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Student Version Student Version o Repetition is an important component, a key Repetition is an important component, a key part of learning. In memory, the more times part of learning. In memory, the more times patterns of thought are repeated, the more patterns of thought are repeated, the more likely you will be able to recall information. likely you will be able to recall information. o These PowerPoint slides have been modified These PowerPoint slides have been modified from the lecture decks by making them fill-in- from the lecture decks by making them fill-in- the-blank. Why? So that you get an the-blank. Why? So that you get an opportunity to repeat a visual cue (from the opportunity to repeat a visual cue (from the lecture or the book) via completing text here. lecture or the book) via completing text here. o In addition, most text book exhibits have been In addition, most text book exhibits have been removed as they are available in your text removed as they are available in your text directly. directly.

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Page 1: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

Student VersionStudent Version

o Repetition is an important component, a key Repetition is an important component, a key part of learning. In memory, the more times part of learning. In memory, the more times patterns of thought are repeated, the more patterns of thought are repeated, the more likely you will be able to recall information.likely you will be able to recall information.

o These PowerPoint slides have been modified These PowerPoint slides have been modified from the lecture decks by making them fill-in-from the lecture decks by making them fill-in-the-blank. Why? So that you get an the-blank. Why? So that you get an opportunity to repeat a visual cue (from the opportunity to repeat a visual cue (from the lecture or the book) via completing text here.lecture or the book) via completing text here.

o In addition, most text book exhibits have In addition, most text book exhibits have been removed as they are available in your been removed as they are available in your text directly.text directly.

Page 2: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

c. 2014 Cengage Learning.   All Rights Reserved.  May not be copied, scanned, or duplicated, or posted to a publicly accessible website, in whole or in part.

Analyzing Analyzing

TransactionsTransactions

Chapter 2Chapter 2Chapter 2Chapter 2

Page 3: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

c. 2014 Cengage Learning.   All Rights Reserved.  May not be copied, scanned, or duplicated, or posted to a publicly accessible website, in whole or in part.

Learning Learning Objective

Objective Describe the characteristics of

Describe the characteristics of

an account and a chart of

an account and a chart of accountsaccounts

11

Page 4: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

Using Accounts to Record TransactionsUsing Accounts to Record Transactions

o Accounting ___________ are designed to Accounting ___________ are designed to show the ___________ and ___________ in show the ___________ and ___________ in each accounting equation ___________ as a each accounting equation ___________ as a separate ___________ . This ___________ is separate ___________ . This ___________ is called an ___________ .called an ___________ .

Page 5: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

THE T THE T ACCOUNTACCOUNT

The T account has a

___________

___________

Page 6: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

THE T THE T ACCOUNTACCOUNT

The left side of the account is

called the _________ _________ side.

Title

Page 7: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

Title

_____

The right side of the account is

called the _________ _________ side.

_____

THE T THE T ACCOUNTACCOUNT

Page 8: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

THE T THE T ACCOUNTACCOUNT

Cash(a) 25,000 (b) 20,000(d) 7,500 (e) 3,650

(f) 950(h) 2,000

Balance 5,900

_____

Side of Account

_____

Side of Account

Balance of the account

Page 9: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

__________ of _____________________ of ___________

o A group of accounts for a business entity A group of accounts for a business entity is called ais called a _________._________.

o A list of the accounts in the _________is A list of the accounts in the _________is called a __________ of _________.called a __________ of _________.

Page 10: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

Chart of AccountsChart of Accounts

o _________ are resources owned by the _________ are resources owned by the business. Some examples of business. Some examples of _________follow:_________follow: __________________________________________

__________________________________________

__________________________________________

__________________________________________

Page 11: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

Chart of AccountsChart of Accounts

o _________ are _________ owed to outsiders _________ are _________ owed to outsiders (_________). Some examples of _________ (_________). Some examples of _________ follow:follow: __________________________________________

__________________________________________

__________________________________________

__________________________________________

Page 12: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

Chart of AccountsChart of Accounts

o _________ _________ is the _________ right to _________ _________ is the _________ right to the assets of the business after all the assets of the business after all _________ have been _________. For a _________ have been _________. For a _________, the _________ _________ is _________, the _________ _________ is represented by the balance of the represented by the balance of the _________ _________ account._________ _________ account.

o AA _________ account represents the _________ account represents the amount of _________ made by the owner.amount of _________ made by the owner.

