ACCT-2001-AUG.-31-SEPT.-4 - 3. Post Journal Entry to the...

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(1.)Assets = (2.) Liabilities + (3.) Equity -- “T” Charts in notebook! Do NOT get into “Good vs. Bad”! Debit means “left side” and Credit means “right side” Assets- Future Value or Expense- Value has expired NOTES IN NOTEBOOK, TRANSFER!! I. Accounting Cycle 1. Transaction takes place (economic event) 2. Record a Journal Entry in the General Journal a. General Journal- A place where every transaction is recorded, lists entry chronologically (Date, Account Name(list what was involved))
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Unformatted text preview: 3. Post Journal Entry to the specific Account Ledgers a. Each account has own separate Account Ledger (T) GOLDEN RULES: 1. A = L +E 2. Debits = Credits EXAMPLE: (example 1 in notebook) Transaction: Sold $10,000 stock 1. Which accounts are included (type)? 2. Is an increase of decrease in that account? Cash (acct.) = Debit up Common Stock (equity) = Credit up...
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This note was uploaded on 01/16/2012 for the course ACCT 2001 taught by Professor Lowe during the Fall '08 term at LSU.

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