1) On November 1, Chris Clark deposited $25,000 into a new bank account for NetSolutions, recording the transaction in the journal.
2) On November 5, NetSolutions purchased land for $20,000 in cash, decreasing the cash account and increasing the land asset account.
3) Throughout the month, NetSolutions incurred various expenses totaling $3,650 which were paid in cash, decreasing the cash account and increasing the various expense accounts.
Basic accounting in 10 mints
This powerpoint teaches the basics of bookkeeping and accounting. It includes details about debits and credits, assets, liabilities, sales, and expenses. Examples are provided and a quick description of the chart of accounts, profit and loss statements and the balance sheet is also included.
When a general ledger account is graphically represented it is known as T Account. T Account helps in knowing individual ledger accounts and what will be the effect of each transaction. While preparing individual ledger each transaction gets organized and summarized. Copy the link given below and paste it in new browser window to get more information on T Accounts:- http://www.transtutors.com/homework-help/accounting/financial-accounting-t-accounts/
Accounting - Lesson 2 : The Accounting Equation Elearningpower
This course covers the complete accounting cycle and is designed for those
who are interested in working in the areas of bookkeeping, clerical
accounting, finance or general office work or are looking to review their
accounting knowledge.Our accounting course teaches principles of
accounting, which are consistent across the globe. Even though there may
be minor differences in accounting principles in different countries, the core
accounting principles are the same.
Basic accounting in 10 mints
This powerpoint teaches the basics of bookkeeping and accounting. It includes details about debits and credits, assets, liabilities, sales, and expenses. Examples are provided and a quick description of the chart of accounts, profit and loss statements and the balance sheet is also included.
When a general ledger account is graphically represented it is known as T Account. T Account helps in knowing individual ledger accounts and what will be the effect of each transaction. While preparing individual ledger each transaction gets organized and summarized. Copy the link given below and paste it in new browser window to get more information on T Accounts:- http://www.transtutors.com/homework-help/accounting/financial-accounting-t-accounts/
Accounting - Lesson 2 : The Accounting Equation Elearningpower
This course covers the complete accounting cycle and is designed for those
who are interested in working in the areas of bookkeeping, clerical
accounting, finance or general office work or are looking to review their
accounting knowledge.Our accounting course teaches principles of
accounting, which are consistent across the globe. Even though there may
be minor differences in accounting principles in different countries, the core
accounting principles are the same.
Accounting Cycle - Ledgers - Capturing accounting eventFaHaD .H. NooR
What is a general ledger account?
A general ledger account is an account or record used to sort and store balance sheet and income statement transactions. Examples of general ledger accounts include the asset accounts such as Cash, Accounts Receivable, Inventory, Investments, Land, and Equipment. Examples of the general ledger liability accounts include Notes Payable, Accounts Payable, Accrued Expenses Payable, and Customer Deposits. Examples of income statement accounts found in the general ledger include Sales, Service Fee Revenues, Salaries Expense, Rent Expense, Advertising Expense, Interest Expense, and Loss on Disposal of Assets.
Some general ledger accounts are summary records which are referred to as control accounts. The detail that supports each of the control accounts will be found outside of the general ledger in what is known as a subsidiary ledger. For example, Accounts Receivable could be a control account in the general ledger, and there will be a subsidiary ledger which contains each customer's credit activity. The general ledger accounts Inventory, Equipment, and Accounts Payable could also be control accounts and for each there will be a subsidiary ledger containing the supporting detail.
SRF Journal EntriesreferenceAccount TitlesDebitsCredits3-CType journal entries in the space provided. Link these to the T-accounts and link the T-account balancesto the financial statements provided on the tabs at the bottom of the page.4-C
&L&"Arial,Bold"&14City of Monroe- Street and Highway Fund Journal Entries
SRF T-accountsDUE FROMCASHINVESTMENTSSTATE GOV'Tbb6,500bb55,000bb200,0006,50055,000200,000BUDGETARY FUND BALANCEFUND BALANCEACCOUNTS PAYABLERESERVE FOR ENCUMBRANCESRESERVE FOR ENCUMBRANCES(beginning of year)6,300bb-bb255,200bb6,300-255,200REVENUESREVENUESEXPENDITURES - STREETINTERGOVERNMENTALINVESTMENT INTEREST& HIGHWAY MAINTENANCEENCUMBRANCES----BUDGETARY ACCOUNTSBUDGETARYESTIMATED REVENUESAPPROPRIATIONSFUND BALANCE---
&L&16City of Monroe&C&16
Street and Highway Fund - General Ledger
Closing EntriesBUDGETARYAccount TitleDebitsCreditsFUND BALANCE-Preclosingclosing entry-FUND BALANCE255,200Preclosingclosing entry255,200ending balanceComplete the following tableNon-spendableRestrictedCommittedAssignedUnassignedTotalFund Balance-Budgetary Fund Balance - Reserve for Encumbrances-Totals------
&L&14City of Monroe&C&14
STREET & HIGHWAY MAINTENANCE FUND - Closing Entries
Stmt of revenues & expendituresRevenuesIntergovernmental RevenuesInterest on InvestmentsTotal Revenues$ -ExpendituresCurrent:Street & Highway MaintenanceTotal Expenditures-Excess (Deficiency) of Revenues Over Expenditures-Fund Balance, January 1Fund Balance, December 31$ -
&L&"Times New Roman,Regular"&14City of Monroe
Statement of Revenues, Expenditures and Changes in Fund Balance
Street and Highway Maintenance Fund
For the year ended December 31, 2014
Balance SheetAssetsCashInvestmentsDue from State GovernmentTotal Assets$ -Liabilities and Fund EquityLiabilitiesAccounts PayableFund EquityFund Balance - Restricted forStreet and Highway MaintenanceTotal Liabilities and Fund Equity$ -
&L&"Times New Roman,Regular"&14City of Monroe
Street & Highway Maintenance Fund
Balance Sheet
As of December 31, 2014
Problem 1Problem 1Required: Identify the financial statement on which each of the following items appears by making an X in the appropriate column. The first one is done for you!(15 points total, 1 point each)IncomeBalanceStatement ofItemStatementSheetCash FlowsAccounts PayableXAccounts ReceivableAdvertising ExpenseCommon StockDividendsEquipmentFinancing ActivitiesInvesting ActivitiesLandOperating ActivitiesRent ExpenseRetained EarningsRevenueSalaries PayableUtility Expense
Problem 2Problem 2Required: Show the effects on the financial statements using a horizontal statement model as outlined below. The first one is done for you!(35 points total, 5 points each)1Sold $30,000 in merchandise for cash2Paid $5,000 for rent with cash3Paid $10,000 in salaries to employees with cash4Sold $25,000 in merchandise and customer paid on credit5Collected $10,000 cash for transaction #46Purchased a building for $100,000 and took out a loan for the money7Paid $1,200 for insuranceBala.
