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Journal entry worksheet 1 7 8 9 Paid the balance due to Brown Company within the discount period. Note: Enter debits before credits. point, invoice dated July 31. General Journal tab - Journalize the merchandising transactions. The General Ledger, trial balance and schedules of accounts receivable and accounts payable will be updated based on your entries. General Ledger tab - One of the advantages of general ledger software is that posting is done automatically. To see the detail of all transactions that affect a specific account, or the balance in an account at a specific point in time, click on the General Ledger tab. Trial Balance tab - General ledger software also automates the preparation of trial balances. A trial balance lists each account from the General Ledger, along with its balance, either a debit or a credit. Total debits should always equal total credits. Schedule of Receivables tab - General Ledger sofware automates the balances for each of the customer's accounts. Schedule of Payables tab - General Ledger sofware automates the balances for each of the supplier's accounts. Income Statement tab - Prepare the income statement through the calculation of gross profit. Impact on Income tab - Indicate the impact each transaction had on net income. Journal entry worksheet Sold merchandise to Turner Company for $8,600 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31 . Note: Enter debits before credits. Journal entry worksheet 1 6 7 Paid $445 cash for freight charges on the purchase of July 1 . Note: Enter debits before credits. Journal entry worksheet

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