TAILIEUCHUNG - Lecture Accounting fundamentas (7e): Chapter 3 - Curran

Chapter 3 - Asset, liability, and owner’s equity accounts. After completing this chapter, students will be able to: Set up T accounts; enter opening balances in T accounts; record debits and credits in asset, liability, and owner’s equity accounts; foot and balance the accounts; prove the fundamental accounting equation. | CHAPTER THREE ASSET, LIABILITY, AND OWNER’S EQUITY ACCOUNTS 1. Set up T accounts. 2. Enter opening balances in T accounts. 3. Record debits and credits in asset, liability, and owner’s equity accounts. 4. Foot and balance the accounts. 5. Prove the fundamental accounting equation. ASSET, LIABILITY, AND OWNER’S EQUITY ACCOUNTS Objectives: 3- The Form of Accounts The simplest form of an account looks like the letter “T” and is therefore called a T account. The left side is the debit side. The right side is the credit side. 3- Opening Accounts for the Balance Sheet Items For assets, the beginning balance is on the left side, or debit side. For liabilities and owner’s equity, the beginning balances are on the right hand side, or credit side. 3- Recording Changes in Accounts For asset accounts, increases are entered on the debit side. Decreases are entered on the credit side. For liabilities and owner’s equity accounts, increases are entered on the credit side.

• Kế toán - Kiểm toán
• Accounting fundamentas
• Lecture Accounting fundamentas
• Nguyên lý kế toán
• Owner’s equity accounts
• Form of accounts
• Account balances
• Trial balance
• Accounting errors
• Accounting terminology
• Accounting for purchases
• Purchases discounts
• Freight in
• Accounting equation
• Balance sheet
• Principles of accounting
• Analyze business transactions
• Net income
• The worksheet
• Financial statements
• Business transactions
• Closing the ledger
• Closing entries
• Postclosing trial balance
• Accounting cycle
• Accounting for sales
• Sales discounts
• Sales returns
• Purchases journal
• Recording transactions
• Worksheet adjustments
• Uncollectible accounts
• Expense accounts
• Recording revenue
• Transaction analysis
• Income statement
• General journal
• Chart of accounts
• Business’s transactions
• General ledger
• Posting reference
• Correcting errors
• Merchandising businesses
• Charge account
• Cash discount
• Unpaid invoice file
• Purchases returns
• The sales journal
• Special journal
• Cash receipts journal
• Memorandum entry
• Cash payments journal
• Cash purchases
• Accounts receivable ledger
• Accounts receivable
• Statement of account
• Accounts payable ledger
• Schedule of accounts payable
• Notes payable
• Goods sold
• Cost of goods sold
• Ten column worksheet
• Classified balance sheet
• Adjusting entries
• Banking procedures
• Deposit slips
• Check stubs