Double entry
•Download as PPT, PDF•
0 likes•333 views
This document discusses debit and credit terminology and transactions. It explains that asset, liability and equity accounts increase on the debit or left side and decrease on the credit or right side. It also notes that in every transaction, the total dollar value of all debits must equal the total dollar value of all credits. Two example transactions are provided: one where the company purchases supplies on credit, increasing both an asset and liability, and one where equipment is purchased with cash, decreasing cash while increasing an asset.
Report
Share
Report
Share
Recommended
Unit 3 Debits and Credits
This document provides an overview of accounting concepts including financing, investing, the accounting equation, debits and credits, T-accounts, and different types of accounts. It discusses how financing occurs on the right side of the accounting equation and represents sources of money, while investing occurs on the left side and represents the use of money. The key accounting equation assets = liabilities + owner's equity is also explained. Common account types are defined including assets, liabilities, owner's equity, revenues/gains, and expenses/losses. The document also demonstrates how transactions are recorded using debits and credits in T-accounts and journals.
Chap 2
The document discusses the accounting recording process. It describes how accounts, debits, credits, journals, ledgers, and trial balances are used to record business transactions. Specifically, it explains how debits and credits work for different types of accounts, how transactions are recorded in a journal and posted to ledger accounts, and how a trial balance is prepared.
accounting quiz -Round 1
1. The document contains questions about basic accounting concepts and terminology such as types of expenditures, adjustments required for changes in partnership profit sharing ratios, definitions of real and nominal accounts, and treatment of unrecorded assets when a partner retires.
2. It also includes questions testing understanding of financial statements like the balance sheet and what information it provides, as well as current versus long-term investments.
3. Additional questions cover topics like entries for advances received from customers, fixed deposits from the public, implications of different cash book balances, what an NSF check means, and the formula for calculating cost of goods sold.
Accounting Journal Entries
Check this article with accounting journal entries, for more details visit site. https://www.accountingassignmenthelp.net/basic-journal-entries-examples/
10 6 Business Records
The document provides information about tulips and financial statements for a horticulture business. It describes tulip varieties and details, then gives a sample profit and loss statement showing income, expenses, and net loss for one month. It also defines balance sheets and lists examples of business assets, liabilities, and equity.
Credits and debits
The document explains how to understand debits and credits in bookkeeping. It defines debits and credits as entries on the left or right side of accounts. Debits increase asset and expense accounts, and credits increase liability, equity, and revenue accounts. The steps are to understand debits and credits, remember basic rules like assets increasing with debits, set up a basic balance sheet and ledger accounts, record transactions by increasing and decreasing appropriate accounts with debits and credits, update account balances, and ensure the books are balanced.
accounting quiz
This document contains an accounting and finance terms quiz with 15 multiple choice questions testing knowledge of key concepts like the accounting equation, assets, liabilities, revenue, expenses, profit, loss, budgets, and accountants. It also provides the answers to the quiz questions. Key terms covered include assets, liabilities, owner's equity, revenue, expenses, profit, loss, accountant, budget, and certified public accountant.
Quiz (Phir aayen shikanje mein)
This document contains 8 multiple choice questions about accounting concepts and terms. The questions cover topics like treatment of forfeited shares, types of reserves, liquidity ratios, classification of assets like goodwill and copyright, nature of balance sheets and statements, legal cases like Garner vs Murray related to insolvency, and relationship between consigners and consignees. The correct answers to each question are provided in parentheses after the options.
Recommended
Unit 3 Debits and Credits
This document provides an overview of accounting concepts including financing, investing, the accounting equation, debits and credits, T-accounts, and different types of accounts. It discusses how financing occurs on the right side of the accounting equation and represents sources of money, while investing occurs on the left side and represents the use of money. The key accounting equation assets = liabilities + owner's equity is also explained. Common account types are defined including assets, liabilities, owner's equity, revenues/gains, and expenses/losses. The document also demonstrates how transactions are recorded using debits and credits in T-accounts and journals.
Chap 2
The document discusses the accounting recording process. It describes how accounts, debits, credits, journals, ledgers, and trial balances are used to record business transactions. Specifically, it explains how debits and credits work for different types of accounts, how transactions are recorded in a journal and posted to ledger accounts, and how a trial balance is prepared.
accounting quiz -Round 1
1. The document contains questions about basic accounting concepts and terminology such as types of expenditures, adjustments required for changes in partnership profit sharing ratios, definitions of real and nominal accounts, and treatment of unrecorded assets when a partner retires.
2. It also includes questions testing understanding of financial statements like the balance sheet and what information it provides, as well as current versus long-term investments.
3. Additional questions cover topics like entries for advances received from customers, fixed deposits from the public, implications of different cash book balances, what an NSF check means, and the formula for calculating cost of goods sold.
Accounting Journal Entries
Check this article with accounting journal entries, for more details visit site. https://www.accountingassignmenthelp.net/basic-journal-entries-examples/
10 6 Business Records
The document provides information about tulips and financial statements for a horticulture business. It describes tulip varieties and details, then gives a sample profit and loss statement showing income, expenses, and net loss for one month. It also defines balance sheets and lists examples of business assets, liabilities, and equity.
