 15,000

T-Account format

For each side (debit and credit), you should have both (i)
account titles and (ii) the amounts.
ALWAYS the sum of debit amount = the sum of credit amount
52
LO 2
Journalizing
Simple and Compound Entries
Illustration: On July 1, Tsai Company purchases a delivery truck costing NT
$420,000. It pays NT$240,000 cash now and agrees to pay the remaining NT$
180,000 on account.

General Journal

Date Account Title Ref. Debit Credit

July 1 Equipment 420,000
Cash 240,000
Accounts payable 180,000

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Simple and Compound Entries
Simple entry: Involves one debit and one credit account.

Compound entry: An entry that requires three or more accounts.

The standard format requires that all debits be listed before the credits.

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LO 2
DO IT!: Recording Business Activities

As president and sole shareholder, Julie Loeng engaged in the following

activities in establishing her beauty salon, Hair It Is.

1. Opened a bank account in the name of Hair It Is and deposited €20,000 of

her own money in this account in exchange for ordinary shares.
2. Purchased equipment on account (to be paid in 30 days) for a total cost of
€4,800.
3. Interviewed three applicants for the position of beautician.

In what form (type of record) should Hair It Is record these three activities?
Prepare the entries to record the transactions.

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LO 2
DO IT!: Recording Business Activities
1. Opened a bank account in the name of Hair It Is and deposited €20,000 of
her own money in this account in exchange for ordinary shares.
2. Purchased equipment on account (to be paid in 30 days) for a total cost of
€4,800.
3. Interviewed three applicants for the position of beautician.

Each transaction that is recorded is entered in the general journal. The three
activities would be recorded as follows.

56
LO 2
Learning Objective 3
Explain how a ledger and posting
help in the recording process.

57
LO 3
The Ledger and Posting

Ledger: The entire group of accounts maintained by a company.

Provides the balance in each of the accounts as well as keeps track of
changes in these balances.
The ledger helps businesses track the balances of assets, liabilities, equity,
revenues, and expenses over time.
Companies may use various kinds of ledgers, but every company has a
general ledger.

58
LO 3
The Ledger
The General Ledger

The general ledger is a complete record of all financial transactions for a business,
organized by account type. It contains detailed information on individual accounts
within the three main categories: Assets, Liabilities, and Equity.

59
LO 3
Standard Form of Account

This format is called the three-column form of account. It has

three money columns—debit, credit, and balance.

60
LO 3
Example Transactions in the Cash Account
• June 1: The company received $25,000 in cash
• Dr. Cash $25,000 → Cash increases
• Balance: $25,000
• June 2: The company made a payment of $8,000
• Cr. Cash $8,000 → Cash decreases
• Balance: $17,000
• June 3: Another cash inflow of $4,200
• Dr. Cash $4,200 → Cash increases
• Balance: $21,200
• June 9: Another cash inflow of $7,500
• Dr. Cash $7,500 → Cash increases
• Balance: $28,700
• June 17: A payment of $11,700
• Cr. Cash $11,700 → Cash decreases
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• Balance: $17,000 LO 3
Posting

62
LO 3
Posting
What Is Posting in Accounting?
• Posting is the process of transferring financial transactions from the general
journal to the general ledger. This step ensures that individual accounts
reflect updated balances.
• It allows businesses to track changes in assets, liabilities, and equity
efficiently.

Step-by-Step Process of Posting

Step 1: Identify the Journal Entry
In the general journal, a transaction is recorded first. On September 1, 2025,
the company received €15,000 cash from issuing shares.
The journal entry includes two accounts:
• Dr. Cash €15,000 (increases assets)
• Cr. Share Capital—Ordinary €15,000 (increases equity)

63
LO 3
Posting
Step 2: Post to the General Ledger (Debit Account First)
• Next, the debit side of the journal entry (Cash €15,000) is posted to the
Cash ledger account in the general ledger.
• The new balance in the Cash ledger is now €15,000.

Step 3: Post to the General Ledger (Credit Account Next)

• Then, the credit side of the journal entry (Share Capital—Ordinary €15,000)
is posted to the Share Capital ledger account (No. 311).
• The updated balance in the Share Capital ledger is now €15,000.

Step 4: Cross-Reference the Ledger and Journal

• To complete the process, the ledger account numbers (101 for Cash and
311 for Share Capital) are written in the journal’s reference column to
show that the transaction has been posted.
• This cross-referencing ensures accuracy and traceability.