Page 13: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

Chart of AccountsChart of Accounts

o _________ are increases in owner’s _________ are increases in owner’s _________ as a result of _________ services _________ as a result of _________ services or products to _________. Some examples or products to _________. Some examples of _________ accounts follow:of _________ accounts follow: ________________________________________________________

________________________________________________________

________________________________________________________

Page 14: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

Chart of AccountsChart of Accounts

o The using up of assets or _________ The using up of assets or _________ services in the process of generating services in the process of generating _________ results in _________ . Some _________ results in _________ . Some examples of _________ follow:examples of _________ follow: ________________________________________________________

________________________________________________________

________________________________________________________

Page 15: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

c. 2014 Cengage Learning.   All Rights Reserved.  May not be copied, scanned, or duplicated, or posted to a publicly accessible website, in whole or in part.

Learning Learning Objective

ObjectiveDescribe and illustrate

Describe and illustrate

journalizing transactions using

journalizing transactions using

the double-entry accounting

the double-entry accounting systemsystem

22

Page 16: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

Double-Entry Accounting SystemDouble-Entry Accounting System

o All businesses use what is called the All businesses use what is called the _________ accounting system. This system _________ accounting system. This system is based on the _________ _________ and is based on the _________ _________ and requires:requires: Every business _________ to be recorded in at Every business _________ to be recorded in at

least _________ accounts.least _________ accounts.

The total _________ recorded for each The total _________ recorded for each transaction to be _________ to the total _________ transaction to be _________ to the total _________ recorded.recorded.

Page 17: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

_________ _________ Accounts_________ _________ Accounts

o The _________ and _________ rules for The _________ and _________ rules for _________ _________ accounts are as _________ _________ accounts are as follows:follows:

Page 18: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

_________ _________ Accounts_________ _________ Accounts

o The _________ and _________ rules for The _________ and _________ rules for _________ _________ accounts are based on _________ _________ accounts are based on their relationship with _________ _________ .their relationship with _________ _________ .

Page 19: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

_________ _________ _________ _________

• The _____ and ______ rules for The _____ and ______ rules for recording owner ________ are based recording owner ________ are based on the effect of owner withdrawals on the effect of owner withdrawals on owner’s ________.on owner’s ________.

Page 20: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

______ Balances______ Balances

o The ______ of the _________ in an account The ______ of the _________ in an account is usually equal to or _________ than the is usually equal to or _________ than the sum of the _________ in the account. sum of the _________ in the account. Thus, the _________ balance of __ ______ Thus, the _________ balance of __ ______ is either a ______ or a ______ depending is either a ______ or a ______ depending on whether ______ in the account are on whether ______ in the account are recorded as ______ or ______ .recorded as ______ or ______ .

Page 21: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

Rules of Debit and Credit – Normal Balances of Rules of Debit and Credit – Normal Balances of AccountsAccounts

Page 22: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

Normal BalancesNormal Balances

Increases (Normal Bal.) Decreases

Balance sheet accounts:Asset_____ _____Liability _____ _____Owner’s Equity:

Capital _____ _____

Drawing _____ _____

Income statement accounts:Revenue _____ _____Expense _____ _____

Page 23: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

Transaction ATransaction A

o On November 1, Chris Clark opens a new On November 1, Chris Clark opens a new business and deposits $25,000 in a bank account in business and deposits $25,000 in a bank account in the name of NetSolutions.the name of NetSolutions.

Page 24: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

TRANSACTION TRANSACTION AA

Step 1 Step 4 Step 5

Step 3

Assets = Liabilities + Owner’s Equity (investment)Assets = Liabilities + Owner’s Equity (investment)

Accounting Equation ImpactAccounting Equation Impact

__________________ __________________

Step 2Step 3

Page 25: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

(continued)

JournalizingJournalizing

Journalizing requires the following steps:Journalizing requires the following steps:

oStep 1.Step 1. The date of the transaction is The date of the transaction is entered in the Date column.entered in the Date column.

oStep 2.Step 2. The title of the account to be The title of the account to be debited is recorded at the left-hand margin debited is recorded at the left-hand margin under the Description column, and the under the Description column, and the amount to be debited is entered in the Debit amount to be debited is entered in the Debit column.column.

Page 26: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

(continued)

JournalizingJournalizing

o Step 3.Step 3. The title of the account to be The title of the account to be credited is listed below and to the right of credited is listed below and to the right of the debited account title, and the amount the debited account title, and the amount to be credited is entered in the Credit to be credited is entered in the Credit column.column.

o Step 4.Step 4. A brief description may be A brief description may be entered below the credited account.entered below the credited account.

