Week 4 Accounting I eSession - Accounting I eSession Mike...

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Accounting I eSession September 22, 2015 Mike Scheffler
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Week 4 Pace Chart Read and Complete "What to Do Week 4" Read Objectives 3 & 4 Review in your eText Example Exercise 1-2 Review in your eText Example Exercise 1-3 Complete Cengage Week 4 Formative
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Chapter 1 --- Objective #3 State the accounting equation and define each element of the equation.
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Accounting Equation o The resources owned by a business are its assets . o The rights of creditors are the debts of the business and are called liabilities . o The rights of the owners are called owner’s equity . o The equation Assets = Liabilities + Owner’s Equity is called the accounting equation .
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Rick’s Bridal Bakery
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Collaborative Activity Recorded eSession Viewer - Please click through to this link so you can participate too! Make a copy and see if you have different items than Ivy & Sam
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What’s Inside the Business? List everything you’d expect to be in this business - Ingredients to make the cakes The land and building of the actual bakery Chefs display cases knives chairs packaging and boxes Oven trucks Boss other utensils tables
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Accounting Equation Assets = Liabilities + Owner’s Equity All those items you shared are assets. They’re made up from two parts - Claims of the creditors (liabilities) Claims of the owner (owner’s equity)
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Chapter 1 --- Objective #4 Describe and illustrate how business transactions can be recorded in terms of the resulting change in the elements of the accounting equation.
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Business Transaction -- definition An economic event or condition that directly
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