Muhasebe slaytları

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  • Muhasebe slaytları

    1. 1. Debits and Credits: Analyzing and Recording Business Transactions Chapter 2
    2. 2. Account <ul><li>An individual accounting record of increases and decreases in a specific asset, liability, or owner’s equity item </li></ul><ul><li>Establish an account for each individual assets, liability, capital, withdrawal, revenue, expense </li></ul>
    3. 3. T-Account Title of Account Left side Right side Debit Credit <ul><li>Three parts: title, debit side, credit side </li></ul><ul><ul><li>Positioning of these parts resembles the letter T </li></ul></ul><ul><ul><li>Therefore called a T account </li></ul></ul>
    4. 4. The Use of Accounts <ul><li>Increases are recorded on one side of the T-account, and decreases are recorded on the other side. </li></ul>Left or Debit Side Right or Credit Side Title of Account
    5. 5. T-Account Account Name (Title) Dr. (debit) 4,000 500 Cr. (credit) 300 400 4,500 700 3,800 Entries Footings Balance
    6. 6. Ledger <ul><li>Group of accounts that records data from business transactions </li></ul>Account Title. t Revenue Account Title. t Capital Account Title. t Account Payable Account Title. t Cash
    7. 7. All individual accounts combined make up the ledger Revenues Notes Payable Accounts Receivable C. Lapp, Capital Accounts Payable Ledger Cash
    8. 8. Debits & Credits <ul><li>Debit (Dr.) indicates left; Credit (Cr.) indicates right </li></ul><ul><ul><li>Entering an amount on the left side is called “debiting the account” </li></ul></ul><ul><ul><li>Entering an amount on the right side is “crediting the account” </li></ul></ul><ul><li>Debit balance </li></ul><ul><ul><li>Debit amounts exceed the credits </li></ul></ul><ul><li>Credit balance </li></ul><ul><ul><li>Credit amounts exceed the debits </li></ul></ul>
    9. 9. Debit and Credit Rules A = L + OE Debits and credits affect accounts as follows: ASSETS Debit for Increase Credit for Decrease EQUITIES Debit for Decrease Credit for Increase LIABILITIES Debit for Decrease Credit for Increase
    10. 10. Rules of Debit and Credit Assets = Liabilities + Owner’s Equity + - + - + - Dr. Cr. Dr. Cr. Dr. Cr.
    11. 11. Rules of Debit and Credit Dr. Cr. + - Capital Expenses Dr. Cr. + - Revenues Dr. Cr. + - Withdrawals Dr. Cr. + -
    12. 12. Expanding the Rules of Debit and Credit Revenues Expenses Owner’s Capital Owner’s Withdrawals _ + _ Owner’s Equity Debit Credit - + Debit Credit - + Debit Credit + - Debit Credit + -
    13. 13. Footing <ul><li>Add total debits and total credits in each account </li></ul><ul><li>Determine each account balance </li></ul>
    14. 14. Double Entry Accounting  The Equality of Debits and Credits A = L + OE Debit balances Credit balances = In the double-entry accounting system, every transaction is recorded by equal dollar amounts of debits and credits.
    15. 15. Double-Entry Accounting <ul><li>Double entry bookkeeping means to record the dual effects of each business transaction. </li></ul><ul><li>Assets = Liabilities + Owner’s Equity </li></ul><ul><li>Assets are on the left (debit) side. </li></ul><ul><li>Liabilities and Equity are on the right (credit) side. </li></ul>
    16. 16. The Double-Entry System One debit One credit Each transaction is recorded with at least: Total debits must equal total credits.
    17. 17. The Transaction Analysis Step 1: Determine which accounts are affected. Step 2: Determine which category accounts belong to. Step 3: Determine whether accounts increase or decrease. Step 4: What do the rules of debits and credits say? Step 5: Place amounts into T accounts.
    18. 18. Let’s record selected transactions for JJ’s Lawn Care Service in the accounts.
