Chapter 2 Recording Business Transactions
Prof. Kwame Fosuhene
Learning Objectives What You Must Know:
Explain the double-entry accounting framework.
Describe the standard form of account.
Describe the T account.
Explain the rules of debit and cre
Data Entry Cells
Refer to the textbook for
Gene Hopkins, Drawing
Gene Hopkins, Capital
Type of Account
Chapter 1 The Nature of Accounting
Prof. Joseph Kwame Gyan
1. Define accounting and related terms.
2. Explain who uses accounting information.
3. Identify four forms of business organizations and three types of business operati
Pizza Company trades its used delivery cars for a new model at Hudson Toyota. The used cars have a
book value of $60,000 (original cost $140,000 less $80,000 accumulated depreciation). The new cars
have MSRP of $80,000. The fair value of the o