Credits and debits
The document explains how to understand debits and credits in bookkeeping. It defines debits and credits as entries on the left or right side of accounts. Debits increase asset and expense accounts, and credits increase liability, equity, and revenue accounts. The steps are to understand debits and credits, remember basic rules like assets increasing with debits, set up a basic balance sheet and ledger accounts, record transactions by increasing and decreasing appropriate accounts with debits and credits, update account balances, and ensure the books are balanced.
accounting quiz
This document contains an accounting and finance terms quiz with 15 multiple choice questions testing knowledge of key concepts like the accounting equation, assets, liabilities, revenue, expenses, profit, loss, budgets, and accountants. It also provides the answers to the quiz questions. Key terms covered include assets, liabilities, owner's equity, revenue, expenses, profit, loss, accountant, budget, and certified public accountant.
Quiz (Phir aayen shikanje mein)
This document contains 8 multiple choice questions about accounting concepts and terms. The questions cover topics like treatment of forfeited shares, types of reserves, liquidity ratios, classification of assets like goodwill and copyright, nature of balance sheets and statements, legal cases like Garner vs Murray related to insolvency, and relationship between consigners and consignees. The correct answers to each question are provided in parentheses after the options.
FINC 600 Week 1 Practice Quiz
This document contains 15 multiple choice practice questions about finance topics including:
- Functions of corporations and financial markets
- Capital structure and budgeting
- Net present value calculations
- Bonds and bond pricing
- Duration and yield calculations
Each question is followed by feedback explaining the correct answer. The questions cover a range of foundational finance concepts.
Muhasebe slaytları
The document discusses key accounting concepts such as debits and credits, T-accounts, the general journal, posting journal entries to ledger accounts, and preparing a trial balance. It provides examples of analyzing business transactions and recording debits and credits to the appropriate accounts. It also explains how a trial balance is used to prove the equality of total debits and credits after journal entries have been posted to ledger accounts.
Unit 2 chapter 3
This document provides an overview of key concepts related to property, financial claims, and transactions that affect the accounting equation. It discusses:
- The relationship between property and financial claims, and how they are represented in the accounting equation.
- Key components of the accounting equation including assets, equity, investments, liabilities, and how owner's equity and creditor's claims are represented.
- How different types of business transactions like owner investments, cash payments, purchases on credit, revenue, expenses, and owner withdrawals affect the accounting equation.
- Steps for analyzing how transactions impact accounts and balancing the accounting equation.
Topic 1 print (1)
This document provides an introduction to accounting. It defines accounting as a discipline that measures and communicates financial information about a business. It explains the accounting equation, the four core financial statements, and how to analyze business transactions by determining their impact on the accounting equation and each financial statement. Several examples of transaction analysis are provided and summarized.
important Journal entry
The document discusses various types of journal entries including entries for sundry expenses, closing stock, outstanding expenses, prepaid expenses, depreciation, accrued income, interest on capital, and interest on drawings. It provides examples of each type of journal entry, explaining the purpose and accounting treatment for each type of transaction.
20100726090748 chapter 4 the effect of p&l on capital
This document discusses the four main financial statements that companies prepare: the balance sheet, income statement, statement of cash flows, and owner's equity statement. It explains that the income statement reports revenues and expenses over a period of time and can show a net income or net loss. The balance sheet reports assets, liabilities, and owner's equity as of a specific date. It also discusses how profit or loss affects the capital account and owner's equity section of the balance sheet.
XII ACCOUNTING CHAPTER 1
The document discusses the accounting for not-for-profit organizations. It describes the three main financial statements used: the receipts and payments account, income and expenditure account, and balance sheet. The receipts and payments account is prepared at the end of the year based on cash receipts and payments. It summarizes all cash and bank transactions under various heads, including opening and closing balances. Revenue receipts include items like membership dues and donations, while capital receipts include loans or assets received. Revenue payments are recurring expenses, and capital payments provide benefits for future years like asset purchases.
Double Entry
The document discusses the fundamental concepts of double-entry accounting systems including debits, credits, and T-accounts. It provides examples of 14 business transactions recorded using debit and credit entries. It also discusses adjusting entries, closing entries, preparing a trial balance, components of an annual report, and the role of the Securities and Exchange Commission in financial reporting.
20100712160725 chapter 2 double entry system
This document discusses key concepts in double-entry bookkeeping including accounts, debits and credits, and the basic steps in the recording process. It explains that an account tracks increases and decreases in specific items, and can be represented using a T-account format. It defines debits and credits, explaining that every transaction must have an equal debit and credit to maintain the accounting equation. The basic steps in the recording process are to journalize transactions, post to ledger accounts, and prepare a trial balance.
Ch 4 powerpoint
The document discusses key accounting terms and concepts including the chart of accounts, ledger, double-entry accounting, debit and credit entries, T-accounts, and normal account balances. It also provides examples of business transactions and steps for analyzing transactions using debit and credit rules.
Day 1 accounting_lecture_slides_bu_500 (1)
Financial accounting provides financial information to external parties such as creditors, investors and governmental agencies. It reports on the financial position and performance of a firm through financial statements. The key elements of financial accounting are assets, liabilities and shareholders' equity. Assets are items owned by a company, liabilities are amounts owed, and shareholders' equity represents the owners' claim on assets. The accounting equation states that assets must always equal liabilities plus shareholders' equity. Financial accounting uses double-entry bookkeeping to record transactions, ensuring the accounting equation stays in balance.
