ACC 310F Chapters 3 and 4

ACC 310F Chapters 3 and 4 - The University of Texas at...

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The University of Texas at Austin McCombs School of Business, Business Foundations Program ACC 310F: Foundations of Accounting Class Notes – Chapters 3 and 4 Page 1
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Overview Bookkeeping is the means by which the financial statements actually get put together. In this section, you’ll learn how a company organizes and records information such that they can create financial statements. Transaction Analysis Model Accounting Cycle 1. Analyze and journalize transactions 2. Post to ledger (or “T”) accounts 3. Prepare unadjusted trial balance-skip 4. Journalize and post adjusting entries 5. Prepare adjusted trial balance-skip 6. Prepare financial statements 7. Journalize and post closing entries 8. Prepare a post-closing trial balance-skip Ledger Accounts (T-accounts) Debit / Credit Rules Debit for Credit for Debit for Credit for Debit for Credit for Increase Decrease Decrease Increase Decrease Increase Arrow Up: Revs-C, Exps-D, Owner invests-C, dividends-D Journal- Taylor Consulting Example (debit account goes first) Date Description Debit Credit 8/1 Cash LT-debt 5,000 5,000 Page 2
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This note was uploaded on 06/25/2011 for the course ACC 310F taught by Professor Verduzco during the Summer '07 term at University of Texas.

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ACC 310F Chapters 3 and 4 - The University of Texas at...

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