Introducing the Ultimate
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HRMS is a comprehensive software solution designed to streamline and
automate various HR processes within an organization. Discover the benefits
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Why an Outdated HCMS Could Be Costing Your Company Money
Human Capital Management Systems (HCMS) have become an essential tool for many companies in managing their workforce. These systems help organizations streamline their HR processes, track employee performance, and ensure compliance with regulations. However, many companies continue to use outdated HCMS that can cost them a lot of money. In this article, we will explore the reasons why an outdated HCMS could be costing your company money and what you can do to avoid it.
Introduction
Companies must keep up with technology advancements in today's fast-paced business environment to stay competitive. The Human Resources (HR) department is one area that is frequently disregarded. To effectively manage their personnel, businesses must have efficient HR operations. Here's where HCMS comes into play. Unfortunately, a lot of businesses still rely on out-of-date HRIS, which might end up costing them a lot of money over time.
What is an HCMS?
An HCMS is a software application that enables an organization to manage its workforce effectively. It helps automate and streamline HR processes, such as employee recruitment, onboarding, payroll, benefits administration, and performance management. These systems can be cloud-based or installed on-premises, depending on the company's preferences.
The Importance of an HCMS
An HCMS is essential for organizations to manage their workforce effectively. It helps companies to:
• Automate HR processes and eliminate manual errors.
• Track employee performance and progress
• Ensure compliance with regulations.
• Improve decision-making through analytics and reporting.
• Enhance employee engagement and satisfaction.
Outdated HCMS Can Lead to Inefficiencies
Using outdated HCMS can lead to inefficiencies in HR processes. For instance, if your HCMS is not integrated with other HR systems, you may have to manually input employee data into each system, leading to errors and duplications. Similarly, if your HCMS is not cloud-based, you may have to use a VPN to access it remotely, causing delays and downtime.
Security Risks with Outdated HCMS
Outdated HCMS can also pose security risks to your organization. Cybercriminals can exploit vulnerabilities in the system and gain access to sensitive employee data, such as social security numbers, bank account information, and medical records. This can lead to identity theft, fraud, and other security breaches.
Integration Challenges
Outdated HCMS can also pose integration challenges with other HR systems, such as applicant tracking, learning management, remote employees, talent management and performance management to name a few. This can lead to inconsistent data, delayed reporting, and inefficiencies in HR processes.
Lack of Customization
Outdated HCMS may also lack customization features, such as custom workflows, reports, and dashboards. This can limit your ability to tailor the system to your organization's specific needs, leading to
You are unstoppable. YES. YOU …
Ladies and gentlemen, warriors of determination and seekers of greatness, today I stand before you to ignite the fire within your souls, to remind you of the immense power that resides within each and every one of you. It's time to embark on a journey that will transform your life, a journey of quitting the language of doubt and limitation, a journey that will lead you to the path of triumph and success. Today, we're going to talk about why quitting English and staying on the better path, doing the right thing, will benefit you and keep you motivated.
My friend, believe me when I say this: you are a force to be reckoned with. Deep within your core lies an ocean of untapped potential, an extraordinary capacity for growth and achievement. But you must recognize that your greatness is not determined by others, nor by the circumstances that surround you. You are not defined by the attention your boss gives you or the recognition you receive from the outside world. No, your true worth is a reflection of your inner beauty, your self-intelligence, and your unwavering belief in yourself.
Change begins with a single decision. And today, my friend, you have already taken the first step by acknowledging the need for change, the need to quit the language of self-doubt and embrace a path that aligns with your true desires and aspirations. By choosing to let go of the limitations imposed by others, you are reclaiming your power, taking control of your destiny, and rewriting the script of your life.
Now, I want you to close your eyes and envision a future where you have stayed on this better path. Imagine the incredible sense of accomplishment that washes over you as you overcome the obstacles that once seemed insurmountable. Picture yourself standing tall, with unshakable confidence radiating from every fiber of your being. See the smile on your face, the spark in your eyes, as you realize the extraordinary heights you have reached, all because you chose to believe in yourself and stay committed to doing what is right.
My friend, staying on this path will benefit you in ways you cannot yet fathom. It will lead you to new opportunities, to connections and relationships that nourish your soul, and to experiences that will shape you into the best version of yourself. It will ignite a fire within you that burns brighter with each passing day, propelling you forward even when the road gets tough. And let me tell you, the road will get tough. But remember this: it is in the moments of challenge and adversity that your true strength and resilience are forged.
You have everything within you to achieve greatness, my friend. Do not let anyone or anything convince you otherwise. Embrace the power of your choices, hold steadfast to your beliefs, and continue walking on this path of self-discovery and personal growth. The world needs your light, your unique gifts, and your unwavering commitment to making a difference.
....
The Future of HR Digital Strategy
With digital transformation influencing the way companies operate, it’s imperative that HR embraces technology to build an engaged and productive workforce. Our presentation delves into the impact and opportunities of the digital age on HR strategies.
