Accounting Notes- Day 8

Accounting Notes- Day 8 - Posting-process of transferring...

Info icon This preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
ACCOUNTING 2000 9/12 Assets + exp + div = liab + CS + RE + Rev *AED=LRC “After eating dinner, let’s read comics” is a way to remember the equation 1. Sierra issued common stock in exchange for 10,000 cash Cash Common Stock DR CR DR CR 10,000 10,000 CLICKER: which of the following is a true statement? 1. Debits increase assets and revenues 2. Debits decrease assets and revenues 3. Credits decrease assets and increase revenues 4. Credits decrease assets and revenues Steps in recording process 1. Analyze 2. Enter 3. Transfer The Journal -recorded in chronological order -helps prevent or locate errors because debit should equal credit Ledger- contains entire group of accounts maintained by a company Chart of accounts- listing of accounts used by a company to record
Image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Posting-process of transferring Follow these steps: 1. Determine what type of account is involved 2. Determine what items increase or decrease and how much 3. Translate the increase and decrease into debits and credits Trial balance-list of accounts and balances at a given time-purpose is to prove that debits=credits CLICKER: tiger company provide consulting services on account for a client 1. Debit accounts receivable and credit service revenue 2. Debit service revenue and credit accounts receivable 3. Debit cash and credit accounts receivable 4. Debit accounts payable and credit service revenue *LOOK AT THE SLIDES POSTED ON MOODLE...
View Full Document

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern