The Miami Heat were one of the New York Knicks’ strongest inter-divisional foes. The two teams met in the playoffs each year from 1997 to 2000, with all four of those series being played to the maximum number of games. Pat Riley, the head coach of the Miami Heat at the time, served as the head coach of the Knicks from 1991 to 1995 and led the Knicks to the 1994 NBA Finals. During this four-year span, the Heat and the Knicks each won two playoff series against each other. The last time was in the 2012–13 season, when Carmelo Anthony won the 2013 scoring title and helped them win the Atlantic Division for the first time since 1994. The Knicks faced the Celtics, who were without Rajon Rondo because of a mid-season injury, in the 1st round of the 2013 playoffs.
- Transactions can be more complex in the accounting world because businesses may make a deal today that won’t be settled until a future date.
- In double-entry accounting, transactions are recorded in the journal through journal entries.
- This isposted to the Cash T-account on the debit side (left side).
- During this time, they were known for playing tough defense under head coaches Pat Riley and Jeff Van Gundy, making NBA Finals appearances in 1994 and 1999.
- Create complete and accurate records that provide evidence of the organization’s functions, activities, decisions, transactions, procedures, etc.
Accounts payable
Accounting software often comes with a default chart of accounts that you can use, or you can create your own. It may be a good idea to involve an accountant or bookkeeper in setting up your chart of accounts, as your choices will affect your ability to analyze your business’s income and spending. Let’s look at the journal entries for https://www.bookstime.com/ Printing Plus and post each of those entries to their respective T-accounts. Another key element to understanding the general ledger, and the third step in the accounting cycle, is how to calculate balances in ledger accounts.
Journal entries
If employees use a personal card for a business expense, you can reimburse them from your business account and capture the transaction https://www.facebook.com/BooksTimeInc/ that way. If employees claim expenses a lot in your business, an expense app on their phone can simultaneously capture the receipt, send the reimbursement claim, and automate the accounting entry. Learn how to record business transactions so you stay on top of your accounting, finances, taxes and performance. You notice there are already figures in Accounts Payable, and the new record is placed directly underneath the January 5 record. On this transaction, Accounts Receivable has a debit of $1,200. The record is placed on the debit side of the Accounts Receivable T-account underneath the January 10 record.
Recording Transactions
Cash is labeled account number 101 because it is an asset account type. The date of January 3, 2019, is in the far left column, and a description of the transaction follows in the next column. Cash had a debit of $20,000 in the journal entry, so $20,000 is transferred to the general ledger in the debit column.
The next transaction figure of $4,000 is added directly below the $20,000 on the debit side. This is posted to the Unearned Revenue T-account on the credit side. On January 3, there was a debit balance of $20,000 in the Cash account. Since both are on the debit side, they will be added together to get a balance on $24,000 (as is seen in the balance column on the January 9 row). On January 12, there was a credit of $300 included in the Cash ledger account. Since this figure is on the credit side, this $300 is subtracted from the previous balance of $24,000 to get a new balance of $23,700.
Normal Account Balances
The date of each transaction related to this account is included, a possible description of the transaction, and a reference number if available. There are debit and credit columns, storing the financial figures for each transaction, and a balance column that keeps a running total of the balance in the account after every transaction. We now return to our company example of Printing record transactions Plus, Lynn Sanders’ printing service company. We will analyze and record each of the transactions for her business and discuss how this impacts the financial statements.
Formatting When Recording Journal Entries
The journal entry shows that the company received computer equipment worth $1,200. Income and expenses that flow in and out of your bank account are generally straightforward. But recording capital assets, depreciation and loans are a little more tricky. The following are selected journal entries from Printing Plus that affect the Cash account.
Before the 1992–93 season, the Knicks updated their “roundball logo” to its present form, with the word “Knicks” in a futuristic font, again superimposed over a basketball, with a silver triangle accentuating the look. The “new look” logo was designed by Tom O’Grady.4 For the 1995–96 season, the city name in a futuristic script was added atop the logo, while an alternate “subway token” logo featuring the acronym “NYK” was introduced. A home white version of this uniform was introduced for the 1997–98 season, effectively retiring the championship era uniforms. In the 2001–02 season, the side stripes were narrowed, while the “subway token” logo was moved to the back of the uniform, and the Knicks primary logo moved from the side to the front of the shorts. The Knicks would introduce an iconic logo that would endure for the next three decades. This time the lettering is in serifed fonts, and the blue lettering and numbers on the home uniforms are now trimmed in orange.