Boosting Productivity
Learn how tools like goal-setting applications, employee recognition apps, and collaborative software can help improve productivity and
collaboration in the workplace.
Enhancing Employee Feedback
Discover how using digital platforms help employees receive and give feedback instantly, frequently, and transparently.
Effective Communication
See how digital tools like instant messaging, video conferencing, and social networking apps enable effective communication that adapts to your needs.
Building Employee Engagement
Explore how tools for surveying, gamification, and personal development can help HR managers measure and improve employee engagement levels.
I. AI and Automation in HR Processes
1. Recruitement:
Learn how AI supports automated resume screening, and the use of chatbots in allowing candidates to apply
to jobs at a time convenient to them.
2. Performance Management
See how managers can automate talent management and performance tracking, analyze feedback in real-time and reward performance
using AI-based tools.
3. Compensation Management
Discover how AI systems can provide a more data-driven approach to setting compensation, with improved accuracy, making the process more transparent and objective.
4. Learning and Development
Explore how AI-driven virtual trainers, interactive content, and personalized learning paths can help upskill employees in a more efficient and targeted manner.
II. The Future of Remote Work and Its Effects on HR
1. Flexibility and Autonomy
Learn how remote work provides for flecibility and empowers employees with greater autonomy over their workstyle.
2. Redefining Employee Benefits
See how the traditional concept of benefits is being re-evaluated to adapt to remote working trends, and how employers are providing
remote work perks.
3. Managing Virtual teams
Discover how to build and manage an engaged workforce by adapting leadership styles and implementing communication strategies to fit the virtual team structure.
III. Data Analytics in HR Decision-Making
1. Data-Based Insights
Learn how to leverage data analytics in HR decision-making to gain actionable insight into talent acquisition, employee engagement, and retention strategies.
2. Increase Efficiency
Explore how data analysis tools can automate HR tasks, improving operational efficiency and freeing up HR managers to focus on more strategic initiatives.
3. Strategic Planning
See how accurate data analysis helps HR forecast future talent needs, and make strategic decisions in the areas of hiring, training and development, and organizational structure.
IV. Upskilling HR Teams for a Digital Future
1. Aligning HR Strategy with the B
The Importance of Employee Engagement and How to Achieve It
In today's fast-paced business world, employee engagement is more important than ever before. Engaged employees are more productive, more loyal, and more committed to their work than those who are disengaged. In this article, we'll explore why employee engagement is so important and provide practical tips on how to achieve it.
Table of Contents
1. Introduction
2. What is Employee Engagement?
3. The Importance of Employee Engagement
4. The Benefits of Employee Engagement
5. The Consequences of Poor Employee Engagement
6. How to Measure Employee Engagement
7. How to Improve Employee Engagement
8. Strategies for Building Employee Engagement
9. The Role of Management in Employee Engagement
10. The Importance of Communication in Employee Engagement
11. How to Sustain Employee Engagement
12. Conclusion
13. FAQs
1. Introduction
Employee engagement is an essential element of successful businesses. Engaged employees are more productive, more innovative, and more committed to their work than those who are not. As a result, businesses with high levels of employee engagement tend to outperform those with low levels of engagement. In this article, we will examine the importance of employee engagement and provide practical tips on how to achieve it.
2. What is Employee Engagement?
Employee engagement is the emotional commitment an employee has to their job and organization. Engaged employees are enthusiastic about their work and are willing to go above and beyond what is expected of them. They have a sense of purpose and are fully invested in their organization's goals and values.
3. The Importance of Employee Engagement
Employee engagement is critical to the success of any organization. Engaged employees are more productive, more creative, and more loyal to their organization. They are also less likely to leave their jobs, reducing turnover costs for the organization.
4. The Benefits of Employee Engagement
There are many benefits to having engaged employees. Engaged employees are more productive, which leads to increased profitability for the organization. They are also more innovative, which can lead to new ideas and increased efficiency. Engaged employees are also more loyal to their organization, which reduces turnover costs and creates a more stable workforce.
5. The Consequences of Poor Employee Engagement
The consequences of poor employee engagement can be significant. Disengaged employees are less productive, less innovative, and less committed to their organization. They are also more likely to leave their jobs, which can be costly for the organization. Disengaged employees can also have a negative impact on the morale of their colleagues, which can lead to a toxic work environment.
6. How to Measure Employee Engagement
Measuring employee engagement can be challenging, but it is essential for organizations that want to improve it. There are several methods for measuring employee engagement,
June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...Levi Shapiro
Letter from the Congress of the United States regarding Anti-Semitism sent June 3rd to MIT President Sally Kornbluth, MIT Corp Chair, Mark Gorenberg
Dear Dr. Kornbluth and Mr. Gorenberg,
The US House of Representatives is deeply concerned by ongoing and pervasive acts of antisemitic
harassment and intimidation at the Massachusetts Institute of Technology (MIT). Failing to act decisively to ensure a safe learning environment for all students would be a grave dereliction of your responsibilities as President of MIT and Chair of the MIT Corporation.
This Congress will not stand idly by and allow an environment hostile to Jewish students to persist. The House believes that your institution is in violation of Title VI of the Civil Rights Act, and the inability or
unwillingness to rectify this violation through action requires accountability.
Postsecondary education is a unique opportunity for students to learn and have their ideas and beliefs challenged. However, universities receiving hundreds of millions of federal funds annually have denied
students that opportunity and have been hijacked to become venues for the promotion of terrorism, antisemitic harassment and intimidation, unlawful encampments, and in some cases, assaults and riots.
The House of Representatives will not countenance the use of federal funds to indoctrinate students into hateful, antisemitic, anti-American supporters of terrorism. Investigations into campus antisemitism by the Committee on Education and the Workforce and the Committee on Ways and Means have been expanded into a Congress-wide probe across all relevant jurisdictions to address this national crisis. The undersigned Committees will conduct oversight into the use of federal funds at MIT and its learning environment under authorities granted to each Committee.
