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 ts an Accounting Transaction...
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Accounting+Ch+2 - Chapter Two: Processing Accounting I...

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