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

AC 210 Notes 8/30/16

by: Carter Cox

AC 210 Notes 8/30/16 AC 210

Carter Cox

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

Covers notes on 8/30/16
Intro to Accounting
Lisa McKinney
Class Notes
25 ?




Popular in Intro to Accounting

Popular in Department

This 2 page Class Notes was uploaded by Carter Cox on Tuesday August 30, 2016. The Class Notes belongs to AC 210 at University of Alabama - Tuscaloosa taught by Lisa McKinney in Fall 2016. Since its upload, it has received 88 views.


Reviews for AC 210 Notes 8/30/16


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: 08/30/16
AC-210 8/30/16 Chapter 2 – The Balance Sheet Building a Balance Sheet - Asset = Liabilities + Stockholders Equity o L- Debt Financing  Measurable amounts that the company owes to creditors o E- Equity Financing  Owners claims to the business resources Financing and investing Activities - Exchange being taken place o What being documented - Company always receives something and gives something o Name what’s exchanged - Dollar amount associated with exchange o Analyze the financial effects Transactions and other Activities - External Exchanges o Transactions between us and outside parties o Involves liabilities and equity that you can see between a company and another person - Internal Event o Event occur within a company  Using assets to create an inventory product Study the Accounting Methods - Analyze - Record - Summarize - Duality of effects o Every transaction has at least two effects on the basic accounting equation o 1 of 3 options - A=L+SE o Assets must equal liabilities plus stockholders equity for every accounting transaction - Transaction o Business activity that affects the basic accounting equation o Step 1: Analyze the Transaction - Name is given to each item exchanged this is referred to as account titles - Tailor to each companies business - An exchange of only promises is not a transaction o Therefore no impact on the accounting equation Step 2 and 3: Record and Summarize - One way to record would be to put everything into a spread sheet - Most companies use computerized accounting system o This can handle large number of transactions Debit/ Credit Framework - Keep balances correct - Whether or not it is decreasing or increasing - Assets o Normal balance (Cash equipment, software  Debit balance = increase cash o Increase with Debit decrease credit - Liabilities o Normal Balance  Credit - Stockholders Equity o Normal Balance  Credit


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

Jim McGreen Ohio University

"Knowing I can count on the Elite Notetaker in my class allows me to focus on what the professor is saying instead of just scribbling notes the whole time and falling behind."

Kyle Maynard Purdue

"When you're taking detailed notes and trying to help everyone else out in the class, it really helps you learn and understand the I made $280 on my first study guide!"

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."

Parker Thompson 500 Startups

"It's a great way for students to improve their educational experience and it seemed like a product that everybody wants, so all the people participating are winning."

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.