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Chapter 2 notes-week 2

by: Jada Rathbun

Chapter 2 notes-week 2 ACC 212 - 04

Jada Rathbun
GPA 3.026

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About this Document

These notes cover vocab from chapter 2
Principles of Financial Accounting
David P Centers
Class Notes
balance sheet
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This 2 page Class Notes was uploaded by Jada Rathbun on Sunday September 25, 2016. The Class Notes belongs to ACC 212 - 04 at Grand Valley State University taught by David P Centers in Fall 2016. Since its upload, it has received 19 views. For similar materials see Principles of Financial Accounting in Accounting at Grand Valley State University.

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Date Created: 09/25/16
Chapter 2 Balance sheet  Assets o What is owned by a company that shows any positive benefits that they will receive for the future of their company  Liabilities o What a company owes to banks, companies, and accounts  Stockholder’s Equity o Money that was given to a company in return for common stock o Also includes money given back to stockholders called retained earnings  Assets equals what was given to a company with debt (liabilities) and what was received by the stockholders (Stockholder’s Equity)  Transaction o When something that happens to the assets, liabilities, and/or stockholder’s equity has been affected financially on the company o Every transaction in a journal entry affects two accounts o 2 types of transactions  Internal  Bringing supplies together and creating something  Deprecation-as soon as the good has been sold it goes down in price o Ex. Cars  External  Buying goods and services  Equipment  Paying workers  Cost principle o Where the assets and liabilities are recorded as they were given initially to the company  Chart of accounts o A collection of accounts that shows all the account names and numbers to record any results and changes in the accounting system  Journals o List of goods/services given and received every day o Organized by dates  Ledger o Charts used to organize what has been credited and debited to each account o Information is taken from the journals  Debit o Shown on the left side of the chart/account o Shows an increase in the assets  Credit o Shown on the right side of the chart/account o Shows an increase in liabilities and stockholder’s equity  Journal Entries o Shows transactions done within the company everyday o Places them in columns of debit and credit o Example on page 64  T-Account o Simplified version of a ledger o Shows what has happened to each account accounted for in the journal entries o Example on page 64  Trial Balance o Internal report o At the end of a journal entry or t-account the trial balance shows if the credits equal the debits o Example on page 64  Classified Balance Sheet o A balance sheet that only shows the current assets and liabilities that a company has  Current Assets o Assets that will be used within 12 months  Current Liabilities o Debts that will be paid back within 12 months o Example entry = notes payable (short-term)  Noncurrent o Long term o Assets and liabilities that will not be paid back or used within 12 months o Stockholder’s equity is not under current or noncurrent


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