New User Special Price Expires in

Let's log you in.

Sign in with Facebook


Don't have a StudySoup account? Create one here!


Create a StudySoup account

Be part of our community, it's free to join!

Sign up with Facebook


Create your account
By creating an account you agree to StudySoup's terms and conditions and privacy policy

Already have a StudySoup account? Login here

Accounting 215, Week 2

by: Anastasia Fischer

Accounting 215, Week 2 ACCTG 215

Anastasia Fischer
GPA 3.85

Preview These Notes for FREE

Get a free preview of these Notes, just enter your email below.

Unlock Preview
Unlock Preview

Preview these materials now for free

Why put in your email? Get access to more of this material and other relevant free materials for your school

View Preview

About this Document

Chapter 3 mostly.
Introduction to Accounting and Financial Reporting
Peter Demerjian
Class Notes
Accounting, trial balance, ledger
25 ?




Popular in Introduction to Accounting and Financial Reporting

Popular in Accounting

This 3 page Class Notes was uploaded by Anastasia Fischer on Saturday January 9, 2016. The Class Notes belongs to ACCTG 215 at University of Washington taught by Peter Demerjian in Summer 2015. Since its upload, it has received 16 views. For similar materials see Introduction to Accounting and Financial Reporting in Accounting at University of Washington.


Reviews for Accounting 215, Week 2


Report this Material


What is Karma?


Karma is the currency of StudySoup.

You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!

Date Created: 01/09/16
Accounting Week 2 Income Statement The multi step income statement has three sections 1.) operating revenue 2.) Operating expenses  Operating income 3.) Other items  Investment income  Interest expense  Gain/loss on asset sales Income taxes Net Income Ledger T-Accounts  After recording all journal entries, ending account balances are determined by posting to the general ledger.  Remember: balance sheet accounts are cumulative, so you must consider beginning balances  We summarize general ledger activity is to use T-Accounts  Each account needs a separate T-Account  Every journal entry links to two (or more) T-Accounts Trial Balance  The trial balance aggregates the ending balances of all the T-Accounts  This is the final step before building the balance sheet Chapter 3 Accounting (Balance Sheet equation Assets = Liability + Shareholders' Equity Shareholders' Equity has two components: Shareholders' Equity = Contributed Capital + Retained Earning  Net income increases retained earnings, hence increasing shareholders' equity  Revenue increases net income: o o Increasing retained earnings o Increasing shareholders' equity  Expense decrease net income o Decreasing retained earnings o Decreasing shareholders' equity  In short o Revenue ncreases net income/retained earnings/ shareholders' equity o Expense decreases net income/ retained earnings / shareholders equity  SO when we analyze operating activities we must remember A retained Earnings Equation: Ending Retained Earnings = Beginning Retained Earnings + Net Income - Dividends Net Income: Net Income = Revenue - Expenses


Buy Material

Are you sure you want to buy this material for

25 Karma

Buy Material

BOOM! Enjoy Your Free Notes!

We've added these Notes to your profile, click here to view them now.


You're already Subscribed!

Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'

Why people love StudySoup

Bentley McCaw University of Florida

"I was shooting for a perfect 4.0 GPA this semester. Having StudySoup as a study aid was critical to helping me achieve my goal...and I nailed it!"

Anthony Lee UC Santa Barbara

"I bought an awesome study guide, which helped me get an A in my Math 34B class this quarter!"

Steve Martinelli UC Los Angeles

"There's no way I would have passed my Organic Chemistry class this semester without the notes and study guides I got from StudySoup."


"Their 'Elite Notetakers' are making over $1,200/month in sales by creating high quality content that helps their classmates in a time of need."

Become an Elite Notetaker and start selling your notes online!

Refund Policy


All subscriptions to StudySoup are paid in full at the time of subscribing. To change your credit card information or to cancel your subscription, go to "Edit Settings". All credit card information will be available there. If you should decide to cancel your subscription, it will continue to be valid until the next payment period, as all payments for the current period were made in advance. For special circumstances, please email


StudySoup has more than 1 million course-specific study resources to help students study smarter. If you’re having trouble finding what you’re looking for, our customer support team can help you find what you need! Feel free to contact them here:

Recurring Subscriptions: If you have canceled your recurring subscription on the day of renewal and have not downloaded any documents, you may request a refund by submitting an email to

Satisfaction Guarantee: If you’re not satisfied with your subscription, you can contact us for further help. Contact must be made within 3 business days of your subscription purchase and your refund request will be subject for review.

Please Note: Refunds can never be provided more than 30 days after the initial purchase date regardless of your activity on the site.