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Week 2 notes

by: Taylor Knecht

Week 2 notes ACTG 201-04

Taylor Knecht

ACTG 201 Intro to Financial Accounting
Loretta Backstrom

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About this Document

Week 2 of notes for Accounting 201
ACTG 201 Intro to Financial Accounting
Loretta Backstrom
Class Notes
montana state university 201 accounting intro to financial loretta backstrom
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This 3 page Class Notes was uploaded by Taylor Knecht on Friday September 4, 2015. The Class Notes belongs to ACTG 201-04 at Montana State University - Bozeman taught by Loretta Backstrom in Summer 2015. Since its upload, it has received 38 views. For similar materials see ACTG 201 Intro to Financial Accounting in Business at Montana State University - Bozeman.


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Date Created: 09/04/15
Week 2 notes Day 5 August 315i 2015 Youtube video Colin Dudds Debit credit theory Accounting rap song I Going through transactions a Review i Assets debits increase normal balance Liability credits increase normal balance iii Owners equity credits increase normal balance iv Owners draw debits increase normal balance v Revenues credits increase normal balance vi Expenses debits increase normal balance b General journal i First step to recording process 1 Analyze transactions a Monetary unit assumption every entry must have exchange of money expressed in a dollar amount Chronological order After posting the general journal will help identify errors or UJN omissions of data 4 Information from the general journal is posted to the general ledger a General ledger is a collection of all accounts involved in the general ledger b Assets account i Cash accounts receivable supplies equiptment c Liabilities account i Accounts payable notes payable mortgage payable unearned revenues d Owner s equity C i Owners capital owners draw multiple accounts if in a partnership revenues new account for each type of revenues such as service revenue and sales revenue expenses new account for different types of expenses Worksheet for Monday and Wednesday i Tips for general ledgers 1 Debits come first related credits should be indented for organization 2 Keep track of how ALOE is effected 3 If transactions occur on the same side they will cancel each other out when balancing one debit and one credit 4 Owners draw and any type of expenses will decrease owners equity remember in equation 5 When unearned revenues are paid debits on unearned revenues and credits revenues Day 5 September 2nCI 2015 I Recording process a b c d Journalize transactions Post to general ledgers T accounts Prepare a trial balance need general ledgers i Includes net debit or credit for each account Prepare nancial statement Extra credit due September 9th Day 6 September 4th 2015 No notes quiz and class ended early


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