• The Committee on Education and the Workforce has been investigating your institution since December 7, 2023. The Committee has broad jurisdiction over postsecondary education, including its compliance with Title VI of the Civil Rights Act, campus safety concerns over disruptions to the learning environment, and the awarding of federal student aid under the Higher Education Act.
• The Committee on Oversight and Accountability is investigating the sources of funding and other support flowing to groups espousing pro-Hamas propaganda and engaged in antisemitic harassment and intimidation of students. The Committee on Oversight and Accountability is the principal oversight committee of the US House of Representatives and has broad authority to investigate “any matter” at “any time” under House Rule X.
• The Committee on Ways and Means has been investigating several universities since November 15, 2023, when the Committee held a hearing entitled From Ivory Towers to Dark Corners: Investigating the Nexus Between Antisemitism, Tax-Exempt Universities, and Terror Financing. The Committee followed the hearing with letters to those institutions on January 10, 202
Read| The latest issue of The Challenger is here! We are thrilled to announce that our school paper has qualified for the NATIONAL SCHOOLS PRESS CONFERENCE (NSPC) 2024. Thank you for your unwavering support and trust. Dive into the stories that made us stand out!
Operation “Blue Star” is the only event in the history of Independent India where the state went into war with its own people. Even after about 40 years it is not clear if it was culmination of states anger over people of the region, a political game of power or start of dictatorial chapter in the democratic setup.
The people of Punjab felt alienated from main stream due to denial of their just demands during a long democratic struggle since independence. As it happen all over the word, it led to militant struggle with great loss of lives of military, police and civilian personnel. Killing of Indira Gandhi and massacre of innocent Sikhs in Delhi and other India cities was also associated with this movement.
Biological screening of herbal drugs: Introduction and Need for
Phyto-Pharmacological Screening, New Strategies for evaluating
Natural Products, In vitro evaluation techniques for Antioxidants, Antimicrobial and Anticancer drugs. In vivo evaluation techniques
for Anti-inflammatory, Antiulcer, Anticancer, Wound healing, Antidiabetic, Hepatoprotective, Cardio protective, Diuretics and
Antifertility, Toxicity studies as per OECD guidelines
A workshop hosted by the South African Journal of Science aimed at postgraduate students and early career researchers with little or no experience in writing and publishing journal articles.
Macroeconomics- Movie Location
This will be used as part of your Personal Professional Portfolio once graded.
Objective:
Prepare a presentation or a paper using research, basic comparative analysis, data organization and application of economic information. You will make an informed assessment of an economic climate outside of the United States to accomplish an entertainment industry objective.
How to Make a Field invisible in Odoo 17Celine George
It is possible to hide or invisible some fields in odoo. Commonly using “invisible” attribute in the field definition to invisible the fields. This slide will show how to make a field invisible in odoo 17.
Introduction to AI for Nonprofits with Tapp NetworkTechSoup
Dive into the world of AI! Experts Jon Hill and Tareq Monaur will guide you through AI's role in enhancing nonprofit websites and basic marketing strategies, making it easy to understand and apply.
Safalta Digital marketing institute in Noida, provide complete applications that encompass a huge range of virtual advertising and marketing additives, which includes search engine optimization, virtual communication advertising, pay-per-click on marketing, content material advertising, internet analytics, and greater. These university courses are designed for students who possess a comprehensive understanding of virtual marketing strategies and attributes.Safalta Digital Marketing Institute in Noida is a first choice for young individuals or students who are looking to start their careers in the field of digital advertising. The institute gives specialized courses designed and certification.
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2. Some of the action has been automated,
so click the mouse when you see this
lightning bolt in the lower right-hand
corner of the screen. You can point and
click anywhere on the screen.
Some of the action has been automated,
so click the mouse when you see this
lightning bolt in the lower right-hand
corner of the screen. You can point and
click anywhere on the screen.
3. 1. Explain why accounts are used to record and
summarize the effects of transactions on
financial statements.
2. Describe the characteristics of an account.
3. List the rules of debit and credit and the
normal balances of accounts.
4. Analyze and summarize the financial
statement effects of transactions.
ObjectivesObjectivesObjectivesObjectives
After studying thisAfter studying this
chapter, you shouldchapter, you should
be able to:be able to:
After studying thisAfter studying this
chapter, you shouldchapter, you should
be able to:be able to:
4. 5. Prepare a trial balance and explain how
it can be used to discover errors.
6. Discover errors in recording
transactions and correct them.
7. Use horizontal analysis to compare
financial statements from different
periods.
ObjectivesObjectivesObjectivesObjectives
5. Each financial statement
item, called an account,
is included in the ledger.
Each financial statement
item, called an account,
is included in the ledger.
6. A group of
accounts for a
business entity is
called a ledger.
A group of
accounts for a
business entity is
called a ledger.
7. A list of the
accounts in a ledger
is called a chart of
accounts.
A list of the
accounts in a ledger
is called a chart of
accounts.
8. Major Account ClassificationsMajor Account Classifications
AssetsAssets areare
resources ownedresources owned
by the business.by the business.
AssetsAssets areare
resources ownedresources owned
by the business.by the business.
LiabilitiesLiabilities are debtsare debts
owed to outsidersowed to outsiders
(creditors).(creditors).
LiabilitiesLiabilities are debtsare debts
owed to outsidersowed to outsiders
(creditors).(creditors).
Cash
Supplies
Building
Accounts
receivable
Accounts
payable
Notes payable
Wages payable
9. Major Account ClassificationsMajor Account Classifications
LiabilitiesLiabilities are debtsare debts
owed to outsidersowed to outsiders
(creditors).(creditors).
LiabilitiesLiabilities are debtsare debts
owed to outsidersowed to outsiders
(creditors).(creditors).
Cash
Supplies
Building
Accounts
receivable
Accounts
payable
Notes payable
Wages payable
AssetsAssets areare
resources ownedresources owned
by the business.by the business.
AssetsAssets areare
resources ownedresources owned
by the business.by the business.