Unit 3 Debits and Credits
Here are the journal entries for Bell's Computers transactions:
1. Capital $60,000
Bank $60,000
2. Equipment $7,000
Bank $7,000
3. Drawings $200
Bank $200
4. Bank $14,000
Income $14,000
5. Debtors $30,000
Income $30,000
6. Bank $4,000
Rent Expense $4,000
7. Bank $1,500
Supplies Expense $1,500
ANALYZING TRANSACTIONS INTO DEBIT AND CREDIT PARTS.docx
This document discusses analyzing transactions into debit and credit parts. It begins by explaining the accounting equation and how T accounts represent the equation. It then discusses how to classify accounts as assets, liabilities, or equity and whether they normally have debit or credit balances. The document provides examples of various transactions and uses a set of questions to analyze how each transaction affects two accounts, determining which side of each account is debited or credited. It demonstrates analyzing transactions involving assets, liabilities, revenues, expenses, and payments on account. The goal is to show how to properly record transactions by determining the accounts affected and appropriate debit and credit entries.
Chapter 2 (Part 1) Double Entry Bookkeeping .pdf
The document discusses the basics of double entry bookkeeping. It explains that every transaction involves two accounts - one will be debited and one will be credited for the same amount. The key points covered include:
- What a T-account is and how it is used to record debits and credits
- Common asset, liability, and expense accounts that increase or decrease on different sides
- Examples of double entries for transactions like purchasing an asset with cash, selling goods for cash, buying goods with cash, paying a supplier, and receiving payment from a customer
- A short quiz to test the understanding of debit, credit, and double entries
Basic Structure of Accounting Principle ( Accounting)
The document discusses the accounting equation and double-entry bookkeeping. It begins by explaining the basic accounting equation of Assets = Liabilities + Owner's Equity. It then expands on this by explaining how revenues and expenses affect owner's equity in the expanded accounting equation. Finally, it discusses the key principles of double-entry bookkeeping, including that every transaction has two equal and offsetting entries, and provides examples of how different types of business transactions are recorded following double-entry principles.
Double Entry System & Accountin Equation
1) The accounting equation shows that a company's assets are always equal to its liabilities plus equity.
2) Double entry accounting requires every transaction to have equal debits and credits so the accounting equation remains balanced.
3) Examples of transactions that affect the accounting equation include purchasing inventory, receiving payment from customers, and paying expenses.
Home Accounting Basics
The document discusses accounting transactions and how to analyze them using debits and credits in a T-account format. It explains that each transaction affects at least two accounts, with one account being debited and one credited to keep the accounting equation in balance. It then provides examples of common business transactions and analyzes how to record each one by identifying the affected accounts, their classification, how their balances change, and whether to debit or credit each amount.
Chap002.nuevo
The document discusses the accounting process of analyzing and recording transactions. It describes the key steps as:
1. Analyzing source documents and transactions using double-entry accounting principles.
2. Recording relevant transactions from source documents in a journal using debits and credits.
3. Posting journal entries to individual accounts in the general ledger, which contains all accounts.
4. Preparing a trial balance to check that total debits equal total credits and the books are in balance.
The accounting equation, chart of accounts, T-accounts, and an example trial balance are also covered.
Accounting
Accounting | Basic Accounting for Beginners | Practice Question | Accounting Equation | Elements of Accounting In Urdu/ Hindi
YouTube Video Link : https://youtu.be/lcEon7YnwNA
Accounting equation and account classification 06052013
The document discusses the basic accounting equation of Assets = Liabilities + Owner's Equity. It defines key accounting concepts such as assets, liabilities, owner's equity, and how transactions affect accounts. Assets are resources owned, liabilities are amounts owed, and owner's equity is the residual claim. The accounting equation is expanded to track increases and decreases in owner's equity from revenues, expenses, investments, and withdrawals. Transactions are analyzed to show their dual effects on at least two accounts.
Accounting Equation
The accounting equation shows that a firm's assets are always equal to its liabilities plus owner's equity. It is based on the dual aspect concept where every transaction has equal debit and credit effects. The accounting equation always holds true as it is affected by transactions that may increase or decrease either one or two sides of the equation by equal amounts. Examples are provided to illustrate how common business transactions impact the accounting equation components of assets, liabilities, and owner's equity.
Fundamentals of Business Mathematics in Canada Canadian 2nd Edition Jerome So...
Full download http://alibabadownload.com/product/fundamentals-of-business-mathematics-in-canada-canadian-2nd-edition-jerome-solutions-manual/
Fundamentals of Business Mathematics in Canada Canadian 2nd Edition Jerome Solutions Manual
More Related Content
What's hot
FINC 600 Week 1 Practice Quiz
This document contains 15 multiple choice practice questions about finance topics including:
- Functions of corporations and financial markets
- Capital structure and budgeting
- Net present value calculations
- Bonds and bond pricing
- Duration and yield calculations
Each question is followed by feedback explaining the correct answer. The questions cover a range of foundational finance concepts.
Muhasebe slaytları
The document discusses key accounting concepts such as debits and credits, T-accounts, the general journal, posting journal entries to ledger accounts, and preparing a trial balance. It provides examples of analyzing business transactions and recording debits and credits to the appropriate accounts. It also explains how a trial balance is used to prove the equality of total debits and credits after journal entries have been posted to ledger accounts.
Unit 2 chapter 3
This document provides an overview of key concepts related to property, financial claims, and transactions that affect the accounting equation. It discusses:
- The relationship between property and financial claims, and how they are represented in the accounting equation.
