Lesson 1-1 The Accounting Equation

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Presentation transcript:

Lesson 1-1 The Accounting Equation 5/13/2019 LESSON 1-1 The Accounting Equation

THE ACCOUNTING EQUATION Lesson 1-1 5/13/2019 THE ACCOUNTING EQUATION page 8 LESSON 1-1

TERMS REVIEW accounting accounting system accounting records page 9 accounting accounting system accounting records financial statements service business proprietorship asset equities liability owner’s equity accounting equation ethics business ethics LESSON 1-1

LESSON 1-2 How Business Activities Change the Accounting Equation 5/13/2019 LESSON 1-2 How Business Activities Change the Accounting Equation

RECEIVING CASH page 10 Transaction 1 August 1. Received cash from owner as an investment, $5,000.00. LESSON 1-2

PAYING CASH Transaction 2 August 3. Paid cash for supplies, $275.00. page 11 Transaction 2 August 3. Paid cash for supplies, $275.00. Transaction 3 August 4. Paid cash for insurance, $1,200.00. LESSON 1-2

TRANSACTIONS ON ACCOUNT page 12 Transaction 4 August 7. Bought supplies on account from Supply Depot, $500.00. Transaction 5 August 11. Paid cash on account to Supply Depot, $300.00. LESSON 1-2

TERMS REVIEW transaction account account title account balance capital page 13 transaction account account title account balance capital LESSON 1-2

How Transactions Change Owner’s Equity in an Accounting Equation Lesson 1-3 5/13/2019 LESSON 1-3 How Transactions Change Owner’s Equity in an Accounting Equation

REVENUE TRANSACTIONS page 14 Transaction 6 August 12. Received cash from sales, $295.00. Transaction 7 August 12. Sold services on account to Oakdale School, $350.00. LESSON 1-3

EXPENSE TRANSACTIONS page 15 Transaction 8 August 12. Paid cash for rent, $300.00. Transaction 9 August 12. Paid cash for telephone bill, $40.00. LESSON 1-3

OTHER CASH TRANSACTIONS page 16 Transaction 10 August 12. Received cash on account from Oakdale School, $200.00. Transaction 11 August 12. Paid cash to owner for personal use, $125.00. LESSON 1-3

TERMS REVIEW revenue sale on account expense withdrawals page 17 Lesson 1-3 5/13/2019 TERMS REVIEW page 17 revenue sale on account expense withdrawals LESSON 1-3