TAILIEUCHUNG - Lecture College accounting (13/e): Chapter 3 - Price, Haddock, Farina

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

• Kế toán - Kiểm toán
• College accounting
• Lecture College accounting
• Financial statement
• Cost accounting
• Analyzing business transactions
• T accounts
• Job order cost accounting
• Accounting for sales
• Accounts receivable
• Accounting for purchases
• Accounts payable
• Closing procedures
• Accounting cycle
• Accounting principles
• Reporting standards
• Accounting for partnerships
• Allocating income
• Process cost accounting
• Process inventory
• Language of business
• Financial information
• Financial interest
• General ledger
• General journal
• The worksheet
• Trial balance
• Closing entries
• Postclosing trial balance
• Cash receipts
• Cash payments
• Payroll computations
• Payroll laws
• Payroll taxes
• Employee income tax
• Recording adjustments
• Uncollectible accounts
• Notes payable
• Notes receivable
• Merchandise inventory
• Inventory costing methods
• Disposition of assets
• Depreciation methods
• Capital stock transactions
• Capital stock
• Corporate earnings
• Capital transactions