Chapter2 -Power point-classnotes

Chapter2 -Power point-classnotes - CHAPTER 2 Analyzing and...

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Analyzing and Recording Transactions C H A P T E R 2
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Analyze each transaction and event from source documents Analyzing and Recording Process Record relevant transactions and events in a journal Prepare and analyze the trial balance Post journal information to ledger accounts
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Sales Tickets Bank Statements Purchase Orders Checks Source Documents Bills from Suppliers Employee Earnings Records
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An account is a record of increases and decreases in a specific asset, liability, equity, revenue, or expense item. The Account and its Analysis Assets = Liabilities + Equity “ACCOUNT”
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Assets Accounts Assets Accounts Assets Accounts = Types of Accounts + Liability Accounts Liability Accounts Liability Accounts Equity Accounts Equity Accounts Equity Accounts
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Land Equipment Buildings Cash Notes Receivabl e Supplies Accounts Receivable Asset Accounts Asset Accounts Resources owned by a company
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Notes Payable Accounts Payable Liability Accounts Liability Accounts Obligations owed by a company
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Equity Accounts Revenues Common Stock Dividends Expenses Equity Accounts Owner’s interest in assets after liabilities are paid Retained Earnings
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Equity Effects of Equity Accounts Common Stock Dividends Revenues Expenses
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Ledger and Chart of Accounts
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