Chap1Part2MAF

Chap1Part2MAF - Chapter 1: Part II Transactions, the...

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Chapter 1: Part II Transactions, the Accounting Equation and Financial Statements
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Assets Liabilities Accounting Equation Liabilities Equity Assets = +
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Land Equipment Buildings Cash Vehicles Store Supplies Notes Receivable Accounts Receivable Resources owned or controlled by a company Assets
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Taxes Payable Wages Payable Notes Payable Accounts Payable Creditors’ claims on assets Liabilities
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Owner’s claim on assets Dividends Contributed Capital Retained Earnings Equity
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Liabilities Equity Assets = + Expanded Accounting Equation Revenues Expenses Common Stock Dividends _ + _ Retained Earnings Liabilities Equity Assets = +
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Transaction Analysis Equation The accounting equation MUST remain in balance after each transaction. Liabilities Equity Assets = +
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Transaction Analysis J. Scott invests $20,000 cash to start the business in exchange for stock.
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Transaction Analysis The accounts involved are: (1) Cash (asset) (2) Common Stock (equity) J. Scott invests $20,000 cash to start the business in exchange for stock.
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Transaction Analysis J. Scott invests $20,000 cash to start the business in return for stock.
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Transaction Analysis Purchased supplies paying $1,000 cash.
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The accounts involved are: (1) Cash (asset) (2) Supplies (asset) Transaction Analysis Purchased supplies paying $1,000 cash.
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Transaction Analysis Purchased supplies paying $1,000 cash.
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Transaction Analysis Purchased equipment for $15,000 cash.
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The accounts involved are: (1) Cash (asset) (2) Equipment (asset) Transaction Analysis Purchased equipment for $15,000 cash.
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Transaction Analysis Purchased equipment for $15,000 cash .
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Transaction Analysis Purchased Supplies of $200 and Equipment of $1,000 on account.
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This note was uploaded on 04/17/2008 for the course ACC 201 taught by Professor Fielder during the Spring '08 term at Syracuse.

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Chap1Part2MAF - Chapter 1: Part II Transactions, the...

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