Accounting+Ch+2

Accounting+Ch+2 - Chapter Two Processing Accounting I...

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Unformatted text preview: Chapter Two: Processing Accounting I nformation • The Account • Accounting for Business Transactions • Double-entry Accounting • Recording Transactions in the Journal • The Trial Balance Accounts • ________ are the main summary device of accounting • Accounts are in 3 broad types: ______________________________ Asset Accounts • Assets-economic ___________ that benefit a business and will continue to be _______ • Examples: Liability Accounts • Liabilities- _____ • Examples : – – – _______________- a liability for an expense that has not yet been paid (interest payable, salaries payable, income taxes payable) Equity Accounts • Stockholders’ Equity-the ______________ to the assets of a corporation • Examples: – – – – – Transactions • Business transactions are events that both affects the ____________ of a business entity and can be _______ ________ Are the following Accounting Transactions? • Purchase a computer • Hire an employee • Pay rent • I ssue stock to a friend • Answer the phone • Hear results of an election • Receive a supply order that you will be billed later for • Sell a product I t’s an Accounting Transaction...
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This note was uploaded on 03/27/2008 for the course ACCT 2000 taught by Professor Holmes during the Spring '08 term at LSU.

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Accounting+Ch+2 - Chapter Two Processing Accounting I...

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