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Acctg 215 week 2

by: Josephine Franz

Acctg 215 week 2 ACCTG 215

Josephine Franz
GPA 3.0

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Week 2 notes
Introduction to Accounting and Financial Reporting
Peter Demerjian
Class Notes
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This 4 page Class Notes was uploaded by Josephine Franz on Friday January 8, 2016. The Class Notes belongs to ACCTG 215 at University of Washington taught by Peter Demerjian in Fall 2015. Since its upload, it has received 63 views. For similar materials see Introduction to Accounting and Financial Reporting in Accounting at University of Washington.


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Date Created: 01/08/16
Accounting 215 Intro to Accounting & Financial Reporting Week 2 notes January 11, 2016: Learning Objectives: ­Understand debits/credits ­Complete the process of recording transactions (journal entries summarized into t accounts) ­Aggregate t accounts into trial balance. ­Look at income statements ­Expand accounting equation to add operating activities. Lecture: Chapter 2 continued Transaction Model: Assets = Liabilities + Equity +D/­C       ­D/+C        ­D/+C Recording Transactions in the Journal: (ref#) Debit Account     Debit Amount                 Credit Account          Credit Amount Note (optional) (See Example in Lecture Slides: Buying Coffee) (See Phinneywood Bicycles Ex in lecture slides) Post transactions to the ledger (T­Accounts) **Balance Sheet accounts are cumulative, so you have to account for beginning balances.  Ending balances carry over. ­Organize and classify activities. Every Account needs a separate T­Account Every journal entry links to two or more T­accounts (See Example in Lecture Slides Phinneywood) Prepare a trial Balance. Aggregates the ending balances of all the T­accounts into a single statement. ­Final step before building a balance sheet. List debits first, then credits (See Example in lecture slides: Phinneywood bikes) Chapter 3: Income Statements ­The economic performance of the firm over the accounting period Multi­step income statement: ­Operating Revenue (economic inflows) ­Less Operating Expenses (economic outflows associated with earning the revenue) ­Less Other Items (non­operating inflows/outflows) Operations: what the firm does to earn a profit excluding investments New Equations!! Assets = Liabilities + Equity           ­Equity = Contributed Capital + Retained Earnings ­Retained Earnings are all the net income less the dividends (payouts to shareholders out of  income). Retained Earnings = Beg. Retained Earnings + Net income – Dividends Net Income = Revenue – Expenses Net income increases retained earnings and equity Revenue increases net income; therefore increasing retained earnings and equity Expenses decreases net income; therefore decreasing retained earnings and equity Read pgs 98­131 Yoga 2 Posted January 13, 2016: Quiz Review:  2 important equations o Ending retained earnings = beginning retained earnings + net income – dividends o Assets = Liability + Shareholder’s Equity  All transactions balance the first equation  Debits must equal credits Chapter 3 Learning Objectives ­Record operating activities using the spreadsheet method. ­Complete the cycle of recording transactions for operating activities (journal entries/t— accounts) (See Phinneywood Bicycles example: Month of October inflows and outflows) *A continuation of Monday’s lecture. ­Retained earnings (SE account) increase with a credit/decrease with a debit ­Revenues are increased with a credit always ­Expenses are increased with a debit always ­Dividends are debited Quiz on Thursday Yoga 3 and 4 Posted.


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