Liabilities are often identified
on the balance sheet by titles
that include payable.
Liabilities are often identified
on the balance sheet by titles
that include payable.
10. Owner’s equity
is the owner’s
right to the
assets of the
business.
Owner’s equity
is the owner’s
right to the
assets of the
business.
RevenuesRevenues areare
increases inincreases in
owner’s equity asowner’s equity as
a result of sellinga result of selling
services orservices or
products.products.
RevenuesRevenues areare
increases inincreases in
owner’s equity asowner’s equity as
a result of sellinga result of selling
services orservices or
products.products.Chris Clark,
Capital
Chris Clark,
Drawing
Fees Earned
Fares Earned
Commission
Revenue
ExpensesExpenses are theare the
using up of assetsusing up of assets
or consuming ofor consuming of
services toservices to
generate revenue.generate revenue.
ExpensesExpenses are theare the
using up of assetsusing up of assets
or consuming ofor consuming of
services toservices to
generate revenue.generate revenue.
Rent Expense
Salary Expense
Utilities
Expense
Major Account ClassificationsMajor Account Classifications
11. To assist you in learning,
an account can be drawn
to resemble the letter T.
To assist you in learning,
an account can be drawn
to resemble the letter T.
12. The T-AccountThe T-AccountThe T-AccountThe T-Account
The T-account has a title.The T-account has a title.The T-account has a title.The T-account has a title.
Cash
13. The T-AccountThe T-AccountThe T-AccountThe T-Account
The left side of the account is theThe left side of the account is the debitdebit side.side.The left side of the account is theThe left side of the account is the debitdebit side.side.
Cash
Left side
debit
14. The T-AccountThe T-AccountThe T-AccountThe T-Account
The right side of the account is theThe right side of the account is the creditcredit side.side.The right side of the account is theThe right side of the account is the creditcredit side.side.
Cash
Left side
debit
Right side
credit
21. Post.
Ref.
JOURNAL
Date Description Debit Credit
Page 1
1
2
3
4
Nov. 1
2005
Cash 25 000 00
Chris Clark, Capital 25 000 00
Invested cash in NetSolutions.
(A)(A) On November 1, Chris ClarkOn November 1, Chris Clark
deposits $25,000 in a bank accountdeposits $25,000 in a bank account
in the name of NetSolutions.in the name of NetSolutions.
(A)(A) On November 1, Chris ClarkOn November 1, Chris Clark
deposits $25,000 in a bank accountdeposits $25,000 in a bank account
in the name of NetSolutions.in the name of NetSolutions.
22. (A)(A) On November 1, Chris ClarkOn November 1, Chris Clark
deposits $25,000 in a bank accountdeposits $25,000 in a bank account
in the name of NetSolutions.in the name of NetSolutions.
(A)(A) On November 1, Chris ClarkOn November 1, Chris Clark
deposits $25,000 in a bank accountdeposits $25,000 in a bank account
in the name of NetSolutions.in the name of NetSolutions.
Effects of this entry in the Ledger
Cash
Nov. 1 25,000 Nov. 1 25,000
Chris Clark, Capital
23. 4
5
6
7
8
9
10
5 Land 20 000 00
Cash 20 000 00
Purchased land for building
site.
(B)(B) On November 5,On November 5,
NetSolutions bought landNetSolutions bought land
for $20,000, paying cash.for $20,000, paying cash.
(B)(B) On November 5,On November 5,
NetSolutions bought landNetSolutions bought land
for $20,000, paying cash.for $20,000, paying cash.
24. Effects of this entry in the Ledger
Cash
Nov. 1 25,000 Nov. 5 20,000
Land
Nov. 5 20,000
(B)(B) On November 5,On November 5,
NetSolutions bought landNetSolutions bought land
for $20,000, paying cash.for $20,000, paying cash.
(B)(B) On November 5,On November 5,
NetSolutions bought landNetSolutions bought land
for $20,000, paying cash.for $20,000, paying cash.
25. 10
11
12
13
14
15
16
10 Supplies 1 350 00
Accounts Payable 1 350 00
Purchased supplies on account.
(C)(C) On November 10, NetSolutionsOn November 10, NetSolutions
purchased supplies on accountpurchased supplies on account
for $1,350.for $1,350.
(C)(C) On November 10, NetSolutionsOn November 10, NetSolutions
purchased supplies on accountpurchased supplies on account
for $1,350.for $1,350.
26. (C)(C) On November 10, NetSolutionsOn November 10, NetSolutions
purchased supplies on accountpurchased supplies on account
for $1,350.for $1,350.
(C)(C) On November 10, NetSolutionsOn November 10, NetSolutions
purchased supplies on accountpurchased supplies on account
for $1,350.for $1,350.
Effects of this entry in the Ledger
Supplies
Nov. 10 1,350
Accounts Payable
Nov. 10 1,350
27. 30 Accounts Payable 950 00
Cash 950 00
Paid creditors on account.
30
31
32
33
34
35
36
(F)(F) On November 30, NetSolutionsOn November 30, NetSolutions
paid creditors on account, $950.paid creditors on account, $950.
(F)(F) On November 30, NetSolutionsOn November 30, NetSolutions
paid creditors on account, $950.paid creditors on account, $950.
28. Cash
Nov. 1 25,000 Nov. 5 25,000
18 7,500 30 3,650
Effects of this entry in the Ledger
Accounts Payable
Nov. 10 1,350Nov. 30 950
30 950
(F)(F) On November 30, NetSolutionsOn November 30, NetSolutions
paid creditors on account, $950.paid creditors on account, $950.
(F)(F) On November 30, NetSolutionsOn November 30, NetSolutions
paid creditors on account, $950.paid creditors on account, $950.
