Chap1MAF3ePartII

Chap1MAF3ePartII - Financial and Managerial Accounting Chapter 1 – Part II McGraw-Hill/Irwin Assets Liabilities& Equity Accounting Equation

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Unformatted text preview: Financial and Managerial Accounting Chapter 1 – Part II McGraw-Hill/Irwin Assets Liabilities & Equity Accounting Equation Liabilities Equity Assets = + 1-2 Land Equipment Buildings Cash Vehicles Store Supplies Notes Receivable Accounts Receivable Resources owned or controlled by a company Assets 1-3 Taxes Payable Wages Payable Notes Payable Accounts Payable Creditors’ claims on assets Liabilities 1-4 Owner’s claim on assets Dividends Contributed Capital Retained Earnings Equity 1-5 Liabilities Equity Assets = + Expanded Accounting Equation Revenues Expenses Common Stock Dividends _ + _ Retained Earnings Liabilities Equity Assets = + 1-6 Transaction Analysis J. Scott invests $20,000 cash to start the business in return for stock. 1-7 Transaction Analysis Purchased supplies paying $1,000 cash. 1-8 Transaction Analysis Purchased equipment for $15,000 cash . 1-9 Transaction Analysis Purchased Supplies of $200 and Equipment of $1,000 on account....
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This note was uploaded on 10/13/2009 for the course ACC 201 taught by Professor Fielder during the Fall '08 term at Syracuse.

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Chap1MAF3ePartII - Financial and Managerial Accounting Chapter 1 – Part II McGraw-Hill/Irwin Assets Liabilities& Equity Accounting Equation

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