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Drexel - ACCT 115 - Winter 2019 - ACCT 115 week 1 notes - Class Notes

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Drexel - ACCT 115 - Winter 2019 - ACCT 115 week 1 notes - Class Notes

School: Drexel University
Department: Accounting
Course: Fin Accounting Foundations
Professor: Stacykline
Term: Winter 2019
Tags: Accounting
Name: ACCT 115 week 1 notes
Description: Class 2 notes
Uploaded: 01/14/2019
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background image Class notes for ACCT 115 (Week 1 Class 2) Yellow: major topics of the class Blue: important points to remember Green: notes that professor has mentioned for several times or used many examples  to explain in class Purple: very important points!!! Chapter 3: Accounting Equation & Debit/Credit Rule 1. Accounting Equation: Assets = Liabilities + Owners’ Equity 2. Income Statement includes: Revenue: repair/service revenue Expenses: operating expenses Net income Through Retained Earnings account on Balance Sheet: Revenue increases owner’s equity Expenses decrease owner’s equity Today’s main content: Accounting Equation & Debit/Credit Rule 1. Accounting Equation Rules: Every transaction affects at least two accounts The accounting equation must remain in balance after each transaction 2. T-account:  Account Name
Debit (left)
+
Credit
(right)
-
+ (positive) : increase balance
- (negative) : decrease balance
Every element in Balance Sheet and Income Statement has its own T-account 3. Debit/Credit Rules: A) Balance Sheet: Assets
Debit (left)
+
Credit
(right)
-
Liabilities
Debit (left)
-
Credit
(right)
+

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School: Drexel University
Department: Accounting
Course: Fin Accounting Foundations
Professor: Stacykline
Term: Winter 2019
Tags: Accounting
Name: ACCT 115 week 1 notes
Description: Class 2 notes
Uploaded: 01/14/2019
2 Pages 50 Views 40 Unlocks
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  • 24/7 Homework help
  • Notes, Study Guides, Flashcards + More!
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