{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

ch02 - Chapter 2 The Recording Process Financial Accounting...

Info icon This preview shows pages 1–8. Sign up to view the full content.

View Full Document Right Arrow Icon
Chapter 2-1 The Recording Process Financial Accounting, Sixth Edition Chapter 2
Image of page 1

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

View Full Document Right Arrow Icon
Chapter 2-2 The Account Debits and credits Debit and credit procedure Stockholders’ equity relationships Expansion of basic equation Steps in the Recording Process The Recording Process Illustrated The Trial Balance Limitations of a trial balance Locating errors Use of dollar signs Summary illustration of journalizing and posting The Recording Process Journal Ledger
Image of page 2
Chapter 2-3 Account Name Debit / Dr. Credit / Cr. Record of increases and decreases in a specific asset, liability, equity, revenue, or expenseitem. Debit = “Left” Credit = “Right” Account Account An Account can be illustrated in a be illustrated in a T-Account form. T-Account form. SO 1 Explain what an account is and how it helps in the recording process. Explain what an account is and how it helps in the recording process. The Account The Account
Image of page 3

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

View Full Document Right Arrow Icon
Chapter 2-4 Double-entry Double-entry accounting system Each transaction must affect two or more accounts to keep the basic accounting equation in balance. Recording done by debiting at least one account and crediting another. DEBITS must equal must equal CREDITS . In the account form, we record the increases in assets as debits and the decreases in assets as credits SO 2 Define debits and credits and explain their use SO 2 Define debits and credits and explain their use in recording business transactions. in recording business transactions. Debits and Credits Debits and Credits
Image of page 4
Chapter 2-5 Account Name Debit / Dr. Credit / Cr. If Debits are greater than greater than Credits, the account will have a debit balance. $10,000 Transaction #2 $3,000 $15,000 $15,000 8,000 Transaction #3 Balance Transaction #1 Debits and Credits Debits and Credits SO 2 Define debits and credits and explain their use SO 2 Define debits and credits and explain their use in recording business transactions. in recording business transactions.
Image of page 5

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

View Full Document Right Arrow Icon
Chapter 2-6 Account Name Debit / Dr. Credit / Cr. If Credits are greater than greater than Debits, the account will have a credit balance. $10,000 Transaction #2 $3,000 Balance Transaction #1 Debits and Credits Debits and Credits SO 2 Define debits and credits and explain their use SO 2 Define debits and credits and explain their use in recording business transactions. in recording business transactions. $1,000 $1,000 8,000 Transaction #3
Image of page 6
Chapter 2-7 Assets - Debits should exceed credits. Liabilities – Credits should exceed debits. The normal balance is on the increase side. SO 2 Define debits and credits and explain their use SO 2 Define debits and credits and explain their use in recording business transactions. in recording business transactions. Assets and Liabilities Assets and Liabilities Chapter 3-23 Assets Assets Debit / Dr. Credit / Cr. Normal Balance Normal Balance Chapter 3-24 Liabilities Liabilities Debit / Dr. Credit / Cr.
Image of page 7

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

View Full Document Right Arrow Icon
Image of page 8
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern