We all have personal transactions that occur each week or month that are part of our normal lives. One basic transaction that we all typically have in common is the purchase of goods or services.For this discussion post, you will need to identify a transaction, analyze the transaction, and write the journal entry for a personal transaction that you have recently completed.Each person's post must be unique, so you cannot post a personal transaction that has been posted by me or a classmate.

For example, on Saturday I went to the grocery store and purchased $250 in food with cash. It is my intent that my family will consume $150 in perishable food over the next week or so. The remaining $100 spent was to stock my hurricane supply pantry for use in an emergency.(Identify the transaction)

Let meanalyze the transactionnext by noting the accounts impacted, whether the account is increased or decreased, identify the account type, and whether the account would be debited or credited for the transaction:

Decrease in cash of $250. Cash is an asset and you decrease an asset with a credit.

Increase in food expense of $150. Food expense is an expense and you increase an expense with a debit.

Increase in pantry supplies of $100. Pantry supplies is an asset (Please recall that assets belong to the business or in this case me and have future value, as I will use these items at some point in the future when there is a hurricane). You increase an asset with a debit.

Write the journal entry:

Dr. Food Expense $150

Dr. Pantry Supplies $100

Cr. Cash $250

ACCOUNT INCREASED BY DECREASED BY Assets Debit Credit Expenses Debit Credit Liabilities Credit Debit Equity Credit Debit Revenue Credit Debit