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Accounting 2003

by: Kayla Adams
Kayla Adams
Arkansas Tech University
GPA 2.6

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About this Document

These notes are continued from chapter 2
Principals of Accounting 1
Laura Griffin
Class Notes
financial accounting
25 ?




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This 2 page Class Notes was uploaded by Kayla Adams on Sunday September 4, 2016. The Class Notes belongs to ACCT 2003 at 1 MDSS-SGSLM-Langley AFB Advanced Education in General Dentistry 12 Months taught by Laura Griffin in Fall 2016. Since its upload, it has received 3 views. For similar materials see Principals of Accounting 1 in Accounting at 1 MDSS-SGSLM-Langley AFB Advanced Education in General Dentistry 12 Months.


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Date Created: 09/04/16
Chapter 2 Notes Cont’d The Accounting Cycle 2.1 Accounts –Transactions of a business are entered into accounts. The minimum parts of an account are: Title-The name of items recorded in the account. Space for debits-Left Side Space for credits-Right side Example 2.1.1 Account Title Debits / Credits Debit is usually abbreviated Dt. Credit is usually abbreviated Cr 2.2 Recording Transactions The first step in the accounting cycle is the execution of a Transaction. The number in the post column is the account numbers. This number is recorded when the separate debits and credits are posted in the proper ledger accounts. Example 2.2.2 ACCOUNT Cash Account No. 1 Balance Date Item Post Debit Credit Debit Credit June 1 1 4,500 4,500 ACCOUNT Land Account No. 51 Balance Date Item Post Debit Credit Debit Credit June 1 51 4,500 4,500 2.3 Account Balances The balance of an account is calculated by summing both sides individually and finding the difference between the totals for each side. Example 2.3.1 Accounts Receivable 450|250 1,000|300 700|800 |400 __________ 2,150|1,750 Balance is a $400 debit Table 2.3.1 Usual Balance Debit Credit Balance sheet accounts: Assets Debit Increase Decrease Liabilities Credit Decrease Increase Owner’s Equity Credit Decrease Increase Income- Statement accounts: Revenue Credit Decrease Increase Expense Debit Increase Decrease


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