Page 27: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

JournalizingJournalizing

o Step 5.Step 5. The Post. Ref. (Posting The Post. Ref. (Posting Reference) column is left blank when the Reference) column is left blank when the journal entry is initially recorded. This journal entry is initially recorded. This column is used later when the journal column is used later when the journal entry amounts are transferred to the entry amounts are transferred to the accounts in the ledger.accounts in the ledger.

Page 28: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

JournalizingJournalizing

o A transaction is initially entered in a record A transaction is initially entered in a record called a ________.called a ________.

Page 29: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

JournalizingJournalizing

o A transaction is initially entered in a record A transaction is initially entered in a record called a journal.called a journal.

o The process of recording a transaction in The process of recording a transaction in the journal is called ____________.the journal is called ____________.

Page 30: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

JournalizingJournalizing

o A transaction is initially entered in a record A transaction is initially entered in a record called a journal.called a journal.

o The process of recording a transaction in The process of recording a transaction in the journal is called journalizing.the journal is called journalizing.

o The entry in the journal is called a _______ The entry in the journal is called a _______ _________._________.

Page 31: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

Transaction BTransaction B

o On November 5, NetSolutions paid On November 5, NetSolutions paid $20,000 for the purchase of land as a $20,000 for the purchase of land as a future building site.future building site.

Page 32: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

TRANSACTION TRANSACTION BB

Accounting Equation ImpactAssets = Liabilities + Owner’s Equity

__________________

__________________

Page 33: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

Transaction CTransaction C

o On November 10, NetSolutions purchased On November 10, NetSolutions purchased supplies on account for $1,350.supplies on account for $1,350.

Page 34: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

TRANSACTION TRANSACTION CC

Accounting Equation ImpactAssets = Liabilities + Owner’s Equity

__________________ __________________

Page 35: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

Transaction DTransaction D

o On November 18, NetSolutions received On November 18, NetSolutions received cash of $7,500 from customers for cash of $7,500 from customers for services provided.services provided.

Page 36: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

Accounting Equation ImpactAssets = Liabilities + Owner’s Equity (Revenue)

__________________ __________________

TRANSACTION TRANSACTION DD

Page 37: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

Transaction ETransaction E

o On November 30, NetSolutions incurred On November 30, NetSolutions incurred the following expenses: wages, $2,125; the following expenses: wages, $2,125; rent, $800; utilities, $450; and rent, $800; utilities, $450; and miscellaneous, $275.miscellaneous, $275.

Page 38: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

Accounting Equation ImpactAssets = Liabilities + Owner’s Equity (Expense)

__________________

______________________

______________________

____________________

__________________

TRANSACTION TRANSACTION EE

Page 39: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

Transaction FTransaction F

o On November 30, NetSolutions paid On November 30, NetSolutions paid creditors on account, $950.creditors on account, $950.

Page 40: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

Accounting Equation ImpactAssets = Liabilities + Owner’s Equity

____________________________________

TRANSACTION TRANSACTION FF

Page 41: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

Transaction GTransaction G

o NetSolutions purchased $1,350 of supplies NetSolutions purchased $1,350 of supplies on November 10. Chris Clark determined on November 10. Chris Clark determined that the cost of supplies on hand on that the cost of supplies on hand on November 30 was $550.November 30 was $550.

Page 42: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

Accounting Equation ImpactAssets = Liabilities + Owner’s Equity (Expense)

__________________ __________________

TRANSACTION TRANSACTION GG

Supplies used = $_____ - $____= $___

Page 43: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

Transaction HTransaction H

o On November 30, Chris Clark withdrew On November 30, Chris Clark withdrew $2,000 from NetSolutions for personal use.$2,000 from NetSolutions for personal use.

Page 44: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

Accounting Equation ImpactAssets = Liabilities + Owner’s Equity (Drawing)

__________________ __________________

TRANSACTION TRANSACTION HH

Page 45: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

c. 2014 Cengage Learning.   All Rights Reserved.  May not be copied, scanned, or duplicated, or posted to a publicly accessible website, in whole or in part.

Learning Learning Objective

ObjectiveDescribe and illustrate the

Describe and illustrate the

journalizing and posting of

journalizing and posting of

transactions to accounts.

transactions to accounts.

