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Chapter 3 - Analyzing business transactions using T accounts. After reading this chapter, you should be able to: Set up T accounts for assets, liabilities, and owner's equity; analyze business transactions and enter them in the accounts; determine the balance of an account; set up T accounts for revenue and expenses; | 1- McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. Analyzing Business Transactions Using T Accounts Section 1: Transactions That Affect Assets, Liabilities, and Owner’s Equity Chapter 3 Section Objectives Set up T accounts for assets, liabilities, and owner’s equity. Analyze business transactions and enter them in the accounts. 3. Determine the balance of an account. The Accounting Equation ASSETS The property a business owns LIABILITIES The debts of the business OWNER’S EQUITY The owner’s financial interest in the business = + T Accounts = + ASSETS + Record Increases LEFT SIDE - Record Decreases RIGHT SIDE LIABILITIES - Record Decreases LEFT SIDE + Record Increases RIGHT SIDE OWNER’S EQUITY - Record Decreases LEFT SIDE + Record Increases RIGHT SIDE Set up T accounts for assets, liabilities and owner’s equity Objective 1 Effects of Business Transactions Analyze the financial event. Steps to analyze the effects of the business | 1- McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. Analyzing Business Transactions Using T Accounts Section 1: Transactions That Affect Assets, Liabilities, and Owner’s Equity Chapter 3 Section Objectives Set up T accounts for assets, liabilities, and owner’s equity. Analyze business transactions and enter them in the accounts. 3. Determine the balance of an account. The Accounting Equation ASSETS The property a business owns LIABILITIES The debts of the business OWNER’S EQUITY The owner’s financial interest in the business = + T Accounts = + ASSETS + Record Increases LEFT SIDE - Record Decreases RIGHT SIDE LIABILITIES - Record Decreases LEFT SIDE + Record Increases RIGHT SIDE OWNER’S EQUITY - Record Decreases LEFT SIDE + Record Increases RIGHT SIDE Set up T accounts for assets, liabilities and owner’s equity Objective 1 Effects of Business Transactions Analyze the financial event. Steps to analyze the effects of the business transactions: Apply the left-side-right side rules for each account affected. Make the entry in T-account form. Identify the accounts affected. Classify the accounts affected. Determine the amount of increase or decrease for each account. Objective 2 Analyze business transactions and enter them in the accounts Determine the balance of an account Objective 3 An account balance is the difference between the amounts recorded on the two sides of an account. A footing is a small pencil figure written at the base of an amount column showing the sum of the entries in the column. the total of those entries is the account balance. an account contains entries on only one side, that amount is the balance. an account shows only one amount, the balance is recorded on the left side. the total on the left side is larger, the balance is recorded on the right side. the total on the right side is larger than the total on the left side, Recording Account Balances IF THEN Account balances for Carter .
