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Financial Accounting Chapter 3

Financial Accounting Chapter 3 - -Only determines that...

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Financial Accounting Chapter 3: Internal Transactions: - Using supplies purchased and paid for last month - Earning revenues after cash is received in advance from customers Elements of the accounting equation are represented by accounts, which are contained in the general ledger Internal transaction: - Using supplies on hand Debit: - Represents the left side of the account Credit: - Represents the right side of the account Trial balance may not be free of errors because the trial balance:
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Unformatted text preview: -Only determines that debits equal credits Two basic components for calculating net income are:-Revenues-Expenses A company records the effects of transactions for a particular item in:-An account Dividends:-Represent the payment of cash to the stockholders of a company Normally have a debit balance on the trial balance:-Equipment-Dividends-Accounts receivable...
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