33

Page 46: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

_________ _________ _________ to _________ _________ _________ to AccountsAccountso The process of _________ the debits and The process of _________ the debits and

credits from the _________ _________ to the credits from the _________ _________ to the _________ is called _________._________ is called _________.

Page 47: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

Posting Journal Entries to AccountsPosting Journal Entries to Accounts

o On December 1, NetSolutions paid a On December 1, NetSolutions paid a premium of $2,400 for an insurance policy premium of $2,400 for an insurance policy for liability, theft, and fire. The policy for liability, theft, and fire. The policy covers a one-year period.covers a one-year period.

Page 48: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

POSTING POSTING JOURNAL JOURNAL

ENTRIES TO ENTRIES TO ACCOUNTSACCOUNTS

Accounting Equation ImpactAssets = Liabilities + Owner’s Equity

__________________

__________________

Page 49: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

Exhibit 4 - Steps in PostingExhibit 4 - Steps in Posting

o Step 1.Step 1. The date of the transaction is The date of the transaction is entered in the Date column of Prepaid entered in the Date column of Prepaid Insurance.Insurance.

Page 50: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

2,400 2,400

Exhibit 4 - Steps in PostingExhibit 4 - Steps in Posting

o Step 2.Step 2. The amount (2,400) is entered The amount (2,400) is entered in the Debit column of Prepaid Insurance.in the Debit column of Prepaid Insurance.

Page 51: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

Exhibit 4 - Steps in PostingExhibit 4 - Steps in Posting

o Step 3.Step 3. The journal page number (2) is The journal page number (2) is entered in the account’s Post. Ref. column.entered in the account’s Post. Ref. column.

2

Page 52: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

Exhibit 4 - Steps in PostingExhibit 4 - Steps in Posting

o Step 4.Step 4. The account number (15) is The account number (15) is entered in the journal’s Post. Ref. column.entered in the journal’s Post. Ref. column.

Page 53: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

Recording and Posting of a Debit and a CreditRecording and Posting of a Debit and a Credit

These steps These steps are are repeated to repeated to post to the post to the Cash Cash account.account.

Page 54: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

December TransactionsDecember Transactions

o On December 1, NetSolutions paid rent for On December 1, NetSolutions paid rent for December, $800. The company from December, $800. The company from which NetSolutions is renting its store which NetSolutions is renting its store space now requires the payment of rent space now requires the payment of rent on the first of each month, rather than at on the first of each month, rather than at the end of the month.the end of the month.

Page 55: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

DECEMBER DECEMBER TRANSACTIONSTRANSACTIONS

Accounting Equation ImpactAssets = Liabilities + Owner’s Equity (Expense)

__________________ __________________

Page 56: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

December TransactionsDecember Transactions

o On December 1, NetSolutions received an On December 1, NetSolutions received an offer from a local retailer to rent the land offer from a local retailer to rent the land purchased on November 5. The retailer plans purchased on November 5. The retailer plans to use the land as a parking lot for its to use the land as a parking lot for its employees and customers. NetSolutions employees and customers. NetSolutions agreed to rent the land to the retailer for agreed to rent the land to the retailer for three months, with the rent payable in three months, with the rent payable in advance. NetSolutions received $360 for advance. NetSolutions received $360 for three months’ rent beginning December 1. three months’ rent beginning December 1.

o The _________ created by receiving the cash in The _________ created by receiving the cash in advance of providing the service is called advance of providing the service is called _________ _________ ._________ _________ .

Page 57: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

DECEMBER DECEMBER TRANSACTIONSTRANSACTIONS

Accounting Equation ImpactAssets = Liabilities + Owner’s Equity

__________________

Page 58: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

December TransactionsDecember Transactions

o On December 4, NetSolutions purchased On December 4, NetSolutions purchased office equipment on account from office equipment on account from Executive Supply Co. for $1,800.Executive Supply Co. for $1,800.

Page 59: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

Accounting Equation ImpactAssets = Liabilities + Owner’s Equity

_________ _________

DECEMBER DECEMBER TRANSACTIONSTRANSACTIONS

Page 60: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

December TransactionsDecember Transactions

o On December 6, NetSolutions paid $180 On December 6, NetSolutions paid $180 for a newspaper advertisement.for a newspaper advertisement.

