Lesson 1 veltri

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Lesson 1 veltri

  1. 1. LESSON 1-1 The Accounting Equation
  2. 2. THE ACCOUNTING EQUATION page 8
  3. 3. TERMS REVIEW <ul><li>accounting </li></ul><ul><li>accounting system </li></ul><ul><li>accounting records </li></ul><ul><li>financial statements </li></ul><ul><li>service business </li></ul><ul><li>proprietorship </li></ul><ul><li>asset </li></ul><ul><li>equities </li></ul><ul><li>liability </li></ul><ul><li>owner’s equity </li></ul><ul><li>accounting equation </li></ul><ul><li>ethics </li></ul><ul><li>business ethics </li></ul>page 9
  4. 4. LESSON 1-2 How Business Activities Change the Accounting Equation
  5. 5. RECEIVING CASH <ul><li>Transaction 1 August 1. Received cash from owner as an investment, $5,000.00. </li></ul>page 10
  6. 6. PAYING CASH <ul><li>Transaction 2 August 3. Paid cash for supplies, $275.00. </li></ul>Transaction 3 August 4. Paid cash for insurance, $1,200.00. page 11
  7. 7. TRANSACTIONS ON ACCOUNT <ul><li>Transaction 4 August 7. Bought supplies on account from Supply Depot, $500.00. </li></ul>Transaction 5 August 11. Paid cash on account to Supply Depot, $300.00. page 12
  8. 8. TERMS REVIEW <ul><li>transaction </li></ul><ul><li>account </li></ul><ul><li>account title </li></ul><ul><li>account balance </li></ul><ul><li>capital </li></ul>page 13
  9. 9. LESSON 1-3 How Transactions Change Owner’s Equity in an Accounting Equation
  10. 10. REVENUE TRANSACTIONS <ul><li>Transaction 6 August 12. Received cash from sales, $295.00. </li></ul>Transaction 7 August 12. Sold services on account to Oakdale School, $350.00. page 14
  11. 11. EXPENSE TRANSACTIONS <ul><li>Transaction 8 August 12. Paid cash for rent, $300.00. </li></ul>Transaction 9 August 12. Paid cash for telephone bill, $40.00. page 15
  12. 12. OTHER CASH TRANSACTIONS <ul><li>Transaction 10 August 12. Received cash on account from Oakdale School, $200.00. </li></ul>Transaction 11 August 12. Paid cash to owner for personal use, $125.00. page 16
  13. 13. TERMS REVIEW <ul><li>revenue </li></ul><ul><li>sale on account </li></ul><ul><li>expense </li></ul><ul><li>withdrawals </li></ul>page 17

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