Final answer:
To record journal entries for Young Company, details about transactions are required. Common entries involve debiting and crediting accounts like Accounts Receivable, Revenue, Supplies Expense, and Cash, adhering to the double-entry accounting principle.
Step-by-step explanation:
To record journal entries for Young Company, we first need a set of transactions or financial events to record. In general, a journal entry includes the date of the transaction, the accounts impacted, the amount of each debit and credit, and a brief description of the transaction.
Example journal entries
When the company makes a sale on account: Debit Accounts Receivable and credit Revenue.
If the company purchases supplies with cash: Debit Supplies Expense and credit Cash.
When the company pays off its accounts payable: Debit Accounts Payable and credit Cash.
Each transaction will impact two or more accounts due to the double-entry accounting system, where the total debits must equal the total credits.