acc 5010 notes - 9-14-10 ACC 5010 Entertainment Expense...

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9-14-10 ACC 5010Entertainment Expense 2,325Cash975AIP1,350Cash1,7MCommon Stock17 MCash10.60Sales revenue10.00Sales Tax payable.60Owner starts company Cash10,000Common Stock10,000Freezer 2,000Cash2,000Tools1,000Unearned Revenue1,000^^^^^Has a friend that owns a hardware store, friend says hey daughter getting married I give tools you make ice sculpture for weddingA/R2,000Service Revenue2,000Different 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 placeTransportation expense100Cash100Process from account cycle goes from transaction to posting these things to certain accounts. Each account has its own record attached to itPost 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
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Term
Spring
Professor
bob
Tags
Income Statement, Revenue, Trial Balance, Double entry bookkeeping system

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