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25 - • Inventory Products held for sale • Prepaid...

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Transactions Any event that impacts the financial position of a business Can be measured reliably Two sides: Business gives something Business receives something Accounting records both sides of a transaction The Account Record of all changes in a particular asset, liability or equity Remember the accounting equation Assets = Liabilities + Owner’s Equity Common Asset Accounts Cash Bank accounts, cash on hand Accounts Receivable Customer promise to pay for goods or services provided Represents future collection of cash Notes receivable Written promise to pay Bear interest Common Asset Accounts
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Unformatted text preview: • Inventory Products held for sale • Prepaid expenses Expenses paid for in advance Provide future benefit Includes prepaid rent, prepaid insurance and supplies • Land Common Asset Accounts • Buildings • Equipment • Furniture and Fixtures • Common Liability Accounts • Accounts payable Company’s promise to pay for goods or services received • Notes payable Signed agreements to pay Include interest • Accrued liabilities Expenses that have not been paid Include interest payable and salaries payable...
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