- Key components of the accounting equation including assets, equity, investments, liabilities, and how owner's equity and creditor's claims are represented.
- How different types of business transactions like owner investments, cash payments, purchases on credit, revenue, expenses, and owner withdrawals affect the accounting equation.
- Steps for analyzing how transactions impact accounts and balancing the accounting equation.
Topic 1 print (1)
This document provides an introduction to accounting. It defines accounting as a discipline that measures and communicates financial information about a business. It explains the accounting equation, the four core financial statements, and how to analyze business transactions by determining their impact on the accounting equation and each financial statement. Several examples of transaction analysis are provided and summarized.
important Journal entry
The document discusses various types of journal entries including entries for sundry expenses, closing stock, outstanding expenses, prepaid expenses, depreciation, accrued income, interest on capital, and interest on drawings. It provides examples of each type of journal entry, explaining the purpose and accounting treatment for each type of transaction.
20100726090748 chapter 4 the effect of p&l on capital
This document discusses the four main financial statements that companies prepare: the balance sheet, income statement, statement of cash flows, and owner's equity statement. It explains that the income statement reports revenues and expenses over a period of time and can show a net income or net loss. The balance sheet reports assets, liabilities, and owner's equity as of a specific date. It also discusses how profit or loss affects the capital account and owner's equity section of the balance sheet.
XII ACCOUNTING CHAPTER 1
The document discusses the accounting for not-for-profit organizations. It describes the three main financial statements used: the receipts and payments account, income and expenditure account, and balance sheet. The receipts and payments account is prepared at the end of the year based on cash receipts and payments. It summarizes all cash and bank transactions under various heads, including opening and closing balances. Revenue receipts include items like membership dues and donations, while capital receipts include loans or assets received. Revenue payments are recurring expenses, and capital payments provide benefits for future years like asset purchases.
What's hot (7)
20100726090748 chapter 4 the effect of p&l on capital
20100726090748 chapter 4 the effect of p&l on capital
Similar to Double entry
Double Entry
The document discusses the fundamental concepts of double-entry accounting systems including debits, credits, and T-accounts. It provides examples of 14 business transactions recorded using debit and credit entries. It also discusses adjusting entries, closing entries, preparing a trial balance, components of an annual report, and the role of the Securities and Exchange Commission in financial reporting.
20100712160725 chapter 2 double entry system
This document discusses key concepts in double-entry bookkeeping including accounts, debits and credits, and the basic steps in the recording process. It explains that an account tracks increases and decreases in specific items, and can be represented using a T-account format. It defines debits and credits, explaining that every transaction must have an equal debit and credit to maintain the accounting equation. The basic steps in the recording process are to journalize transactions, post to ledger accounts, and prepare a trial balance.
Ch 4 powerpoint
The document discusses key accounting terms and concepts including the chart of accounts, ledger, double-entry accounting, debit and credit entries, T-accounts, and normal account balances. It also provides examples of business transactions and steps for analyzing transactions using debit and credit rules.
Day 1 accounting_lecture_slides_bu_500 (1)
Financial accounting provides financial information to external parties such as creditors, investors and governmental agencies. It reports on the financial position and performance of a firm through financial statements. The key elements of financial accounting are assets, liabilities and shareholders' equity. Assets are items owned by a company, liabilities are amounts owed, and shareholders' equity represents the owners' claim on assets. The accounting equation states that assets must always equal liabilities plus shareholders' equity. Financial accounting uses double-entry bookkeeping to record transactions, ensuring the accounting equation stays in balance.
Unit 3 Debits and Credits
Here are the journal entries for Bell's Computers transactions:
1. Capital $60,000
Bank $60,000
2. Equipment $7,000
Bank $7,000
3. Drawings $200
Bank $200
4. Bank $14,000
Income $14,000
5. Debtors $30,000
Income $30,000
6. Bank $4,000
Rent Expense $4,000
7. Bank $1,500
Supplies Expense $1,500
ANALYZING TRANSACTIONS INTO DEBIT AND CREDIT PARTS.docx
This document discusses analyzing transactions into debit and credit parts. It begins by explaining the accounting equation and how T accounts represent the equation. It then discusses how to classify accounts as assets, liabilities, or equity and whether they normally have debit or credit balances. The document provides examples of various transactions and uses a set of questions to analyze how each transaction affects two accounts, determining which side of each account is debited or credited. It demonstrates analyzing transactions involving assets, liabilities, revenues, expenses, and payments on account. The goal is to show how to properly record transactions by determining the accounts affected and appropriate debit and credit entries.
Chapter 2 (Part 1) Double Entry Bookkeeping .pdf
The document discusses the basics of double entry bookkeeping. It explains that every transaction involves two accounts - one will be debited and one will be credited for the same amount. The key points covered include:
- What a T-account is and how it is used to record debits and credits
- Common asset, liability, and expense accounts that increase or decrease on different sides
- Examples of double entries for transactions like purchasing an asset with cash, selling goods for cash, buying goods with cash, paying a supplier, and receiving payment from a customer
- A short quiz to test the understanding of debit, credit, and double entries
Basic Structure of Accounting Principle ( Accounting)
The document discusses the accounting equation and double-entry bookkeeping. It begins by explaining the basic accounting equation of Assets = Liabilities + Owner's Equity. It then expands on this by explaining how revenues and expenses affect owner's equity in the expanded accounting equation. Finally, it discusses the key principles of double-entry bookkeeping, including that every transaction has two equal and offsetting entries, and provides examples of how different types of business transactions are recorded following double-entry principles.
