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Drexel - ACCT 115 - ACCT 115 week 2 notes - Class Notes

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Drexel - ACCT 115 - ACCT 115 week 2 notes - Class Notes

School: Drexel University
Department: Accounting
Course: Fin Accounting Foundations
Professor: Stacykline
Term: Winter 2019
Tags: Accounting
Name: ACCT 115 week 2 notes
Description: Journal Entries and the order of balance sheet
Uploaded: 01/16/2019
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background image Class notes for ACCT 115 (Week 2 Class 1) 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. Journal Entries Date Account Debit Credit For each transaction, debit is always put the first Each transaction affects at least 2 accounts The number of the account of debit is always equals to the account of credit Date Account Debit Credit 1.15 Equipment 2,000 Put   Debit first 1.15 Cash 2,000 Then   is Credit 2. The element order of Balance Sheet A) For Assets, the order is based on liquidity: from fastest to slowest Liquidity: the the amount of time to convert cash in the market Account
Cash ( already cash ) 
short time Accounts Receivable
Notes Receivable
Supplies
Tools & Equipment
Building
Land   (   very   hard   to   become   cash   in   a   few
times) 
long time B) For Liabilities, the order is based on maturity Maturity: the amount time to pay the money back Account
Accounts Payable 
( the due date is shorter )

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School: Drexel University
Department: Accounting
Course: Fin Accounting Foundations
Professor: Stacykline
Term: Winter 2019
Tags: Accounting
Name: ACCT 115 week 2 notes
Description: Journal Entries and the order of balance sheet
Uploaded: 01/16/2019
2 Pages 54 Views 43 Unlocks
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  • 24/7 Homework help
  • Notes, Study Guides, Flashcards + More!
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