30. Credit for
increases
(+)
Credit for
increases
(+)
Credit for
decreases
(-)
Debit for
increases
(+)
Debit for
decreases
(-)
Debit for
decreases
(-)
ASSETS
Asset Accounts
LIABILITIES
Liability Accounts
Owner’s Equity Accounts
OWNER’S EQUITY
Balance Sheet Accounts
31. (D)(D) On November 18, NetSolutionsOn November 18, NetSolutions
received fees of $7,500 fromreceived fees of $7,500 from
customers for services provided .customers for services provided .
(D)(D) On November 18, NetSolutionsOn November 18, NetSolutions
received fees of $7,500 fromreceived fees of $7,500 from
customers for services provided .customers for services provided .
18 Cash 7 500 00
Fees Earned 7 500 00
Received fees from customers.
14
15
16
17
18
19
20
32. Effects of this entry in the Ledger
Cash
Nov. 1 25,000 Nov. 5 25,000
Fees Earned
Nov. 18 7,500
18 7,500
(D)(D) On November 18, NetSolutionsOn November 18, NetSolutions
received fees of $7,500 fromreceived fees of $7,500 from
customers for services provided .customers for services provided .
(D)(D) On November 18, NetSolutionsOn November 18, NetSolutions
received fees of $7,500 fromreceived fees of $7,500 from
customers for services provided .customers for services provided .
33. (E)(E) Throughout the month, NetSolutionsThroughout the month, NetSolutions
incurred the following expenses:incurred the following expenses:
wages, $2,125; rent, $800; utilities,wages, $2,125; rent, $800; utilities,
$450; and miscellaneous, $275 .$450; and miscellaneous, $275 .
(E)(E) Throughout the month, NetSolutionsThroughout the month, NetSolutions
incurred the following expenses:incurred the following expenses:
wages, $2,125; rent, $800; utilities,wages, $2,125; rent, $800; utilities,
$450; and miscellaneous, $275 .$450; and miscellaneous, $275 .
30 Wages Expense 2 125 00
Rent Expense 800 00
Utilities Expense 450 00
Miscellaneous Expense 275 00
Cash 3 650 00
Paid expenses.
18
19
20
21
22
23
24
34. Effects of this entry in the Ledger
Cash
Nov. 1 25,000 Nov. 5 25,000
Wages Expense
Nov. 30 2,125
18 7,500
Rent Expense
Nov. 30 800
Utilities Expense
Nov. 30 450
Miscellaneous Expense
Nov. 30 275
30 3,650
(E)(E) Throughout the month, NetSolutionsThroughout the month, NetSolutions
incurred the following expenses:incurred the following expenses:
wages, $2,125; rent, $800; utilities,wages, $2,125; rent, $800; utilities,
$450; and miscellaneous, $275 .$450; and miscellaneous, $275 .
(E)(E) Throughout the month, NetSolutionsThroughout the month, NetSolutions
incurred the following expenses:incurred the following expenses:
wages, $2,125; rent, $800; utilities,wages, $2,125; rent, $800; utilities,
$450; and miscellaneous, $275 .$450; and miscellaneous, $275 .
35. In every entry the sum of
the debits always equal
the sum of the credits.
In every entry the sum of
the debits always equal
the sum of the credits.
36. (G)(G) On November 30, a count revealedOn November 30, a count revealed
that $800 of the supplies inventorythat $800 of the supplies inventory
had been used.had been used.
(G)(G) On November 30, a count revealedOn November 30, a count revealed
that $800 of the supplies inventorythat $800 of the supplies inventory
had been used.had been used.
30 Supplies Expense 800 00
Supplies 800 00
Supplies used during
November.
25
26
27
28
29
30
31
37. Effects of this entry in the Ledger
Supplies
Nov. 10 1,350
Supplies Expense
Nov. 30 800Nov. 30 800
(G)(G) On November 30, a count revealedOn November 30, a count revealed
that $800 of the supplies inventorythat $800 of the supplies inventory
had been used.had been used.
(G)(G) On November 30, a count revealedOn November 30, a count revealed
that $800 of the supplies inventorythat $800 of the supplies inventory
had been used.had been used.
38. Double-Entry AccountingDouble-Entry AccountingDouble-Entry AccountingDouble-Entry Accounting
“ Double-entry accounting is based on a simple
concept: each party in a business transaction
will receive something and give something in
return. In bookkeeping terms, what is received
is a debit and what is given is a credit. The T
account is a representation of a scale or
balance.”
Luca Pacioli
Developer of
Double-Entry
Accounting
Scale or Balance
Receive
DEBIT
Give
CREDIT
T account
Left Side
Receive
DEBIT
Right Side
Give
CREDIT
42. Post.
Ref.
JOURNAL
Date Description Debit Credit
Page 2
1
2
3
4
Nov. 30
2005
Chris Clark, Drawing 2 000 00
Cash 2 000 00
Chris Clark withdrew cash for
personal use.
(H)(H) On November 30, Chris ClarkOn November 30, Chris Clark
withdrew $2,000 in cash fromwithdrew $2,000 in cash from
NetSolutions for personal use.NetSolutions for personal use.
(H)(H) On November 30, Chris ClarkOn November 30, Chris Clark
withdrew $2,000 in cash fromwithdrew $2,000 in cash from
NetSolutions for personal use.NetSolutions for personal use.
43. 30 950
30 2,000
Cash
Nov. 1 25,000 Nov. 5 25,000
18 7,500 30 3,650
Effects of this entry in the Ledger
Chris Clark, Drawing
Nov. 10 1,350Nov. 30 2,000
(H)(H) On November 30, Chris ClarkOn November 30, Chris Clark
withdrew $2,000 in cash fromwithdrew $2,000 in cash from
NetSolutions for personal use.NetSolutions for personal use.
(H)(H) On November 30, Chris ClarkOn November 30, Chris Clark
withdrew $2,000 in cash fromwithdrew $2,000 in cash from
NetSolutions for personal use.NetSolutions for personal use.
