Accounting 121

Accounting 121

Chapter 1: Accounting in Business
1. Assets= Liabilities-Equity
  1. Assets= Liabilities+Owner's Capital-Owner Withdrawals+Revenue-Expenses
Chapter 2: Analyzing and Recording Transactions
1. Debit= Left, Credit= Right
  1. Assets, Expenses, W/D= Debit
  2. Liabilities, Revenue, Capital= Credit
Chapter 3: Adjusting and Prepping Financial Statements
1. Prepaid Expenses= ASSET
  1. Prepaid-> Expense as used
2. Unearned Revenue= LIABILITY
  1. Cash-> Unearned-> Revenue
3. Depreciation- Expense[Dr] & Accum. Depreciation [Cr]
Chapter 4: Completing Acct. Cycle
1. Temporary Accts- zero @ end of period- Pre-closing Trial Balance
  1. Close to Income Summary
    1. Close to Equity
      1. Close W/D to Equity Last
  2. Revenue, Expenses, W/D
2. Permanent Accts Recorded on Post- Closing TB
3. Structured & Unstructured Balance Sheet
  1. Unstructured Lists all accounts into broad categories (Asset, Liability, Equity)
  2. Structured further divides broad categories (current/non-current asset/liability, plant asset, investment [long/short term])
Chapter 5: Merchandising
Chapter 9: Accts Receivable
Chapter 8: Cash & Internal Controls
Chapter 6: Inventory & Cost of Sales
Chapter 10: Plant Assets, Natural Resources & Intangibles
Chapter 11: Current Liabilities & Payroll

Resource summary

	Created by Becca Stepek almost 8 years ago