    19. 19. May 1: Jill Jones and her family invested $8,000 in JJ’s Lawn Care Service . Step 1: Which accounts are affected? Step 2: Which category does the account belong to? Step 3: Is the account increasing/decreasing? Step 4: Debit or credit? Step 5: Place amounts into accounts. Cash Capital Assets Owner’s Equity Increasing Increasing Debit Credit
    20. 20. <ul><li>May 1: Jill Jones and her family invested $8,000 in JJ’s Lawn Care Service . </li></ul>Cash increases $8,000 with a debit. Capital increases $8,000 with a credit.
    21. 21. <ul><li>May 2: JJ’s purchased a riding lawn mower for $2,500 cash. </li></ul>Will Cash increase or decrease? Will Tools & Equipment increase or decrease?
    22. 22. <ul><li>May 2: JJ’s purchased a riding lawn mower for $2,500 cash. </li></ul>Cash decreases $2,500 with a credit. Tools & Equipment increases $2,500 with a debit.
    23. 23. <ul><li>May 8: JJ’s purchased a $15,000 truck. JJ’s paid $2,000 down in cash and issued a note payable for the remaining $13,000. </li></ul>Will Truck increase or decrease? Will Cash and Notes Payable increase or decrease?
    24. 24. <ul><li>May 8: JJ’s purchased a $15,000 truck. JJ’s paid $2,000 down in cash and issued a note payable for the remaining $13,000. </li></ul>Truck increases $15,000 with a debit. Cash decreases $2,000 with a credit. Notes Payable increases $13,000 with a credit.
    25. 25. <ul><li>May 11: JJ’s purchased some repair parts for $300 on account. </li></ul>Will Tools & Equipment increase or decrease? Will Accounts Payable increase or decrease?
    26. 26. <ul><li>May 11: JJ’s purchased some repair parts for $300 on account. </li></ul>Tools & Equipment increases $300 with a debit. Accounts Payable increases $300 with a credit.
    27. 27. <ul><li>May 18: JJ’s sold half of the repair parts to ABC Lawns for $150, a price equal to JJ’s cost. ABC Lawns agrees to pay JJ’s within 30 days. </li></ul>Will Tools & Equipment increase or decrease? Will Accounts Receivable increase or decrease?
    28. 28. <ul><li>May 18: JJ’s sold half of the repair parts to ABC Lawns for $150, a price equal to JJ’s cost. ABC Lawns agrees to pay JJ’s within 30 days. </li></ul>Tools & Equipment decreases $150 with a credit. Accounts Receivable increases $150 with a debit.
    29. 29. What is Net Income? Net income is not an asset  it’s an increase in owners’ equity from profits of the business. A = L + OE Increase Decrease Increase Either (or both) of these effects occur as net income is earned . . . . . . but this is what “net income” really means.
    30. 30. Revenue and Expenses The price for goods sold and services rendered during a given accounting period. Increases owner’s equity. The costs of goods and services used up in the process of earning revenue. Decreases owner’s equity.
    31. 31. The Realization Principle: When To Record Revenue Realization Principle Revenue should be recognized at the time goods are sold and services are rendered.
    32. 32. The Matching Principle: When To Record Expenses Matching Principle Expenses should be recorded in the period in which they are used up.
    33. 33. Debits and Credits for Revenue and Expense Expenses decrease owner’s equity. Revenues increase owner’s equity. EQUITIES Debit for Decrease Credit for Increase REVENUES Debit for Decrease Credit for Increase EXPENSES Credit for Decrease Debit for Increase
    34. 34. Let’s analyze the revenue, and expense transactions for JJ’s Lawn Care Service for the month of May.
    35. 35. <ul><li>May 29: JJ’s provided lawn care services for a client and received $750 in cash. </li></ul>Will Cash increase or decrease? Will Sales Revenue increase or decrease?
    36. 36. <ul><li>May 29: JJ’s provided lawn care services for a client and received $750 in cash. </li></ul>Cash increases $750 with a debit. Sales Revenue increases $750 with a credit.
    37. 37. <ul><li>May 31: JJ’s purchased gasoline for the lawn mower and the truck for $50 cash. </li></ul>Will Cash increase or decrease? Will Gasoline Expense increase or decrease?
