Accounting 121

Becca Stepek
Mind Map by Becca Stepek, updated more than 1 year ago
Becca Stepek
Created by Becca Stepek over 5 years ago
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Accouning 121 Spoolstra final study guide

Resource summary

Accounting 121
  1. Chapter 1: Accounting in Business
    1. Assets= Liabilities-Equity
      1. Assets= Liabilities+Owner's Capital-Owner Withdrawals+Revenue-Expenses
    2. Chapter 2: Analyzing and Recording Transactions
      1. Debit= Left, Credit= Right
        1. Assets, Expenses, W/D= Debit
          1. Liabilities, Revenue, Capital= Credit
        2. Chapter 3: Adjusting and Prepping Financial Statements
          1. Prepaid Expenses= ASSET
            1. Prepaid-> Expense as used
            2. Unearned Revenue= LIABILITY
              1. Cash-> Unearned-> Revenue
              2. Depreciation- Expense[Dr] & Accum. Depreciation [Cr]
              3. 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
                    3. Permanent Accts Recorded on Post- Closing TB
                      1. Structured & Unstructured Balance Sheet
                        1. Unstructured Lists all accounts into broad categories (Asset, Liability, Equity)
                          1. Structured further divides broad categories (current/non-current asset/liability, plant asset, investment [long/short term])
                        2. Chapter 5: Merchandising
                          1. Chapter 9: Accts Receivable
                            1. Chapter 8: Cash & Internal Controls
                              1. Chapter 6: Inventory & Cost of Sales
                                1. Chapter 10: Plant Assets, Natural Resources & Intangibles
                                  1. Chapter 11: Current Liabilities & Payroll
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