Web Chapter 2 - Analyzing and Recording Transactions...

Info iconThis preview shows pages 1–5. Sign up to view the full content.

View Full Document Right Arrow Icon
Analyzing and Recording  Analyzing and Recording  Transactions Transactions Chapter 2 Chapter 2
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Transaction Analysis Transaction Analysis Scott Company Statement of Owner's Equity For Month Ended December 31, 2007 Capital, December 1, 2007 - $ Plus: Investments by Owner 20,000 $ Net Income 2,200 22,200 22,200 Less: Withdrawals by owner 500 Capital, December 31, 2007 21,700 $
Background image of page 2
Transaction Analysis Transaction Analysis 1. J. Scott invests $20,000 cash to start the business. 1. Purchased supplies paying $1,000 cash. 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.
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Analyzing and Recording Process Analyzing and Recording Process 1. Analyze each transaction and event from  source documents Apply double-entry accounting 2. Record relevant transactions and events in a 
Background image of page 4
Image of page 5
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 25

Web Chapter 2 - Analyzing and Recording Transactions...

This preview shows document pages 1 - 5. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online