Double Entry System & Accountin Equation
1) The accounting equation shows that a company's assets are always equal to its liabilities plus equity.
2) Double entry accounting requires every transaction to have equal debits and credits so the accounting equation remains balanced.
3) Examples of transactions that affect the accounting equation include purchasing inventory, receiving payment from customers, and paying expenses.
Home Accounting Basics
The document discusses accounting transactions and how to analyze them using debits and credits in a T-account format. It explains that each transaction affects at least two accounts, with one account being debited and one credited to keep the accounting equation in balance. It then provides examples of common business transactions and analyzes how to record each one by identifying the affected accounts, their classification, how their balances change, and whether to debit or credit each amount.
Chap002.nuevo
The document discusses the accounting process of analyzing and recording transactions. It describes the key steps as:
1. Analyzing source documents and transactions using double-entry accounting principles.
2. Recording relevant transactions from source documents in a journal using debits and credits.
3. Posting journal entries to individual accounts in the general ledger, which contains all accounts.
4. Preparing a trial balance to check that total debits equal total credits and the books are in balance.
The accounting equation, chart of accounts, T-accounts, and an example trial balance are also covered.
Accounting
Accounting | Basic Accounting for Beginners | Practice Question | Accounting Equation | Elements of Accounting In Urdu/ Hindi
YouTube Video Link : https://youtu.be/lcEon7YnwNA
Accounting equation and account classification 06052013
The document discusses the basic accounting equation of Assets = Liabilities + Owner's Equity. It defines key accounting concepts such as assets, liabilities, owner's equity, and how transactions affect accounts. Assets are resources owned, liabilities are amounts owed, and owner's equity is the residual claim. The accounting equation is expanded to track increases and decreases in owner's equity from revenues, expenses, investments, and withdrawals. Transactions are analyzed to show their dual effects on at least two accounts.
Accounting Equation
The accounting equation shows that a firm's assets are always equal to its liabilities plus owner's equity. It is based on the dual aspect concept where every transaction has equal debit and credit effects. The accounting equation always holds true as it is affected by transactions that may increase or decrease either one or two sides of the equation by equal amounts. Examples are provided to illustrate how common business transactions impact the accounting equation components of assets, liabilities, and owner's equity.
Fundamentals of Business Mathematics in Canada Canadian 2nd Edition Jerome So...
Full download http://alibabadownload.com/product/fundamentals-of-business-mathematics-in-canada-canadian-2nd-edition-jerome-solutions-manual/
Fundamentals of Business Mathematics in Canada Canadian 2nd Edition Jerome Solutions Manual
accountingequation-140308134603-phpapp02 (1).pdf
The document discusses the basic accounting equation of assets = liabilities + owner's equity. It explains that assets are what a business owns, liabilities are what a business owes, and owner's equity is what remains of the assets after subtracting liabilities. Every transaction affects at least two of these accounts to maintain the balance of the equation.
PART I SHORT RESPONSEDirections Please respond to each of th.docx
PART I: SHORT RESPONSE
Directions:
Please respond to each of the following questions. Write at least 3 to 5 sentences for each question.
1. List and explain the four items under the umbrella of owner's equity, including whether it increases or decreases overall equity.
2. What is the fundamental accounting equation, including examples of each item of the equation?
3. Explain the separate entity concept, including why it is important to accounting.
PART II: APPLICATION
Directions:
Please answer each of the following questions. Show your work as necessary.
1. T. Richtor established her own business, called Richtor's Self-Storage. Use the account headings presented below in the expanded accounting equation to record the monthly transactions.
Assets
=
Cash + Accounts Receivable + Supplies + Prepaid Insurance + Office Equipment
Liabilities
+
Owner's Equity
Accounts Payable
T. Richtor, Capital T. Richtor, Drawing + Revenue Expenses
a.
Deposited $12,000 in a bank account in the name of the business.
b.
Bought office equipment on account from Molly Company, $3,100.
c.
Paid rent for the month, $2,400.
d.
Bought supplies for cash, $450.
e.
Paid wages, $980.
f.
Received cash for storage services, $3,600.
g.
Received and paid the utility bill, $252.
h.
Paid Lar's Graphics for advertising, $428. (The bill was not previously recorded.)
i.
Paid for a one-year liability insurance policy, $835.
j.
Billed customers for storage services on account, $3,370.
k.
Received cash for storage services, $2,300.
l.
Paid wages, $990.
m.
Paid Molly Company $1,100 as partial payment on the office equipment bought in transaction b.
n.
Richter withdrew $1,200 for personal use.
Instructions:
1.
Record the transactions in columnar form, write plus and minus signs, and show the balance after each transaction to be sure that the equation remains in balance.
2.
Write the proof of totals at the bottom to show that one side of the equation equals the other side.
Assets
=
>
Accounts
Prepaid
Office
>
Cash
+
Receivable
+
Supplies
+
Insurance
+
Equipment
=
>
a.
>
b.
=
>
Bal.
=
>
c.
>
Bal.
=
>
d.
>
Bal.
=
>
e.
>
Bal.
=
>
f.
>
Bal.
=
>
g.
>
Bal.
=
>
h.
>
Bal.
=
>
i.
>
Bal.
=
>
j.
>
Bal.
