Slides3.1 - Double Entry Double System 3 DR CR Objectives Objectives At the end of the lesson students should be able to know what are Purchases Sales

Slides3.1 - Double Entry Double System 3 DR CR Objectives...

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Double Entry Double Entry System 3 System 3 DR CR
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Objectives Objectives At the end of the lesson, students should be able to : know what are Purchases, Sales, Returns Inwards and Returns Outwards. know what are Expense and Revenue items. know how to record them into Journals and post to the Ledger Accounts.
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Expenses and Revenues Expenses and Revenues
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Purchases: Purchase of goods for resale purpose. (Cost price) expense for the firm Sales: Sale of goods to customers. (Selling price) revenue for firm
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Expenses: Money that the firm spent in the process of operating the business to earn revenue. Rent Insurance Wages Advertising Transport Examples: Revenues: Items that generate profits and income for the firm. Rent Revenue Interest Revenue Commission Examples:
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EXPENSES DEBIT CREDIT CREDIT REVENUES DEBIT
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SO HOW DO YOU SO HOW DO YOU RECORD EXPENSES RECORD EXPENSES AND REVENUES? AND REVENUES?
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Debit Credit Date Particulars $ $ Double Entry a) John purchas ed goods at $6000 on credit a)
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  • Spring '12
  • Harry
  • Double-entry bookkeeping system, PCK Ltd

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