ACCT Chapter 2

ACCT Chapter 2 - Chapter 2 Analyzing and Recording...

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

View Full Document Right Arrow Icon
Chapter 2 Analyzing and Recording Transactions Account – a record of increases and decreases in a specific asset, liability, equity, revenue, or expense Asset Accounts = Liability Accounts + Equity Accounts Asset Accounts Cash Accounts Receivable Notes Receivable Supplies Prepaid Accounts = Prepaid Expenses = Asset Equipment Buildings Land Liability Accounts Accounts Payable Notes Payable Accrued Liabilities o Taxes Payable o Wages Payable o Rent Payable Unearned Revenue – opposite of prepaid expenses Equity Accounts Retained Earnings Dividends Expenses
Background image of page 1

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

View Full DocumentRight Arrow Icon
o Salary expense o Rent expense o Etc. Revenues o Sales Revenue o Fees Revenue o Etc. Common Stock Ledger – a complete collection of all accounts for an information system. A company’s size and diversity of operations affect the number of accounts needed. Chart of Accounts (Table of Contents to Ledger) – a list of all accounts that includes an identifying number for each account
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 4

ACCT Chapter 2 - Chapter 2 Analyzing and Recording...

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