=
>
k.
>
Bal.
=
>
l.
>
Bal.
=
>
m.
>
Bal.
=
>
n.
>
Bal.
=
>
<
Liabilities
+
Owner's Equity
<
Accounts
T. Richtor,
T. Richtor,
<
Payable
+
Capital
Drawing
+
Revenue
Expenses
<
a.
+
<
b.
<
Bal.
+
<
c.
<
Bal.
+
<
d.
<
Bal.
+
<
e.
<
Bal.
+
<
f.
<
Bal.
+
+
<
g.
<
Bal.
+
+
<
h.
<
Bal.
+
+
<
i.
<
Bal.
+
+
<
j.
.
Subika_3_13775_1%2Fchapter2 (2).ppt
The document discusses key accounting concepts such as debits and credits, journal entries, ledger accounts, and the accounting cycle. It explains that journal entries involve a debit to one account and an equal credit to another account. Ledger accounts are used to classify and track increases, decreases, and balances of financial statement items. The types of ledger accounts - assets, liabilities, equity, revenues, and expenses - are introduced along with the normal debit or credit balance for each. The document also demonstrates how to record basic journal entries and explains the purpose of the general ledger in collecting account information.
Accounting equation
The accounting equation states that assets are equal to liabilities plus owner's equity. It represents the relationship between what a business owns (assets), what it owes (liabilities), and the owner's claim on the assets (owner's equity). Every transaction affects at least two accounts to maintain the balance of the accounting equation. The equation ensures that the sources of a business's assets are identified as either belonging to creditors (liabilities) or the owner (owner's equity).
Accounting cycle
The accounting cycle is the process by which accountants prepare financial statements for an entity over a period of time. It involves analyzing transactions, journalizing them, posting to ledger accounts, adjusting entries, preparing a trial balance and financial statements, and closing entries. Key steps include journalizing, posting, preparing a trial balance, adjusting entries, and financial statements.
Similar to Double entry (20)
ANALYZING TRANSACTIONS INTO DEBIT AND CREDIT PARTS.docx
ANALYZING TRANSACTIONS INTO DEBIT AND CREDIT PARTS.docx
Basic Structure of Accounting Principle ( Accounting)
Basic Structure of Accounting Principle ( Accounting)
Accounting equation and account classification 06052013
Accounting equation and account classification 06052013
Fundamentals of Business Mathematics in Canada Canadian 2nd Edition Jerome So...
Fundamentals of Business Mathematics in Canada Canadian 2nd Edition Jerome So...
PART I SHORT RESPONSEDirections Please respond to each of th.docx
PART I SHORT RESPONSEDirections Please respond to each of th.docx
Recently uploaded
Educational Technology in the Health Sciences
Plenary presentation at the NTTC Inter-university Workshop, 18 June 2024, Manila Prince Hotel.
Level 3 NCEA - NZ: A Nation In the Making 1872 - 1900 SML.ppt
The History of NZ 1870-1900.
Making of a Nation.
From the NZ Wars to Liberals,
Richard Seddon, George Grey,
Social Laboratory, New Zealand,
Confiscations, Kotahitanga, Kingitanga, Parliament, Suffrage, Repudiation, Economic Change, Agriculture, Gold Mining, Timber, Flax, Sheep, Dairying,
Jemison, MacLaughlin, and Majumder "Broadening Pathways for Editors and Authors"
Jemison, MacLaughlin, and Majumder "Broadening Pathways for Editors and Authors"National Information Standards Organization (NISO)
This presentation was provided by Racquel Jemison, Ph.D., Christina MacLaughlin, Ph.D., and Paulomi Majumder. Ph.D., all of the American Chemical Society, for the second session of NISO's 2024 Training Series "DEIA in the Scholarly Landscape." Session Two: 'Expanding Pathways to Publishing Careers,' was held June 13, 2024.RHEOLOGY Physical pharmaceutics-II notes for B.pharm 4th sem students
Physical pharmaceutics notes for B.pharm students
Gender and Mental Health - Counselling and Family Therapy Applications and In...
A proprietary approach developed by bringing together the best of learning theories from Psychology, design principles from the world of visualization, and pedagogical methods from over a decade of training experience, that enables you to: Learn better, faster!
A Visual Guide to 1 Samuel | A Tale of Two Hearts
These slides walk through the story of 1 Samuel. Samuel is the last judge of Israel. The people reject God and want a king. Saul is anointed as the first king, but he is not a good king. David, the shepherd boy is anointed and Saul is envious of him. David shows honor while Saul continues to self destruct.
Philippine Edukasyong Pantahanan at Pangkabuhayan (EPP) Curriculum
(𝐓𝐋𝐄 𝟏𝟎𝟎) (𝐋𝐞𝐬𝐬𝐨𝐧 𝟏)-𝐏𝐫𝐞𝐥𝐢𝐦𝐬
𝐃𝐢𝐬𝐜𝐮𝐬𝐬 𝐭𝐡𝐞 𝐄𝐏𝐏 𝐂𝐮𝐫𝐫𝐢𝐜𝐮𝐥𝐮𝐦 𝐢𝐧 𝐭𝐡𝐞 𝐏𝐡𝐢𝐥𝐢𝐩𝐩𝐢𝐧𝐞𝐬:
- Understand the goals and objectives of the Edukasyong Pantahanan at Pangkabuhayan (EPP) curriculum, recognizing its importance in fostering practical life skills and values among students. Students will also be able to identify the key components and subjects covered, such as agriculture, home economics, industrial arts, and information and communication technology.
