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Acctg 215 week 3

by: Josephine Franz

Acctg 215 week 3 ACCTG 215

Josephine Franz
GPA 3.0

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Week 3 notes
Introduction to Accounting and Financial Reporting
Peter Demerjian
Class Notes
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This 3 page Class Notes was uploaded by Josephine Franz on Tuesday January 26, 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 36 views. For similar materials see Introduction to Accounting and Financial Reporting in Accounting at University of Washington.

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Date Created: 01/26/16
Accounting 215 January 19, 2016 Learning Objectives ­Construct T­Accounts/Trial Balance ­Review Accruals ­Discuss Deferrals ­Learn how to record adjustments ­Construct financial statements (PhinneyWood Bicycles Example in lecture notes)  ­­Can put t­accounts into 2 categories 1 Income Statement T­Accounts (Expenses/Revenues) 2 Everything Else! Creating a Trial balance (doesn’t have retained earnings) ­Assets ­Liabilities ­Shareholders Equity                *These three are from Balance sheet ­Revenues ­Expenses                             *These two are from income statement Check to make sure equations are balanced: Reminder: Assets = Liabilities + Shareholders Equity Net Income (Retained Earnings) = Revenues – Expenses If not = then adjust by adding a retained earnings t­account Positive Net Income, Credit Retained earnings Negative Net Income, Debit Retained earnings Accruals: Recognize when the transactions happen (not always when cash changes hands) *Especially  important to do for the income statement. (PhinneyWood Bicycles Example)   Someone purchases something from firm NOW, agrees to pay LATER. At time of transaction: Accounts Receivable Debited, Sales/service revenue credited Once payment is made; Cash Debited, Accounts Receivable Credited ­­Works the same way for expenses (you purchase some NOW, agree to pay LATER) If cash changes hands first, then it has no effect on the income statement. Typical have only 1 closing account Deferrals Cash exchanges hands first, then afterwards an economic activity occurs Deferrals require adjustments later on (at end of season, year, or accounting period, etc) (PhinneyWood Bicycles Example)   Someone pays for something NOW, agrees to receive service LATER) ­Can come in the form of Prepaid Revenues/Expense or Depreciation. When cash changes hands, the income statement is affected Once the service is done, income statement not affected Typically have 2 or more closing accounts (adjustments are made, periodically, as the things are  used) Adjustments to look out for ­Depreciation (occurs steadily over a period of time) ­Interest expenses ­ Income expenses ­Income tax (calculated after the pretax income, paid in the next year) Check for prepaid expenses and unearned revenues!


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