Accounting Notes- Day 4

Accounting Notes- Day 4 - ACCOUNTING 2000 8/31 Balance...

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ACCOUNTING 2000 8/31 Balance Sheet Review: Long-term investments- not currently being used in your business Property, plant, equipment- assets that depreciate (spread cost over a time period) Accumulated depreciation - subtract from the balance sheet “Payable” means that I owe something “Receivable” means that I receive something, assets New Material: Current Liabilities : -obligations to pay during the coming year -usually list notes payable first, followed by accounts payable -for account payable, you have 30 days to pay Long-term liabilities: -obligations to pay after a year Stockholder’s Equity: Common Stock- investments of assets into the business by stockholders Retained earnings-income retained Practice Problem: for the list below, state what type it is and which sheet you would find it on… 1. Salaries and wages payable- Liability, Balance sheet 2. Salaries and wages expense- Expense, Income Statement 3. Supplies expense- Expense, Income Statement 4. Equipment- Asset, Property/Plant/Equipment
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Accounting Notes- Day 4 - ACCOUNTING 2000 8/31 Balance...

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