𝐄𝐱𝐩𝐥𝐚𝐢𝐧 𝐭𝐡𝐞 𝐍𝐚𝐭𝐮𝐫𝐞 𝐚𝐧𝐝 𝐒𝐜𝐨𝐩𝐞 𝐨𝐟 𝐚𝐧 𝐄𝐧𝐭𝐫𝐞𝐩𝐫𝐞𝐧𝐞𝐮𝐫:
-Define entrepreneurship, distinguishing it from general business activities by emphasizing its focus on innovation, risk-taking, and value creation. Students will describe the characteristics and traits of successful entrepreneurs, including their roles and responsibilities, and discuss the broader economic and social impacts of entrepreneurial activities on both local and global scales.
How to Predict Vendor Bill Product in Odoo 17
This slide will guide us through the process of predicting vendor bill products based on previous purchases from the vendor in Odoo 17.
Beyond Degrees - Empowering the Workforce in the Context of Skills-First.pptx
Iván Bornacelly, Policy Analyst at the OECD Centre for Skills, OECD, presents at the webinar 'Tackling job market gaps with a skills-first approach' on 12 June 2024
BIOLOGY NATIONAL EXAMINATION COUNCIL (NECO) 2024 PRACTICAL MANUAL.pptx
Practical manual for National Examination Council, Nigeria.
Contains guides on answering questions on the specimens provided
Benner "Expanding Pathways to Publishing Careers"
This presentation was provided by Rebecca Benner, Ph.D., of the American Society of Anesthesiologists, for the second session of NISO's 2024 Training Series "DEIA in the Scholarly Landscape." Session Two: 'Expanding Pathways to Publishing Careers,' was held June 13, 2024.
Bossa N’ Roll Records by Ismael Vazquez.
Bossa N Roll Records presentation by Izzy Vazquez for Music Retail and Distribution class at Full Sail University
Chapter wise All Notes of First year Basic Civil Engineering.pptx
Chapter wise All Notes of First year Basic Civil Engineering
Syllabus
Chapter-1
Introduction to objective, scope and outcome the subject
Chapter 2
Introduction: Scope and Specialization of Civil Engineering, Role of civil Engineer in Society, Impact of infrastructural development on economy of country.
Chapter 3
Surveying: Object Principles & Types of Surveying; Site Plans, Plans & Maps; Scales & Unit of different Measurements.
Linear Measurements: Instruments used. Linear Measurement by Tape, Ranging out Survey Lines and overcoming Obstructions; Measurements on sloping ground; Tape corrections, conventional symbols. Angular Measurements: Instruments used; Introduction to Compass Surveying, Bearings and Longitude & Latitude of a Line, Introduction to total station.
Levelling: Instrument used Object of levelling, Methods of levelling in brief, and Contour maps.
Chapter 4
Buildings: Selection of site for Buildings, Layout of Building Plan, Types of buildings, Plinth area, carpet area, floor space index, Introduction to building byelaws, concept of sun light & ventilation. Components of Buildings & their functions, Basic concept of R.C.C., Introduction to types of foundation
Chapter 5
Transportation: Introduction to Transportation Engineering; Traffic and Road Safety: Types and Characteristics of Various Modes of Transportation; Various Road Traffic Signs, Causes of Accidents and Road Safety Measures.
Chapter 6
Environmental Engineering: Environmental Pollution, Environmental Acts and Regulations, Functional Concepts of Ecology, Basics of Species, Biodiversity, Ecosystem, Hydrological Cycle; Chemical Cycles: Carbon, Nitrogen & Phosphorus; Energy Flow in Ecosystems.
Water Pollution: Water Quality standards, Introduction to Treatment & Disposal of Waste Water. Reuse and Saving of Water, Rain Water Harvesting. Solid Waste Management: Classification of Solid Waste, Collection, Transportation and Disposal of Solid. Recycling of Solid Waste: Energy Recovery, Sanitary Landfill, On-Site Sanitation. Air & Noise Pollution: Primary and Secondary air pollutants, Harmful effects of Air Pollution, Control of Air Pollution. . Noise Pollution Harmful Effects of noise pollution, control of noise pollution, Global warming & Climate Change, Ozone depletion, Greenhouse effect
Text Books:
1. Palancharmy, Basic Civil Engineering, McGraw Hill publishers.
2. Satheesh Gopi, Basic Civil Engineering, Pearson Publishers.
3. Ketki Rangwala Dalal, Essentials of Civil Engineering, Charotar Publishing House.
4. BCP, Surveying volume 1
skeleton System.pdf (skeleton system wow)
🔥🔥🔥🔥🔥🔥🔥🔥🔥
إضغ بين إيديكم من أقوى الملازم التي صممتها
ملزمة تشريح الجهاز الهيكلي (نظري 3)
💀💀💀💀💀💀💀💀💀💀
تتميز هذهِ الملزمة بعِدة مُميزات :
1- مُترجمة ترجمة تُناسب جميع المستويات
2- تحتوي على 78 رسم توضيحي لكل كلمة موجودة بالملزمة (لكل كلمة !!!!)
