Accounting Book - One of the great difficulties which beset...

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One of the great difficulties which beset the teacher of Accounting, lies in the proper definition and enforcement of the terms “Debit and Credit.” So thoroughly is this fact appreciated, that ambitious authors have been induced to prepare entire treatises on the science, claiming, as an apology for their appearance, the discovery of some “infallible rule” for journalizing, which, in the author’s opinion, would entirely revolutionize the labor and processes of instruction, and open up to all future generations the grand highway of “Book- keeping-made-easy.” The anxious student is assured that the whole matter turns upon the simple facts of owing and being . “Thus”, says the author, “every debit owes you, and you owe every credit ;” and from these premises is deduced the infallible and homogeneous corollary, “Debit what owes you, and Credit what you owe.” Another class of authors rush to the opposite extreme, basing the whole theory of debits and credits upon their utter lack of theory, announcing, at the very threshold, that “the items of which debits and credits are composed form a list of incongruous facts having no object in common.” And yet, these very authors, widely as they differ in the lease as to the truths themselves, when applied to the purposed of obtaining grand result of any series or combination of transactions involving financial interests. Bryant, H.B., Stratton, H. D., and Packard, S. S, Bryant and Stratton’s Common School Bookkeeping. New York: Ivision, Blakeman, Taylor and Company, 1861
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INDEX Page 1 Accounting Study Habits 2 Accounting Rule Sheet 3 Step by Step System to Analyze Business Transactions a. Illustration Number 1 b. Illustration Number 2 4 Placing Entries into a General Journal 5 Posting A. Posting of the General Journal to Ledger T Accounts 6 The Three Main Financial Statements 7 Five Basic types of Adjustments 8 The Worksheet 9-10 The B E E Method of Adjusting Merchandise Inventory 11 Closing Entries 12 Key to Cost of Merchandise (Goods) Section of Multi-Step Income Statement 13 Example Multi-Step Income Statement 14 Adjustments – Step by Step Procedure A. Illustration 1 B. Illustration 2 C. Illustration 3 D. Illustration 4 15 Steps in Discounting a Note Receivable with Illustration 16 Bank Reconciliation 17 Retail Method of Estimating Inventory 18 Gross Profit Method of Estimating Inventory
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19 Suggested Procedure for Sale of Equipment and Trade-In of Equipment 20 How to Determine Earnings Per Share on Common Stock 21 Procedure for Determining Book Value (Equity Value) Per Share 22 Sample Entries for the Sale of Stocks that have Par Value 23 Bonds Issued by Corporations 24 Ratio Analysis SAMPLE PROBLEMS: 1. Alberta Jenkins – Journalizing, Posting and Trial Balance 2. Sam Spade Company – Ratio Analysis with Summary of Financial Ratio Analysis and Blank Form EXTRA PROBLEMS: 1. Journalizing Problem 2. Income Statement, Statement of Owner’s Equity, Balance Sheet Problem 3. Adjustment Problem 4. Note Receivable Problems 5. Inventory Problem 6. Bank Reconciliation Problem 7. Earnings (Net Income) Before (Bond) Interest and Taxes (EBIT)
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This note was uploaded on 10/21/2010 for the course BUSINESS ACC-101 taught by Professor Brooker during the Spring '10 term at Bunker Hill.

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Accounting Book - One of the great difficulties which beset...

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