Financial Accounting Recording Transactions.pdf - Third...

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Third group study session HBS, CORe Financial Accounting Recording Transactions Prepared by Kamal Ibrahim, Jan 25, 2021
Content Layout 1. Quick team introduction 2. Financial Accounting 1. Financial Statement Accounts 2. Debit and Credit 3. Journal Entries 4. T-Accounts 5. Journal Entries and the Equation
Quick team introduction
1. Name 2. Brief information Quick team introduction
Discuss Financial Accounting
Financial Statement Accounts When a transaction accrues it must be determined which specific account had been impacted and by how much and when?
Identifying Accounts (Chart of Accounts) Assets Liabilities Owners' Equity Revenues Expenses Cash Accounts Payable Common Stock Sales Cost of Goods Sold Accounts Receivable Interest Payable Capital Stock Sales Revenue Interest Expense Notes Receivable Notes Payable Additional Paid-In Capital Interest Revenue Rent expense Interest Receivable Current Portion of Notes Payable Preferred Stock Rent Revenue Office Supplies Expense Inventory Wages Payable Treasury Stock Miscellaneous Revenue Travel Expense Investments Taxes Payable Retained Earnings Other Revenue Research & Development (R&D) Expense Fixed Assets Accrued Interest Depreciation Expense Property, Plant, & Equipment (P,P,&E) Accrued Wages Wages expenses

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