Lesson01 2g
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The document discusses how business transactions affect the accounting equation. It provides 5 examples of common business transactions: 1) Receiving $5,000 cash from the owner as an investment. 2) Paying $275 in cash for supplies. 3) Paying $1,200 in cash for insurance. 4) Buying $500 of supplies on account from Supply Depot. 5) Paying $300 in cash to Supply Depot to pay down the account. The document aims to demonstrate how these transactions change the balance sheet through increases and decreases to assets, liabilities, and equity.
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The document provides instructions for journalizing three transactions:
1) Paid $1,200 cash for insurance on August 4 using Check No. 2.
2) Bought $500 of supplies from Supply Depot on account on August 7 per Memorandum No. 1.
3) Paid $300 cash to Supply Depot on account on August 11 using Check No. 3.
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This document discusses recording transactions in a general journal. It explains that a general journal is used to record transactions from source documents like checks, sales invoices, receipts, and memorandums. It provides examples of journal entries for receiving cash from the owner as an investment and paying cash for supplies, noting the steps to record the date, accounts debited/credited, amounts, and source document number. The document concludes with a terms review related to journalizing entries.
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Lesson01 2g
- 1. LESSON 1-2 How Business Activities Change the Accounting Equation
Editor's Notes
- LESSON 1-2 09/01/10