ACCTG 215 Notes 1-28
ACCTG 215 Notes 1-28 ACCTG 215
Popular in Introduction to Accounting and Financial Reporting
Popular in Accounting
This 1 page One Day of Notes was uploaded by Shogo Okuda on Tuesday October 28, 2014. The One Day of Notes belongs to ACCTG 215 at University of Washington taught by Wells in Winter2010. Since its upload, it has received 91 views. For similar materials see Introduction to Accounting and Financial Reporting in Accounting at University of Washington.
Reviews for ACCTG 215 Notes 1-28
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: 10/28/14
ACCTG 215 Notes 129 Debits and Credits Effect on Account Balances Debits increases in accounts on the left side of the accounting equation assets Credits increases in liabilities and stockholders equity Debit increase Credit decrease d Debit decrease Credit increase Journal provides a chronological record of all transactions affecting a rm The amount of the debit must always equal the amount of the credit For the account credited be sure to indent both the account name and the amount Date Debit Credit Account name Amount Account Name Amount Description of transaction Posting General ledger includes all accounts used to record the company s transactions Posting process of transferring the debit and credit information from the journal to individual accounts in the general ledger Since we post all transactions to the general ledger each account provides a collection of all transactions that affect that account in one location TAccount simpli ed form of a general ledger account w space at the top for the account title and two sides for recording debits and credits no need to put plusminus Trial balance list of all accounts and their balances at a particular date showing that total debits equal total credits Closing entries transfer the balances of all temporary accounts revenues expenses and dividends to the balance of the retained earnings account We 1 Update the balance in the retained earnings account to re ect transactions related to revenues expenses and dividends in the current period and 2 Reduce the balances of all revenue expense and dividend accounts to zero Postclosing trial balance list of all accounts and their balances at a particular date after we have updated account balances for closing entries
Are you sure you want to buy this material for
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'