44. Increase
(Normal Balances) Decreases
Balance sheet accounts:
Asset Debit Credit
Liability Credit Debit
Owner’s Equity:
Capital Credit Debit
Drawing Debit Credit
Income statement accounts:
Revenue Credit Debit
Expense Debit Credit
Normal Balances of Accounts
45. Flow of Business TransactionsFlow of Business Transactions
1 Transaction
authorized 2 Transaction
takes place 3 Document
prepared
4
Entry recorded
in journal 5
Entry posted to
ledger
46. 1. Determine whether an asset, a liability,
owner’s equity, revenue, or expense account
is affected by the transaction.
2. For each account affected by the transaction,
determine whether the account increases or
decreases.
3. Determine whether each increase or decrease
should be recorded as a debit or a credit.
System to Analyze TransactionsSystem to Analyze Transactions
48. Post.
Ref.
JOURNAL
Date Description Debit Credit
Page 2
1
2
3
4
Dec. 31
2005
Prepaid Insurance 2 400 00
Cash 2 400 00
Paid premium on two-year
policy.
Dec. 1Dec. 1 NetSolutions paid a premium ofNetSolutions paid a premium of
$2,400 for a comprehensive insurance$2,400 for a comprehensive insurance
policy covering two years.policy covering two years.
Dec. 1Dec. 1 NetSolutions paid a premium ofNetSolutions paid a premium of
$2,400 for a comprehensive insurance$2,400 for a comprehensive insurance
policy covering two years.policy covering two years.
53. 14
15
16
17
1 Rent Expense 52 800 00
Cash 11 800 00
Paid rent for December.
Dec. 1Dec. 1 NetSolutions paid rent for December,NetSolutions paid rent for December,
$800.$800.
Dec. 1Dec. 1 NetSolutions paid rent for December,NetSolutions paid rent for December,
$800.$800.
54. 14
15
16
17
1 Cash 14 360 00
Unearned Rent 23 360 00
Received advanced payment
For three months’ rent of land.
Dec. 1Dec. 1 NetSolutions receives $360 for threeNetSolutions receives $360 for three
month’s rent beginning December 1.month’s rent beginning December 1.
Dec. 1Dec. 1 NetSolutions receives $360 for threeNetSolutions receives $360 for three
month’s rent beginning December 1.month’s rent beginning December 1.
55. Dec. 4Dec. 4 NetSolutions purchased officeNetSolutions purchased office
equipment on account from Executiveequipment on account from Executive
Supply Co. for $1,800.Supply Co. for $1,800.
Dec. 4Dec. 4 NetSolutions purchased officeNetSolutions purchased office
equipment on account from Executiveequipment on account from Executive
Supply Co. for $1,800.Supply Co. for $1,800.
18
19
20
21
4 Office Equipment 18 1 800 00
Accounts Payable 21 1 800 00
Purchased office equipment on
account.
56. Dec. 6Dec. 6 NetSolutions paid $180 for aNetSolutions paid $180 for a
newspaper advertisement.newspaper advertisement.
Dec. 6Dec. 6 NetSolutions paid $180 for aNetSolutions paid $180 for a
newspaper advertisement.newspaper advertisement.
21
22
23
24
6 Miscellaneous Expense 59 180 00
Cash 11 180 00
Paid for newspaper ad.
58. Dec. 13Dec. 13 NetSolutions paid a receptionist andNetSolutions paid a receptionist and
part-time assistant $950 for twopart-time assistant $950 for two
weeks’ wages.weeks’ wages.
Dec. 13Dec. 13 NetSolutions paid a receptionist andNetSolutions paid a receptionist and
part-time assistant $950 for twopart-time assistant $950 for two
weeks’ wages.weeks’ wages.
Post.
Ref.
JOURNAL
Date Description Debit Credit
Page 3
1
2
3
4
Dec. 13
2005
Wages Expense 51 950 00
Cash 11 950 00
Paid two week’s wages.
59. Dec. 16Dec. 16 NetSolutions received $3,100 fromNetSolutions received $3,100 from
fees earned for the first half offees earned for the first half of
December.December.
Dec. 16Dec. 16 NetSolutions received $3,100 fromNetSolutions received $3,100 from
fees earned for the first half offees earned for the first half of
December.December.
5
6
7
8
16 Cash 11 3 100 00
Fees Earned 41 3 100 00
Received fees from customers.
60. Dec. 16Dec. 16 Fees earned on account totaledFees earned on account totaled
$1,750 for the first half of$1,750 for the first half of
December.December.
Dec. 16Dec. 16 Fees earned on account totaledFees earned on account totaled
$1,750 for the first half of$1,750 for the first half of
December.December.
9
10
11
12
16 Accounts Receivable 12 1 750 00
Fees Earned 41 1 750 00
Received fees from customers.
61. Dec. 20Dec. 20 NetSolutions paid $900 to ExecutiveNetSolutions paid $900 to Executive
Supply Co. on the $1,800 debt owedSupply Co. on the $1,800 debt owed
from the December 4 transaction.from the December 4 transaction.
Dec. 20Dec. 20 NetSolutions paid $900 to ExecutiveNetSolutions paid $900 to Executive
Supply Co. on the $1,800 debt owedSupply Co. on the $1,800 debt owed
from the December 4 transaction.from the December 4 transaction.
13
14
15
16
20 Accounts Payable 21 900 00
Cash 11 900 00
Paid part of amount owed to
Executive Supply Co.
62. Dec. 21Dec. 21 NetSolutions received $650 fromNetSolutions received $650 from
customers in payment of theircustomers in payment of their
accounts.accounts.
Dec. 21Dec. 21 NetSolutions received $650 fromNetSolutions received $650 from
customers in payment of theircustomers in payment of their
accounts.accounts.
18
19
20
21
21 Cash 11 650 00
Accounts Receivable 12 650 00
Received cash from customer
on account.
64. Dec. 27Dec. 27 NetSolutions paid the receptionistNetSolutions paid the receptionist
and part-time assistant $1,200 forand part-time assistant $1,200 for
two weeks’ wages.two weeks’ wages.
