المساعد الشخصي الرقمي

مشاهدة النسخة كاملة : Analyzing and Recording Transactions



محاسب متخصص
09-01-2014, 07:38 AM
Analyzing and processing transactions
Debits and Credits
An account is an individual accounting record of increases and decreases in a specific asset, liability, or owner’s equity item.


Double-Entry Accounting
Double-entry accounting requires that for each transaction:
● At least two accounts are involved, with at least one debit and one credit.
● The total amount debited must equal the total amount credited.


Debit and Credit Effects for Component Accounts
Types of accounts:-
Account Nature Increase(normal) Decrease
Assets Debit Debit Credit
Expenses Debit Debit Debit
Liabilities Credit Credit Debit
Revenues Credit Credit Debit












Liabilities (credit) Assets (debit)
Current Liabilities
Accounts payable
Insurance payable
Interest payable
fees payable
Office salaries payable
Rent payable
Salaries payable
Wages payable
Income taxes payable
Unearned Revenues
Unearned consulting fees
Unearned legal fees
Unearned _______ revenue
Unearned rent
Notes Payable
Short-term notes payable
Notes payable
Long-term notes payable
Long-Term Liabilities
Long-term lease liability
Bonds payable


Owner’s Equity
Capital
(-)Withdrawals


Retained Earnings
Retained earnings
Cash dividends (or Dividends)
Stock dividends
Current Assets
Cash
Petty cash
Cash equivalents
Investments in securities
Accounts receivable
Allowance for doubtful accounts
Interest receivable
Rent receivable
Notes receivable
Merchandise inventory
Office supplies
Store supplies
Prepaid insurance
Prepaid interest
Prepaid rent


Long-Term Investments
Long-term investments
Investment in Bond sinking fund
Investment in securities


Plant Assets
Automobiles
Trucks
Furniture
Office equipment
Store equipment
Equipment
Machinery
Building
Land


Intangible Assets
goodwill
Copyrights








Balance sheet







Income statement


Expenses (credit) Revenues (debit)


Cost of Goods Sold
Cost of goods sold
Purchases
Purchases discounts
Transportation-in
Freight in/out
Miscellaneous Expenses
Advertising expense
Blueprinting expense
Collection expense
Delivery expense
Gas and oil expense
General and administrative expense
Legal fees expense
Miscellaneous expenses
Operating expense
Repairs expense
Repairs expense
Selling expense
Telephone expense
Travel and entertainment expense
Utilities expense
Income taxes expense
Insurance expense
Rent expense
Salaries expense
wages expense


Depreciation
Depreciation expense — Automobiles
Depreciation expense — Building
Depreciation expense — Building
Depreciation expense — Trucks


fees earned
services revenue
Commissions earned
Rent revenue
Earnings from investment in S & B
Interest revenue
Sales