Page 61: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

Accounting Equation ImpactAssets = Liabilities + Owner’s Equity (Expense)

_________ _________

DECEMBER DECEMBER TRANSACTIONSTRANSACTIONS

Page 62: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

December TransactionsDecember Transactions

o On December 11, NetSolutions paid On December 11, NetSolutions paid creditors $400.creditors $400.

Page 63: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

DECEMBER DECEMBER TRANSACTIONSTRANSACTIONS

Accounting Equation ImpactAssets = Liabilities + Owner’s Equity

_________ _________

Page 64: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

December TransactionsDecember Transactions

o On December 13, NetSolutions paid a On December 13, NetSolutions paid a receptionist and a part-time assistant receptionist and a part-time assistant $950 for two weeks’ wages.$950 for two weeks’ wages.

Page 65: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

DECEMBER DECEMBER TRANSACTIONSTRANSACTIONS

Accounting Equation ImpactAssets = Liabilities + Owner’s Equity (Expense)

__________________

Page 66: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

December TransactionsDecember Transactions

o On December 16, NetSolutions received On December 16, NetSolutions received $3,100 from fees earned for the first half $3,100 from fees earned for the first half of December.of December.

Page 67: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

DECEMBER DECEMBER TRANSACTIONSTRANSACTIONS

Accounting Equation Impact

Assets = Liabilities + Owner’s Equity (Revenue)

_________ _________

Page 68: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

December TransactionsDecember Transactions

o Fees earned on account totaled $1,750 for Fees earned on account totaled $1,750 for the first half of December.the first half of December.

Page 69: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

DECEMBER DECEMBER TRANSACTIONSTRANSACTIONS

Accounting Equation Impact

Assets = Liabilities + Owner’s Equity (Revenue)

_________ _________

Page 70: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

December TransactionsDecember Transactions

o On December 20, NetSolutions paid $900 On December 20, NetSolutions paid $900 to Executive Supply Co. on the $1,800 to Executive Supply Co. on the $1,800 debt owed from the December 4 debt owed from the December 4 transaction.transaction.

Page 71: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

DECEMBER DECEMBER TRANSACTIONSTRANSACTIONS

Accounting Equation Impact

Assets = Liabilities + Owner’s Equity

__________________

Page 72: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

December TransactionsDecember Transactions

o On December 21, NetSolutions received On December 21, NetSolutions received $650 from customers in payment of their $650 from customers in payment of their accounts.accounts.

Page 73: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

DECEMBER DECEMBER TRANSACTIONSTRANSACTIONS

Accounting Equation Impact

Assets = Liabilities + Owner’s Equity

_________

_________

Page 74: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

December TransactionsDecember Transactions

o On December 23, NetSolutions paid On December 23, NetSolutions paid $1,450 for supplies.$1,450 for supplies.

Page 75: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

Accounting Equation Impact

Assets = Liabilities + Owner’s Equity

_________

_________

DECEMBER DECEMBER TRANSACTIONSTRANSACTIONS

Page 76: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

December TransactionsDecember Transactions

o On December 27, NetSolutions paid the On December 27, NetSolutions paid the receptionist and the part-time assistant receptionist and the part-time assistant $1,200 for two weeks’ wages.$1,200 for two weeks’ wages.

Page 77: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

Accounting Equation Impact

Assets = Liabilities + Owner’s Equity (Expense)

__________________

DECEMBER DECEMBER TRANSACTIONSTRANSACTIONS

Page 78: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

December TransactionsDecember Transactions

o On December 31, NetSolutions paid its On December 31, NetSolutions paid its $310 telephone bill for the month.$310 telephone bill for the month.

Page 79: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

DECEMBER DECEMBER TRANSACTIONSTRANSACTIONS

Accounting Equation Impact

Assets = Liabilities + Owner’s Equity (Expense)

__________________

Page 80: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

December TransactionsDecember Transactions

o On December 31, NetSolutions paid its On December 31, NetSolutions paid its $225 electric bill for the month.$225 electric bill for the month.

Page 81: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

Accounting Equation Impact

Assets = Liabilities + Owner’s Equity (Expense)

__________________

DECEMBER DECEMBER TRANSACTIONSTRANSACTIONS

Page 82: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

December TransactionsDecember Transactions

o On December 31, NetSolutions received On December 31, NetSolutions received $2,870 from fees earned for the second $2,870 from fees earned for the second half of December.half of December.

