FinancialAccounting_ - ORIE 3150 Lecture#3 September 1 2011 PepsiCo On Campus Recruiting Full-Time Positions and 2012 Summer Internship Programs

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ORIE 3150 Lecture #3 September 1, 2011
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PepsiCo Information Session  Wednesday, September 21, 2011 6:00 – 7:00 pm Upson Lounge PepsiCo On Campus Recruiting Full-Time Positions and 2012 Summer Internship Programs Targeting Information Technology and Computer Science Related Majors Check Cornell CareerNet for job postings + Networking Opportunity with PepsiCo Associates in Upson Lounge after the presentation. Talk about ORIE 3150 with Christine Kelly ORIE ’10 !
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FSAE Information Sessions are in the Upson Hall Lounge.
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Transactions A business transaction is an economic event that affects the financial position of a business. It may or it may not involve an exchange (like money changing hands, etc.). We only create an accounting record of the event if it is a business transaction.
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Which of the following are business transactions? Ziskey Corp. buys a new air compressor on account (they charge it, no cash changes hands). Winger Corp. lowers the price of all items it sells by 10%. Reitman Corp. records depreciation expense for a delivery truck.
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Business transactions are recorded in such a way that the accounting equation is always in balance. Example #1: You run a software company, and you sell some software to a customer for $20,000 cash. A = L + SE +20,000 +20,000 [cash] [sales revenue]
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Example #2: You hire a janitorial service to clean the building, and pay cash. A = L + SE (500) (500) [cash] [maint. expense] Note how the negative number is written using parentheses, a common accounting convention.
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You hire a janitorial service to clean the building, and ask the service to bill you later. A
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This note was uploaded on 09/30/2011 for the course ORIE 3150 at Cornell University (Engineering School).

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FinancialAccounting_ - ORIE 3150 Lecture#3 September 1 2011 PepsiCo On Campus Recruiting Full-Time Positions and 2012 Summer Internship Programs

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