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


by: Jacqueline Preen


Marketplace > Wright State University > Accounting > ACC 2010 - 01 > ACC2010 CHAPTER 2 CLASS NOTES
Jacqueline Preen

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

Notes from class - things Hazelbaker added on to the slides (the slides can be found on PILOT) and things he wrote on the whiteboard.
Accounting Principles I
Thomas Dean Hazelbaker
Class Notes
Accounting, financial accounting, Intro to Accounting
25 ?




Popular in Accounting Principles I

Popular in Accounting

This 1 page Class Notes was uploaded by Jacqueline Preen on Wednesday September 21, 2016. The Class Notes belongs to ACC 2010 - 01 at Wright State University taught by Thomas Dean Hazelbaker in Fall 2015. Since its upload, it has received 4 views. For similar materials see Accounting Principles I in Accounting at Wright State University.


Reviews for ACC2010 - CHAPTER 2 CLASS NOTES


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: 09/21/16
Chapter 2 - Business Activities: Transactions are classified as either o External – transactions the firm conducts with a separate economic entity  EX: selling products to a customer, purchasing supplies from a vendor, borrowing money from a bank, and paying salaries to an employee. o Internal: events that affect the financial position of the company but do NOT include and exchange with a separate economic entity.  EX: using supplies on hand and earning revenues after having received cash in advance from a customer. - The 6 Steps to Measuring External Transactions: [*** See Pg. 55: Illustration 2-1 ***] o Use source documents to identify accounts affected by an External Transaction o Analyze the impact of the transaction on the accounting equation o Assess whether the transaction results in a debit or a credit to the account balance o Record the transaction o Post the transaction to the T-Account in the general ledger o Prepare a trial balance - Account – provides a summary of the effects of all transactions related to a particular item over a period of time. - Chart of Accounts – a list of all account names used to record transactions of a company - Expanded Accounting Equation: [*** See Pg. 61: Illustration 2-5 ***] o Assets = Liabilities + Stockholder’s Equity o Stockholder’s Equity -> Common Stock + Retained Earnings o Retained Earnings -> Revenues – Expenses – Dividends o Net Income = Revenues – Expenses - D.E.A.L.O.R. [*** See Pg. 72: Illustration 2-10 ***] o Dividends, Expenses, Assets – go UP with a debit; DOWN with a credit  REMEMBER: CASH is an ASSET – goes UP with a DEBIT. o Liabilities, Owner’s Equity, Revenues – go DOWN with a debit, UP with a credit - The amount of the Debit must ALWAYS EQUAL the amount of the 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

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."

Jennifer McGill UCSF Med School

"Selling my MCAT study guides and notes has been a great source of side revenue while I'm in school. Some months I'm making over $500! Plus, it makes me happy knowing that I'm helping future med students with their MCAT."

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!"

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.