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Week 3 Notes

by: Cheyenne Hunt

Week 3 Notes ACCT 2110 - 002

Cheyenne Hunt
GPA 3.33

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About this Document

These notes cover the rest of Chapter 2 and practice problems.
Principles of Financial Accounting
Elizabeth Miller
Class Notes
Accounting, Principles, journal, ledger, trial balance
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This 4 page Class Notes was uploaded by Cheyenne Hunt on Wednesday February 3, 2016. The Class Notes belongs to ACCT 2110 - 002 at Auburn University taught by Elizabeth Miller in Winter 2016. Since its upload, it has received 12 views. For similar materials see Principles of Financial Accounting in Accounting at Auburn University.


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Date Created: 02/03/16
Feb 1  Step 3: Post to the Ledger o General ledger- collection of financial statements and t-accounts o Posting- the process of putting information in the ledger  Step 4: Prepare a Trial Balance o List of all accounts and each credit or debit balance o Order: assets, liabilities, stockholder’s equity, revenues, and expenses Practice Problem #1 Financial Accounting Equation Date Account Debit Credit Journal Jan 1 Cash 50,00 Assets = Liabilities + Stockholder’s 0 Notes Payable 50,00 Equity 0 Debits = Credits Jan 4 Equipment 25,00 0 Cash 25,00 Ledger 0 Cash Jan 6 Rent Expense 500 Cash 500 Equipment Jan Accounts 10,00 50,000 25,000 15 Receivable 0 Service 10,00 25,000 Revenue 0 3,000 500 Jan Cash 3,000 2,500 25 Accounts 3,000 Receivable Jan Salaries Expense 2,500 30 Cash 2,500 TOTA 91,00 91,00 L 0 0 Notes Payable Rent Expense Account Debit Credit Trial Balance Cash 25,0 50,000 500 00 Accounts 7,00 Accounts Receivable Service Revenue Receivable 0 10,000 3,000 Equipment 25,0 10,000 00 Rent Expense 500 Salaries Expense Salaries 2,50 2,500 Expense 0 Notes Payable 50,00 0 Service Revenue 10,00 0 TOTAL 60,0 60,00 00 0 Feb 3 Practice Problem #2 Journal Date Account Debit Credi t Jan 15 Cash 10,0 00 Common Stock 10,00 0 Jan 24 Supplies 720 Accounts Payable 720 Feb Accounts Payable 720 20 Cash 720 Apr Accounts Receivable 12,5 25 00 Service Revenue 12,50 0 May Cash 12,5 12 00 Accounts Receivable 12,50 0 June 5 Accounts Receivable 9,50 0 Service Revenue 9,500 June Wages Expense 6,70 24 0 Cash 6,700 TOTAL 52,6 52,64 40 0 Trial Balance Account Debit Credi Ledger t Cash 15,08 Cash 0 Common Stock Accounts 10,000 720 Receivable 9,500 Supplies 10,000 720 Supplies Accounts Accounts Payable Payable 0 Common Stock 10,0 720 00 720 720 Service Revenue 22,0 Accounts Receivable 00 Wages Expense Service Revenue 6,700 TOTAL 32,00 32,0 12,500 12,500 0 00 12,500 9,500 9,500 Wages Expense 6,700 Feb 5 Exam 1


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