64
LO 3
In a simple form

Journal Dr. Cash 15,000

entry Cr. Share capital-ordinary 15,000

Posting

65
LO 3
Chart of Accounts
Accounts and account numbers arranged in sequence in which they are
presented in the financial statements.

66
LO 3
The Recording Process
October transactions of Yazici Advertising
Accounting period: One month

HELPFUL HINT
Follow these steps:
1 Determine what type of account is involved.
2 Determine what items increased or decreased and by how much.
3 Translate the increases and decreases into debits and credits.

67
LO 3
Investment of Cash

68
LO 3
Purchase of Office Equipment

69
LO 3
Receipt of Cash for Future Service

Unearned Service Revenue

is considered a liability eve
n though the word payable
is not used.

70
LO 3
Payment of Monthly Rent

71
LO 3
Payment for Insurance

72
LO 3
Purchase of Supplies on Credit

73
LO 3
Hiring of Employees

74
LO 3
Declaration and Payment of Dividend

75
LO 3
Payment of Salaries

76
LO 3
Receipt of Cash for Services

77
LO 3
Summary Illustration of Journalizing and Posting

78
LO 3
Summary Illustration of Journalizing and Posting

79
LO 3
DO IT!: Posting
Como SpA recorded the following transactions in a general journal
during the month of March:

Post these entries to the Cash account of the general ledger to determine
the ending balance in cash. The beginning balance in Cash on March 1
was €600.

80
LO 3
DO IT!: Posting – Solution
Como SpA recorded the following transactions in a general journal
during the month of March:

Post these entries to the Cash account of the general ledger to determine the
ending balance in cash. The beginning balance in Cash on March 1 was €600.
Answer:

81
LO 3
Learning Objective 4
Prepare a trial balance.

82
LO 4
 The Trial Balance

A list of accounts and their balances at a given time.

Proves the mathematical equality of debits and credits after posting.

Purpose of the Trial Balance

• The trial balance helps identify errors that may have occurred during
the posting process.

• It does not detect all types of errors (e.g., recording a transaction in the wrong
account), but it ensures that the double-entry system is mathematically correct.

83
LO 4
The Trial Balance

Three steps of preparation:

1. List the account titles and their balances in the appropriate debit or
credit column.
2. Total the debit and credit columns.
3. Verify the equality of the two columns.

84
LO 4
The Trial Balance

• A trial balance is a report that lists all ledger accounts along with their
balances at a specific date, in this case, October 31, 2025.
• It is used to verify that total debits equal total credits, ensuring the
accuracy of recorded transactions before preparing financial statements.LO 4 85
Limitations of a Trial Balance
A trial balance may balance even when:
1 - a transaction not journalized.
2 - a correct journal entry not posted.
3 - a journal entry posted twice.
4 - Incorrect accounts used in journalizing or posting.
5 - Offsetting errors made in recording the amount of a transaction.

86
LO 4
Trial Balance - Locating Errors
1. Determine the amount of the difference between the two columns
of the trial balance.
2. Take one of the commonly useful steps listed below:

If the error is … Then …

€1, €10, €100, or Re-add the trial balance columns and recompute the account
€1,000: balances.
Divisible by 2: Scan the trial balance to see whether a balance equal to half the
error has been entered in the wrong column.
Divisible by 9: Retrace the account balances on the trial balance to see whether
they are incorrectly copied from the ledger. For example, €12
instead of €21, called a transposition error.
Not divisible by 2 or 9: Scan the ledger to see whether an account balance in the amount of
the error has been omitted from the trial balance, and scan the
journal to see whether a posting of that amount has been omitted.

87
LO 4
Currency Signs and Underlining
Currency Signs
• Do not appear in journals or ledgers.
• Typically used only in the trial balance and the financial statements.
• Shown only for the first item and the total in the column.

Underlining
• A single line is placed under the column of figures to be added or
subtracted.
• Totals are double-underlined.

88
LO 4
DO IT!: Trial Balance
The following accounts come from the ledger of Bali Beach Supply
at December 31, 2025.
157 Equipment R$88,000 311 Share Capital —Ordinary R$20,000
332 Dividends 8,000 212 Salaries and Wages Payable 2,000
201 Accounts Payable 22,000 200 Notes Payable (due in 3 Mon 19,000
726 Salaries and Wages Expen 42,000 ths)
se 732 Utilities Expense 3,000
112 Accounts Receivable 4,000 130 Prepaid Insurance 6,000
400 Service Revenue 95,000 101 Cash 7,000

Prepare a trial balance in good form.

89
LO 4
DO IT!: Trial Balance

90
LO 4
Thank You for Your Attention

91