ch03 - Analyzing and Recording Transactions C H A P T E R 3...

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Analyzing and Recording Transactions C H A P T E R  3
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Learning Objectives 1. Explain the accounting cycle. 2. Describe an account, its use, and its relationship to the ledger. 3. Define debits and credits and explain their role in double-entry accounting. 4. Describe a chart of accounts and its relationship to the ledger.
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Learning Objectives 1. Analyze the impact of transactions on accounts. 2. Record transactions in a journal and post entries to a ledger. 3. Prepare and explain the use of a trial balance. 4. Assignments: 1.Pr3-1A,pg124 2.Pr3-6A,pg126 3.Pr3-9A,pg127
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The Accounting Cycle A=L+OE Capital-Draw+Revenue-Expenses Analyze Transactions Source Documents Journalize General Journal Classify Analyze Post General Ledger Summarizes Prepare Statements 1.I/S,2.O/E,3.B/S Closing Entries Chapter 5 Prepare post-closing trial balance Adjusting Entries Chapter 4 Prepare unadjusted trial balance Prepare adjusted trial balance 2 3 4 5 6 7 8 9 1
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The Account A detailed record of increases and decreases in a specific asset, liability, or equity item. Liabilities Owes Equity Left Over Assets Owns = + Examples: Cash Accounts Payable Owner, Capital Accounts Receivable Notes Payable Owner, Withdrawals Supplies Unearned Revenues Service Revenue Furniture Vehicles Rent Expense Salary Expense
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A record containing all accounts used by a business. May be computerized or maintained manually. Each company has its own unique set of accounts. The General Ledger
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The T-Account Debit balance Credit balance Account Title (Left side)/Debit (Right side)/Credit Represents an account in the ledger. Learning tool.
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This note was uploaded on 08/22/2009 for the course ACCT 1101 taught by Professor Davescott during the Fall '05 term at Niagara College.

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ch03 - Analyzing and Recording Transactions C H A P T E R 3...

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