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Accounting 1,Chapter 1 "Mini study tips"

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by: JayahMarshall

Accounting 1,Chapter 1 "Mini study tips" ACC 03210

Marketplace > Rowan University > Accounting > ACC 03210 > Accounting 1 Chapter 1 Mini study tips
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About this Document

A general sheet of basic transactions and knowing how things are said and which accounts are affected.
Principles of Accounting 1
Diane Hughes
Study Guide
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"Great notes!!! Thanks so much for doing this..."
Norval Rogahn

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This 2 page Study Guide was uploaded by JayahMarshall on Saturday January 23, 2016. The Study Guide belongs to ACC 03210 at Rowan University taught by Diane Hughes in Spring 2016. Since its upload, it has received 51 views. For similar materials see Principles of Accounting 1 in Accounting at Rowan University.


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Star Star Star Star Star

Great notes!!! Thanks so much for doing this...

-Norval Rogahn


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Date Created: 01/23/16
Basic Transaction Analysis:  ­Helpful hints regarding tBasic Accounting Equation  Note: “accounting language” varies in certain problems, here are just the foundations.    1. An Investment by an Owner: ​  Asset    =    Liabilities +    Owner’s Equity            (+cash)                             (+Owner’s Capital)  ­the increase on both sides because the owner is adding money to the business (cash) and also  making the owner’s capital increase​ quation balanced         2Purchased Supplies for cash​ :  Asset    =    Liabilities +    Owner’s Equity         (+supplies)            (­cash)  ­the increase and decrease on the asset side because the company is buying supplies,  increasing the supply asset and decreasing of cas equation balanced         Purchased Equipment for cash: ​  Asset    =    Liabilities +    Owner’s Equity       (+equipment)           (­cash)  ­the increase and decrease on the asset side again because the company is buying equipment,  increasing the equipment and decreasing of cash.​quation balanced         ​.eceipt of cash from account receivable  (a customer paying on their accounts):  Asset    =    Liabilities +    Owner’s Equity             (+cash)  (­accounts receivable)  ­the increase and decrease on the asset side because a customer is paying from what they owe  the company, increasing the cash and decreasing the money they owe. e​quation balanced          A Payment of accounts payable:   Asset    =    Liabilities     +    Owner’s Equity            (­cash)    (­accounts payable)  ­the decrease on both sides because the company is paying off a payment the owe, decrease in  cash and decrease the amount in accounts payable. equation balanced         Withdrawal of cash by owner: ​  Asset    =    Liabilities +    Owner’s Equity            (­cash)                             ­(+owner’s withdrawals)  ­the decrease on both sides because the owner is withdrawing from cash and infact it is  increasing the owner’s withdrawals but it is decreasing the owner’s equity as a whequation  balanced      7.Purchased Supplies on credit​ :  Asset    =    Liabilities     +      Owner’s Equity         (+supplies)  (+accounts payable)  ­the increase on both sides because the company is buying the supplies and that increases the  accounts payable. e ​quation balanced        8Provided Services and facilities on credit:  Asset    =      Liabilities +    Owner’s Equity   (+accounts receivable)               (+service revenue)  ­the increase on both sides because the company performed a service which makes it increase  and increases the accounts receivable because it is on credit. ​ equation balanced        9Provided Service fees for cash​ :  Asset    =    Liabilities +    Owner’s Equity          (+cash)                                (+service revenue)  ­the increase on both sides because the company performed a service and gained that cash.  equation balance       10.Paid off an Expense in cash: ​  Asset    =    Liabilities +    Owner’s Equity            (­cash)                              ­(+expense)  ­the decrease on both sides because the company paid for an a certain expense, decreasing  the cash and increasing the expense but like the owner’s withdrawals, expenses also decrease  the owner’s equity as a whole. ​equation balanced      ● Remember:  Each transaction affects at least 2 accounts. 


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