Page 83: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

Accounting Equation Impact

Assets = Liabilities + Owner’s Equity (Revenue)

_________ _________

DECEMBER DECEMBER TRANSACTIONSTRANSACTIONS

Page 84: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

December TransactionsDecember Transactions

o On December 31, fees earned on account On December 31, fees earned on account totaled $1,120 for the second half of totaled $1,120 for the second half of December.December.

Page 85: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

DECEMBER DECEMBER TRANSACTIONSTRANSACTIONS

Accounting Equation Impact

Assets = Liabilities + Owner’s Equity (Revenue)

_________ _________

Page 86: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

December TransactionsDecember Transactions

o On December 31, Chris Clark withdrew On December 31, Chris Clark withdrew $2,000 for personal use.$2,000 for personal use.

Page 87: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

Accounting Equation Impact

Assets = Liabilities + Owner’s Equity (Drawing)

__________________

DECEMBER DECEMBER TRANSACTIONSTRANSACTIONS

Page 88: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

c. 2014 Cengage Learning.   All Rights Reserved.  May not be copied, scanned, or duplicated, or posted to a publicly accessible website, in whole or in part.

Learning Learning Objective

ObjectivePrepare an unadjusted trial

Prepare an unadjusted trial

balance and explain how it can

balance and explain how it can

be used to discover errors

be used to discover errors

44

Page 89: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

_________ Balance_________ Balance

o The _________ of debits and credits in the The _________ of debits and credits in the _________ should be _________ at the end of _________ should be _________ at the end of _________ accounting period by preparing a _________ accounting period by preparing a _________ _________ ._________ _________ .

Page 90: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

UNADJUSTED UNADJUSTED TRIAL BALANCETRIAL BALANCE

Page 91: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

Trial Balance Errors - _________ Trial Balance Errors - _________

o A _________ occurs when the order of the A _________ occurs when the order of the digits is _________ by _________ , such as digits is _________ by _________ , such as writing $542 as $452 or $524.writing $542 as $452 or $524.

Page 92: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

Trial Balance Errors - _________ Trial Balance Errors - _________

o In a _________ , the entire number is In a _________ , the entire number is moved _________ or _________ spaces to moved _________ or _________ spaces to the right or the left by _________ , such as the right or the left by _________ , such as writing $542.00 as $54.20 or $97.50 as writing $542.00 as $54.20 or $97.50 as $975.00.$975.00.

Page 93: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

Errors ______ Affecting the Trial Errors ______ Affecting the Trial BalanceBalance

o If an error has already been _________ and If an error has already been _________ and _________ to the _________ , a _________ _________ to the _________ , a _________ _________ entry is normally prepared._________ entry is normally prepared.

Page 94: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

Errors Not Affecting the Trial BalanceErrors Not Affecting the Trial Balance

o Another type of error is a _________ error.Another type of error is a _________ error.

o Assume that on May 5 a $12,500 purchase Assume that on May 5 a $12,500 purchase of office equipment on account was of office equipment on account was incorrectly journalized and posted as a incorrectly journalized and posted as a debit to Supplies and a credit to Accounts debit to Supplies and a credit to Accounts Payable for $12,500.Payable for $12,500.

o The entry to _________ the error is:The entry to _________ the error is:

Page 95: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

c. 2014 Cengage Learning.   All Rights Reserved.  May not be copied, scanned, or duplicated, or posted to a publicly accessible website, in whole or in part.

Learning Learning Objective

ObjectiveDescribe and illustrate the use of

Describe and illustrate the use of

horizontal analysis in evaluating

horizontal analysis in evaluating

a company’s performance and

a company’s performance and financial condition.

financial condition.

55

Page 96: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

_________ Analysis_________ Analysis

o In _________ analysis, the amount of each In _________ analysis, the amount of each item on a _________ financial statement is item on a _________ financial statement is _________ with the _________ item on an _________ with the _________ item on an _________ statement._________ statement.

o When _________ _________ are being When _________ _________ are being compared, the _________ statement is used compared, the _________ statement is used as the base for _________ the amount and as the base for _________ the amount and the _________ of change.the _________ of change.

Page 97: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

HORIZONTAL HORIZONTAL ANALYSISANALYSIS

Page 98: Student Version o Repetition is an important component, a key part of learning. In memory, the more times patterns of thought are repeated, the more likely

c. 2014 Cengage Learning.   All Rights Reserved.  May not be copied, scanned, or duplicated, or posted to a publicly accessible website, in whole or in part.

Analyzing Analyzing

TransactionsTransactions

The EndThe EndThe EndThe End


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