#فهم_ماكو_درخ
3- دقة الكتابة والصور عالية جداً جداً جداً
4- هُنالك بعض المعلومات تم توضيحها بشكل تفصيلي جداً (تُعتبر لدى الطالب أو الطالبة بإنها معلومات مُبهمة ومع ذلك تم توضيح هذهِ المعلومات المُبهمة بشكل تفصيلي جداً
5- الملزمة تشرح نفسها ب نفسها بس تكلك تعال اقراني
6- تحتوي الملزمة في اول سلايد على خارطة تتضمن جميع تفرُعات معلومات الجهاز الهيكلي المذكورة في هذهِ الملزمة
واخيراً هذهِ الملزمة حلالٌ عليكم وإتمنى منكم إن تدعولي بالخير والصحة والعافية فقط
كل التوفيق زملائي وزميلاتي ، زميلكم محمد الذهبي 💊💊
🔥🔥🔥🔥🔥🔥🔥🔥🔥
Recently uploaded (20)
Level 3 NCEA - NZ: A Nation In the Making 1872 - 1900 SML.ppt
Level 3 NCEA - NZ: A Nation In the Making 1872 - 1900 SML.ppt
Jemison, MacLaughlin, and Majumder "Broadening Pathways for Editors and Authors"
Jemison, MacLaughlin, and Majumder "Broadening Pathways for Editors and Authors"
RHEOLOGY Physical pharmaceutics-II notes for B.pharm 4th sem students
RHEOLOGY Physical pharmaceutics-II notes for B.pharm 4th sem students
Gender and Mental Health - Counselling and Family Therapy Applications and In...
Gender and Mental Health - Counselling and Family Therapy Applications and In...
Philippine Edukasyong Pantahanan at Pangkabuhayan (EPP) Curriculum
Philippine Edukasyong Pantahanan at Pangkabuhayan (EPP) Curriculum
Beyond Degrees - Empowering the Workforce in the Context of Skills-First.pptx
Beyond Degrees - Empowering the Workforce in the Context of Skills-First.pptx
BIOLOGY NATIONAL EXAMINATION COUNCIL (NECO) 2024 PRACTICAL MANUAL.pptx
BIOLOGY NATIONAL EXAMINATION COUNCIL (NECO) 2024 PRACTICAL MANUAL.pptx
Chapter wise All Notes of First year Basic Civil Engineering.pptx
Chapter wise All Notes of First year Basic Civil Engineering.pptx
Double entry
- 2. Debits and Credits 4-2 = + Debit Credit Debit Credit Debit Credit + - - + - + EquityAssets Liabilities Debit = Left Credit = Right Asset accounts increaseincrease on the left or debitdebit side and decreasedecrease on the right or creditcredit side. Liability accounts increaseincrease on the right or creditcredit side and decreasedecrease on the left or debitdebit side. Equity accounts increaseincrease on the right or creditcredit side and decreasedecrease on the left or debitdebit side. In every transaction, the total dollar value of all debits equals the total dollar value of all credits.
- 3. 4-3 LO 3 Record transactions in T-accounts.
- 4. 4-4 Event 3: On February 17, Collins Consultants purchased $850 of office supplies on account from Morris Supply Company on credit. 1. Increase assets (supplies). 2. Increase liabilities (accounts payable). Asset Source Transaction Assets = Liab. + Equity Revenue - Expenses = Net Income 850 = 850 + n/a n/a - n/a = n/a n/a Cash Flow = + Debit Credit Debit Credit + - - + 850 850 Assets Liabilities Equity Supplies Accounts Payable
- 5. 4-5 Event 9: On June 30, Collins purchased office equipment for $42,000 cash. 1. Increase assets (office equipment). 2. Decrease assets (cash). Asset Exchange Transaction = Liab. + Equity Revenue - Expenses = Net Income (42,000) + 42,000 = n/a + n/a n/a - n/a = n/a (42,000) IA Cash FlowAssets = + Debit Credit Debit Credit + - + - 42,000 42,000 Liabilities Equity Office Equipment Assets Cash
Editor's Notes
- Part I A T-account looks like the letter T drawn on a piece of paper. The account title is written across the top of the horizontal bar of the T. Part II The left side of any account is the debit side. Part III The right side of any account is the credit side.
- Part I In every transaction, the total dollar value of all debits equals the total dollar value of all credits. But, what do the terms debit and credit mean? Part II Debit means left and credit means right. That is all. Just as we have all agreed that a red light means stop and a green light means go, accountants have agreed to the use of these special terms to refer to different sides of an account. Part III Asset accounts increase on the left or debit side and decrease on the right or credit side. Part IV Liability accounts increase on the right or credit side and decrease on the left or debit side. This is just opposite of the way assets increase and decrease. Part V Like liability accounts, equity accounts also increase on the right or credit side and decrease on the left or debit side.
- Part I Event three: On February 17, Collins Consultants purchased eight hundred fifty dollars of office supplies on account from Morris Supply Company. Part II This transaction increases the supplies asset account and increases the accounts payable liability account. It is classified as an asset source transaction. Part III Here is the effect of this transaction on the financial statements model. Part IV Here is the illustration of the impact on the T-accounts.
- Part I Event nine: On June 30, Collins purchased office equipment for forty two thousand dollars cash. Part II This transaction increases the office equipment asset account and decreases the cash asset account. It is classified as an asset exchange transaction. Part III Here is the effect of this transaction on the financial statements model. Part IV Here is the illustration of the impact on the T-accounts.
- This chapter explained how to record transactions using double-entry accounting.