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Acc 203 September 11, 2015

by: Amanda Lee Sedor

Acc 203 September 11, 2015 ACC 203

Marketplace > Pace University > Accounting > ACC 203 > Acc 203 September 11 2015
Amanda Lee Sedor
GPA 4.0
Financial Accounting
Bairj Donabedian

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Discussed in this note packet all topics from week one Accounting 203, September 11, 2015: Document 9 explained (Lady GaGa), Assets, Liabilities, Stockholders' Equity, Expenses, Revenue, Credit, De...
Financial Accounting
Bairj Donabedian
Class Notes
Accounting 203, September 11, Document 9 explained (Lady GaGa), assets, liabilities, Stockholders' Equity, Expenses, Revenue, Credit, Debit, Examples
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This 4 page Class Notes was uploaded by Amanda Lee Sedor on Sunday September 13, 2015. The Class Notes belongs to ACC 203 at Pace University taught by Bairj Donabedian in Fall 2015. Since its upload, it has received 82 views. For similar materials see Financial Accounting in Accounting at Pace University.

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Date Created: 09/13/15
September 11 2015 Did Document 9 Journal Entry Problem Lady GaGa s Tattoo Boutique solution and notes below 1 Cash more cash in company 15000 Equipment more equipment in company 15000 Common Stock Issued more money in company 20000 2 Furniture more furniture 3000 Accounts Payable we owe more money 3000 3 Accounts Receivable more people owe company money 500 Revenue more work done 500 4 Accounts Payable we owe less money 900 Cash we have less cash 900 5 Cash we have more cash 200 Revenue more work is done 200 6 No entry is done because nothing is done paid or received Someone is just hired 7 Wage Expense more expenses are used 1500 Cash we have less cash because used cash 1500 8 Utility Expense more expenses are used 130 Accounts Payable we owe more money 130 Build company by borrowing selling shares or reinvesting this causes an in Common Stock look where Common Stock is from In part 2 and 4 not recorded in Expenses because not used yet usually placed in expenses as time goes on Depreciation Most Expenses arise as time passes Extra example Customer pays off receivable customer has now paid the bill Cash we have received the money so we have more cash Accounts Receivable less accounts receivable since one paid Notes from Class Revenue and Expenses are always always increase as time goes on Starting point Revenue 0 9 Revenue 100 Expenses 0 9 Expenses 70 Net Income 0 9 Net Income 30 Only time revenue or expenses may is if there needs to be a readjustment due to refund return Accounts Receivable amount of money not received yet from Customers amp Accounts Payable amount of money that company owes to others Both increase or decrease Accounts Receivable most commonly recorded No contract This is based on trust Sometimes companies sell debt that is not paid back This always the company to make back some of the money they lost on customers who have not paid back Bundles of Debts sold by companies are called Commercial Paper Credit And Debit Word is the opposite of its meaning Assets Liabilities Credit Increase Side Decrease side for Debit Increase Side company company losing something Credit owe Increase Side for company company gaining something Debit receive StOCkhOIderS Equity Credit Increase Side Decrease side for the company company losing something Credit owe If know where the accounts fall within this map and know what side is Debit and Credit than can answer the questions D1 Debit Increase CRI Credit Increase Debit receive Credit owe EX Debit equipment gets more equipment Debit cash gets more cash Credit equipment owe money for equipment Ex from Document 9 from the beginning of these notes 2 Furniture i Asset DI account found on the DI Side Debit Because on Debit Increase side and Accounts Payable Q Liability CRI account found on CRI Side Credit because on Credit Increase side and 4 Accounts Payable i Liability CRI account found on CRI side Debit because on Credit Increase side and Cash 2 Asset DI account found on DI side Credit because on Debit Increase side and Code Side based on whether a Asset Liability or Stockholders Equity If on DI side and account then Debit If on DI side and account then Credit If on CRI side and account than Credit If on CRI side and account then Debit Homework Document 3 amp First two assignment questions in Syllabus


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