Web Chapter 2 - 1. Purchased equipment for $15,000 cash 1....

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Analyzing and Recording  Analyzing and Recording  Transactions Transactions Chapter 2 Chapter 2 NOTE: Focus on pages 46-62 NOTE: Focus on pages 46-62
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Analyzing and Recording Process Analyzing and Recording Process 1. Analyze each transaction 2. Record transaction in a journal 3. Post journal information to ledger (or T) accounts 4. Prepare and analyze the trial balance 5. Prepare financial statements
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Transaction Analysis Transaction Analysis 1. J. Scott invests $20,000 cash to start the business. 1. Purchased supplies paying $1,000 cash.
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Unformatted text preview: 1. Purchased equipment for $15,000 cash 1. Purchased Supplies of $200 and Equipment of $1,000 on account. 1. Borrowed $4,000 from 1st American Bank. 1. Provided consulting services receiving $3,000 cash. 1. Paid salaries of $800 to employees. 1. A withdrawal of $500 is made by the owner. ASSETS EQUITY LIABILITIES = + Debits and Credits Cash Account Payable Supplies Ledger Accounts Note Payable Equipment Owner Withdrawals Revenue Salaries Expense Ledger Accounts Owner Capital...
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This note was uploaded on 04/12/2009 for the course ACC 310F taught by Professor Verduzco during the Fall '07 term at University of Texas at Austin.

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Web Chapter 2 - 1. Purchased equipment for $15,000 cash 1....

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