acc 5010 notes - ACC 5010 Entertainment Expense Cash AIP...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: 9-14-10 ACC 5010 Entertainment Expense Cash AIP 2,325 975 1,350 Cash Common Stock 1,7M 17 M Cash Sales revenue Sales Tax payable 10.60 10.00 .60 Owner starts company Cash 10,000 10,000 2,000 2,000 1,000 1,000 Common Stock Freezer Cash Tools Unearned Revenue ^^^^^Has a friend that owns a hardware store, friend says hey daughter getting married I give tools you make ice sculpture for wedding A/R Service Revenue 2,000 2,000 Different wedding, he gives the customer a tangible good but the good comes from a service rather than a sale. He has to pay a local company to truck him over to place Transportation expense Cash 100 100 Process from account cycle goes from transaction to posting these things to certain accounts. Each account has its own record attached to it Post the transactions to T account. Next up the trial balance, not a finance statement, not a balance sheet. Balance sheet is part of fianncal statements, trail balance internal document. Trial balance shows that Debits= Credits, Balance Sheet shows that Assets equal Liabilities+ Owners Equity. Trial Balance Cash Tools Freezer A/R 7,900 1,000 2,000 2,000 1,000 10,000 2,000 Unearned Revenue Common Stock Service Revenue Transport expense 100 13,000 13,000 Journal entries are posted to each appropriate account, one adds all these up and post on the trial balance. Problems can result if journal entries are not posted or posted on the wrong side, stuff can be added up wrong. Pg.114 book Trial Balance that does not balance Cash A/R Supplies Equipment Unearned Revenue 3,231 800 3,800 1,200 2,870 A/P C/S RE Service Revenue Wage Expense Office Expense 3,400 900 2,666 6,000 3000 2,380 Supplies are consumable things you use in a business not long term things like printers, that would be equipment. 65 dollars were put into cash, the expense was a 65 dollar phone bill. One needs to credit 130 for cash. Chapter 4 ...
View Full Document

This note was uploaded on 10/03/2010 for the course ACCOUNTING Finance 23 taught by Professor Bob during the Spring '10 term at Wayne State University.

Page1 / 3

acc 5010 notes - ACC 5010 Entertainment Expense Cash AIP...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online