Table of Contents
Chapter 2 Measuring Business
Transactions
LEARNING OBJECTIVES
LEARNING OBJECTIVES (continued)
Measurement Issues
Measurement Issues
The Recognition Issue
The Valuation Issue
The Cost Principle
The Classification Issue
Discussion
Accounts and the Chart of
Accounts
Accounts
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The Chart of Accounts
Stockholdersí Equity
Accounts
Stockholdersí Equity
Accounts
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Account Titles
Discussion
The Double-Entry System: The Basic
Method of Accounting
The Double-Entry System
Features of the Double-Entry
System
The T Account
The T Account Illustrated
Analyzing and Processing
Transactions
Application of Debit/Credit Rules to
S/E
Arrangement of the Accounting
Equation
Steps in Analyzing and Processing
Transactions
Steps in Analyzing and Processing
Transactions (continued)
Steps in Analyzing and Processing
Transactions (continued)
Discussion
Transaction Analysis Illustrated
Joan Miller begins business.
Joan Miller begins business.
Rents an office, pays $800 rent in
advance.
Rents an office, pays $800 rent in
advance.
Purchases art equipment, $4,200,
with cash.
Purchases art equipment, $4,200,
with cash.
Purchases office equipment, $3,000,
pays $1,500 in cash and agrees to pay the rest next
month.
Purchases office equipment, $3,000,
pays $1,500 in cash and agrees to pay the rest next
month.
Purchases art supplies, $1,800, and
office supplies, $800, on credit.
Purchases art supplies, $1,800, and
office supplies, $800, on credit.
Pays for a one-year insurance policy
with cash.
Pays for a one-year insurance policy
with cash.
Pays $1,000 of amount owed to Taylor
Supply Co.
Pays $1,000 of amount owed to Taylor
Supply Co.
Collects a fee of $1,400 for placing
advertisements.
Collects a fee of $1,400 for placing
advertisements.
Pays the secretary two weeksí
wages, $600.
Pays the secretary two weeksí
wages, $600.
Accepts $1,000 for art work to be
done for another agency.
Accepts $1,000 for art work to be
done for another agency.
Performs a service for $2,800. Fee
to be collected next month.
Performs a service for $2,800. Fee
to be collected next month.
Pays the secretary two more
weeksí wages, $600.
Pays the secretary two more
weeksí wages, $600.
Receives and pays the utility bill,
$100.
Receives and pays the utility bill,
$100.
Receives (but does not pay)
telephone bill, $70.
Receives (but does not pay)
telephone bill, $70.
Declared and paid a dividend of
$1,400.
Declared and paid a dividend of
$1,400.
Discussion
The Trial Balance
The Trial Balance
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Discussion
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Author: Needles & Powers
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