Class Notes Chapters 3 and 4

Class Notes 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 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 4. Journalize and post adjusting entries 5. Prepare adjusted trial balance 6. Prepare financial statements 7. Journalize and post closing entries 8. Prepare a post-closing trial balance Ledger Accounts (T-accounts) Debit / Credit Rules Journal Page 1
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1. What accounts are involved? 2. What type of accounts are involved? 3. Is the account balance increasing or decreasing? 4.
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Class Notes Chapters 3 and 4 - The University of Texas at...

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