Accounting 230 Chapter 2

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use source documents to identify accounts affected by external transactions

1

analyze the impact of the transaction on the accounting equation

2

assess whether the impact of the transaction results in a debit or credit to the account balance

3

record transactions using debits and credits

4

post the transaction to the T- accounts in the general ledger

5

prepare a trial balance

6

summary of the effects of all transactions related to a particular item over a period of time

account

determine the dual effect of business events on the accounting equation

analyze transaction

pay employees 6,000 for the first months salaries

asset decrease and stockholders equity decreases

purchase advertising to appear in the current month 1,200

asset decrease and stockholders equity decreases

purchase office supplies for 2,000 on account

asset increase and liabilities increase

purchase office supplies on account for 2,500

asset increase and liabilities increase

receive cash of 5,000 in advance from customers who plans to have his house painted in the following month

asset increase and liabilities increase

receive cash of 12,000 in rental fees for the current month

asset increase and stockholders equity increase

purchase land for 19,000. A note payable is signed for the full amount

asset increases and liability increase

pay employee salaries of 3,200 for the current month

assets decrease and stockholders equity decrease

pay office rent of 4,400 for the current month

assets decrease and stockholders equity decreases

issue 10,000 shares of common stock in exchange for 32,00 in cash

assets increase and stockholders equity increases

paint house in the current month fro 15,000 on account

assets increase and stockholders equity increases

pay rent for the current month

decrease asset decrease stock holders equity

pay insurance for the current month

decrease asset decrease stockholders equity

provide services to customers on account

increase asset increase stockholders equity

purchase equipment by signing a note payable

increase assets increase liability

issue common stock in exchange for cash

increase assets increase stockholders equity

record of all transactions affecting a company

journal

hire three employees for 2,000 per month

no effect

collect cash from customers on account

no effect for assets liabilities or stockholders equity

purchase painting equipment for 16,000 cash

one asset increase and another asset decreases

purchase storage container equipment for 8,000 cash

one asset increase and another asset decreases

receive 10,000 from customers in (1) above

one asset increase and another asset decreases

transfer balances from the journal to the general ledger

post

list of accounts and their balances

trial balance


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