Class Notes Chapter 3

Class Notes Chapter 3 - The University of Texas at Austin...

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The University of Texas at Austin McCombs School of Business, Business Foundations Program ACC 310F: Foundations of Accounting, Fall 2010 Class Notes – Chapter 3 and pages 90-94 of Chapter 4 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 Date Description Debit Credit Page 1
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Transaction Analysis 1. What accounts are involved? 2. What type of accounts are involved? 3. Is the account balance increasing or decreasing? 4. Should the account be debited or credited? 5. Record the entry and post Example Problem (from Chapters 1 and 2) Date Description Debit Credit Page 2
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Closing Entries Revenues Expenses Dividends Page 3
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Practice Problems
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This note was uploaded on 03/28/2012 for the course ACC 310F taught by Professor Verduzco during the Fall '07 term at University of Texas.

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Class Notes Chapter 3 - The University of Texas at Austin...

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