PowerPoint 2

PowerPoint 2 - Transactions are - Exchanges of resources...

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Transactions are -- Exchanges of resources between suppliers and customers done on an objective basis that benefits both parties involved. Must be recorded because they affect account balances.
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The Double Entry Concept Each transaction must affect at least two account balances. The accounting equation must stay in balance at all times.
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Tranzania Company Assets = Liabilities + Owner’s Equity + Revenues - Expenses $16,000 $14,000 Office Accounts Computer Payable -$2,000 Cash
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Tanzania Company Date Debit Credit 17 Jan 2010 Office Computer $16,000 Cash $2,000 Notes Payable $14,000 (Purchased Office Computer on account, Receipt #126)
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The Accounting Cycle A sequence of steps accountants perform each accounting period to provide information to about business organizations to interested parties. See page 2 of Handout 2.0. The focus of the accounting cycle is the preparation of financial statement.
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A journal is a place to record Biz events. See page 3 of HO
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PowerPoint 2 - Transactions are - Exchanges of resources...

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