    38. 38. <ul><li>May 31: JJ’s purchased gasoline for the lawn mower and the truck for $50 cash. </li></ul>Cash decreases $50 with a credit. Gasoline Expense increases $50 with a debit.
    39. 39. <ul><li>May 31: JJ’s Lawn Care paid Jill Jones and her family a $200 dividend. </li></ul>Will Cash increase or decrease? Will Dividends increase or decrease?
    40. 40. <ul><li>May 31: JJ’s Lawn Care paid Jill Jones and her family a $200 dividend. </li></ul>Cash decreases $200 with a credit. Dividends increase $200 with a debit.
    41. 41. Learning Objectives <ul><li>Setting up and organizing a chart of accounts </li></ul>
    42. 42. Chart of Accounts <ul><li>Lists accounts and their account numbers </li></ul><ul><ul><li>Indicates where accounts can be found in the ledger </li></ul></ul><ul><ul><li>Usually starts with balance sheet accounts, followed by income statement accounts </li></ul></ul><ul><li>Varies by company </li></ul><ul><ul><li>Number of accounts </li></ul></ul><ul><ul><li>Types of accounts </li></ul></ul><ul><ul><li>Numbering system </li></ul></ul>
    43. 43. Gay Gillen eTravel Chart of Accounts Assets 101 Cash 111 Accounts Receivable 141 Office Supplies 151 Office Furniture 191 Land
    44. 44. Gay Gillen eTravel Chart of Accounts Liabilities 201 Accounts Payable 231 Notes Payable Owner’s Equity 301 Capital 311 Withdrawals Revenues 401 Service Revenue
    45. 45. Gay Gillen eTravel Chart of Accounts Expenses 501 Rent Expense 503 Utilities Expense 502 Salary Expense
    46. 46. The Recording Process <ul><li>Analyze each transaction </li></ul><ul><ul><li>Determine effect on accounts </li></ul></ul><ul><li>Enter transaction in a journal </li></ul><ul><ul><li>Book of original entry </li></ul></ul><ul><li>Transfer journal information to ledger accounts </li></ul>
    47. 47. <ul><li>1 Analyze each transaction </li></ul><ul><li> 2 Enter transaction in a journal </li></ul><ul><li> 3 Transfer journal information to ledger accounts </li></ul>THE RECORDING PROCESS JOURNAL JOURNAL LEDGER
    48. 48. The Journal <ul><li>Where transactions are first recorded </li></ul><ul><li>Every company has a general journal </li></ul><ul><li>Contributes to recording process: </li></ul><ul><ul><li>Discloses complete transaction in one place </li></ul></ul><ul><ul><li>Provides a chronological record </li></ul></ul><ul><ul><li>Helps prevent and locate errors </li></ul></ul><ul><ul><li>Provides explanation and identifies the source document </li></ul></ul>
    49. 49. Journalizing <ul><li>Entering transaction data in the journal </li></ul><ul><li>Separate journal entry for each transaction </li></ul><ul><li>A complete entry consists of </li></ul><ul><ul><li>Transaction date </li></ul></ul><ul><ul><li>Accounts & amounts to be debited and credited </li></ul></ul><ul><ul><li>Brief explanation of transaction </li></ul></ul>
    50. 50. General Journal Accounts Affected Dollar amount of debits and credits Explanation of transaction Transaction Date Investment from owner 45,000 Lange, Capital 45,000 Cash Jul 1 Credit Debit Description Date Journal Page 1
    51. 51. General Journal <ul><li>Debits are ALWAYS entered first in an entry. Use the EXACT account title and do not abbreviate </li></ul><ul><li>Credits are INDENTED and listed second </li></ul><ul><li>Do not use dollar signs </li></ul><ul><li>SKIP A LINE between each entry </li></ul><ul><li>Never split an entry between two pages </li></ul>
    52. 52. Journalizing Technique <ul><ul><li>Transaction date is entered in date column </li></ul></ul><ul><ul><li>Debit account title is entered at the left margin of the “Account Titles and Explanation” column </li></ul></ul><ul><ul><li>Credit account title is indented on the next line. </li></ul></ul>GENERAL JOURNAL J1 Date Account Titles and Explanation Ref. Debit Credit 2008 Sept. 1 Cash 15,000 M. Doucet, Capital 15,000 Invested cash in business. 1 Equipment 7,000 Cash 7,000 Purchased equipment for cash.