Dec. 27Dec. 27 NetSolutions paid the receptionistNetSolutions paid the receptionist
and part-time assistant $1,200 forand part-time assistant $1,200 for
two weeks’ wages.two weeks’ wages.
27
28
29
30
27 Wages Expense 51 1 200 00
Cash 11 1 200 00
Paid two weeks’ wages.
65. Dec. 31Dec. 31 NetSolutions paid its $310 telephoneNetSolutions paid its $310 telephone
bill for the month.bill for the month.
Dec. 31Dec. 31 NetSolutions paid its $310 telephoneNetSolutions paid its $310 telephone
bill for the month.bill for the month.
31
32
33
34
31 Utilities Expense 54 310 00
Cash 11 310 00
Paid telephone bill.
66. Dec. 31Dec. 31 NetSolutions paid its $225 electricNetSolutions paid its $225 electric
bill for the month.bill for the month.
Dec. 31Dec. 31 NetSolutions paid its $225 electricNetSolutions paid its $225 electric
bill for the month.bill for the month.
Post.
Ref.
JOURNAL
Date Description Debit Credit
Page 4
1
2
3
4
Dec. 31
2005
Utilities Expense 54 225 00
Cash 11 225 00
Paid utility bill.
67. Dec. 31Dec. 31 NetSolutions received $2,870 fromNetSolutions received $2,870 from
fees earned for the second half offees earned for the second half of
December.December.
Dec. 31Dec. 31 NetSolutions received $2,870 fromNetSolutions received $2,870 from
fees earned for the second half offees earned for the second half of
December.December.
5
6
7
8
31 Cash 11 2 870 00
Fees Earned 41 2 870 00
Received fees from customers.
68. Dec. 31Dec. 31 NetSolutions earned $1,120 onNetSolutions earned $1,120 on
account for the second half ofaccount for the second half of
December.December.
Dec. 31Dec. 31 NetSolutions earned $1,120 onNetSolutions earned $1,120 on
account for the second half ofaccount for the second half of
December.December.
9
10
11
12
31 Accounts Receivable 12 1 120 00
Fees Earned 41 1 120 00
Recorded fees earned on
account.
69. Dec. 31Dec. 31 Chris Clark withdrew $2,000 forChris Clark withdrew $2,000 for
personal use.personal use.
Dec. 31Dec. 31 Chris Clark withdrew $2,000 forChris Clark withdrew $2,000 for
personal use.personal use.
14
15
16
17
31 Chris Clark, Drawing 32 2 000 00
Cash 11 2 000 00
Chris Clark withdrew cash
for personal use.
76. 1. Failure to record a transaction or to post a
transaction.
2. Recording the same erroneous amount
for both the debit and the credit parts of a
transaction.
3. Recording the same transaction more
than once.
4. Posting a part of a transaction correctly
as a debit or credit but to the wrong
account.
Errors that will not cause the
trial balance to be unequal:
77. Error Correction Procedure
1. Journal entry is incorrect Draw a line through the error
but not posted. and insert correct title or
amount.
Error Correction Procedure
Correction
of Errors
78. Error Correction Procedure
1. Journal entry is incorrect Draw a line through the error
but not posted. and insert correct title or
amount.
Error Correction Procedure
2. Journal entry is correct Draw a line through the
but posted incorrectly. posted error and post
correctly.
Correction
of Errors
79. Error Correction ProcedureError Correction Procedure
3. Journal entry is incorrect Journalize and post a
and posted correcting entry.
Correction
of Errors
80. What would be the necessaryWhat would be the necessary
correcting entry?correcting entry?
What would be the necessaryWhat would be the necessary
correcting entry?correcting entry?
Journal – As recorded and postedJournal – As recorded and posted
Correcting Errors – An ExampleCorrecting Errors – An ExampleCorrecting Errors – An ExampleCorrecting Errors – An Example
On May 5, a purchase of office equipment on
account was incorrectly journalized and posted
as shown.
Date Description Debit Credit
May 5 Supplies 12,500
Accounts Payable 12,500
81. Journal – As recorded and postedJournal – As recorded and posted
Correcting Errors – An ExampleCorrecting Errors – An ExampleCorrecting Errors – An ExampleCorrecting Errors – An Example
On May 5, a purchase of office equipment on
account was incorrectly journalized and posted
as shown.
Date Description Debit Credit
May 5 Supplies 12,500
Accounts Payable 12,500
Date Description Debit Credit
May 5 Office Equipment 12,500
82. Date Description Debit Credit
May 5 Office Equipment 12,500
Supplies 12,500
Journal – As recorded and postedJournal – As recorded and posted
Correcting Errors – An ExampleCorrecting Errors – An ExampleCorrecting Errors – An ExampleCorrecting Errors – An Example
On May 5, a purchase of office equipment on
account was incorrectly journalized and posted
as shown.
Date Description Debit Credit
May 5 Supplies 12,500
Accounts Payable 12,500
83. Financial Analysis andFinancial Analysis and
InterpretationInterpretation
Financial Analysis andFinancial Analysis and
InterpretationInterpretation
Comparing an item in a
current statement with the
same item in prior statements
is called horizontal analysis.
Comparing an item in a
current statement with the
same item in prior statements
is called horizontal analysis.
84. J Holmes, Attorney-at-Law
Income Statement
For the Year Ended December 31, 2005 and 2006
Increase (Decrease)
2006 2005 Amount Percent
Fees earned $187,500 $150,000 $37,500 25.0%
Operating expenses:
Wages expense $ 60,000 $ 45,000 $15,000 33.3%
Rent expense 15,000 12,000 3,000 25.0%
Utilities expense 12,500 9,000 3,500 38.9%
Supplies expense 2,700 3,000 (300) (10.0)%
Misc. expense 2,300 1,800 500 27.8%
Total operating
expenses $ 92,500 $ 70,800 $21,700 30.6%
Net income $ 95,000 $ 79,200 $15,800 19.9%