    53. 53. Journalizing Technique 2 <ul><li>Debit amounts are recorded in the Debit column </li></ul><ul><li>Credit amounts are recorded in the Credit column </li></ul><ul><li>A brief explanation of the transaction is provided </li></ul>GENERAL JOURNAL J1 Date Account Titles and Explanation Ref. Debit Credit 2008 Sept. 1 Cash 15,000 M. Doucet, Capital 15,000 Invested cash in business. 1 Equipment 7,000 Cash 7,000 Purchased equipment for cash.
    54. 54. Journalizing Technique 3 <ul><li>Separate entries with a blank line </li></ul><ul><li>Ref. column is used later when transferred to ledger </li></ul><ul><li>List all debits in each entry before listing credits </li></ul>GENERAL JOURNAL J1 Date Account Titles and Explanation Ref. Debit Credit 2008 Sept. 1 Cash 15,000 M. Doucet, Capital 15,000 Invested cash in business. 1 Equipment 7,000 Cash 7,000 Purchased equipment for cash.
    55. 55. Journalizing Technique 4 <ul><li>Simple entry: involves two accounts </li></ul><ul><li>Compound entry: involves three or more accounts </li></ul>GENERAL JOURNAL J1 Date Account Titles and Explanation Ref. Debit Credit 2008 Sept. 9 Cash 1,500 Service Revenue 3,500 Performed services for cash and credit Accounts Receivable 2,000
    56. 56. <ul><li>Posting involves copying information from the journal to the ledger accounts. </li></ul>Posting Journal Entries to the Ledger Accounts
    57. 57. Posting Journal Entries to the Ledger Accounts
    58. 58. Standard Form of Account
    59. 59. Learning Objectives <ul><li>Preparing a trial balance </li></ul>
    60. 60. The Trial Balance <ul><li>List of accounts and their balances at a specific time </li></ul><ul><li>Proves that debits equal credits after posting </li></ul><ul><li>Uncovers errors in journalizing and posting </li></ul><ul><li>To prepare a trial balance: </li></ul><ul><ul><li>List accounts and their balances </li></ul></ul><ul><ul><li>Total the debit and credit columns </li></ul></ul><ul><ul><li>Ensure the two columns are equal </li></ul></ul>
    61. 61. Trial Balance <ul><li>List of the ending balances of all the accounts in a ledger </li></ul><ul><li>Total debits should equal total credits </li></ul>
    62. 62. Limitations of a Trial Balance <ul><li>Does not prove: </li></ul><ul><ul><li>That all transactions have been recorded, or </li></ul></ul><ul><ul><li>That the ledger is correct </li></ul></ul><ul><li>Numerous errors may exist even though the trial balance columns agree </li></ul><ul><ul><li>Total debits and total credits may be equal, but may still be posted to the wrong account or in the wrong amount </li></ul></ul>
    63. 63. Locating Errors <ul><li>If trial balance does not balance, then: </li></ul><ul><ul><li>Re-calculate account balances </li></ul></ul><ul><ul><li>Scan trial balance for errors: </li></ul></ul><ul><ul><ul><li>If divisible by two, look for entry in wrong column </li></ul></ul></ul><ul><ul><ul><li>If divisible by nine, look for transposition errors </li></ul></ul></ul><ul><ul><ul><li>Otherwise, scan to see if an account balance has been omitted </li></ul></ul></ul>
    64. 64. All balances are taken from the ledger accounts on May 31 after considering all of JJ’s transactions for the month. Proves equality of debits and credits.
    65. 65. The Accounting Cycle Journalize transactions. Post entries to the ledger accounts. Prepare trial balance. Make end-of-year adjustments. Prepare adjusted trial balance. Prepare financial statements. Prepare after closing trial balance. Journalize and post closing entries.
    66. 66. Learning Objectives <ul><li>Preparing financial statements from a trial balance </li></ul>
    67. 67. End of Chapter 2

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