CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 2-2 Analyzing How Transactions Affect Accounts.

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Presentation transcript:

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 2-2 Analyzing How Transactions Affect Accounts

CENTURY 21 ACCOUNTING © Thomson/South-Western 2 LESSON 2-2 RECEIVED CASH FROM OWNER AS AN INVESTMENT 2. How is each account classified? 3. How is each classification changed? 4. How is each amount entered in the accounts? August 1. Received cash from owner as an investment, $5, page Which accounts are affected?

CENTURY 21 ACCOUNTING © Thomson/South-Western 3 LESSON 2-2 PAID CASH FOR SUPPLIES 2. How is each account classified? 3. How is each classification changed? 4. How is each amount entered in the accounts? August 3. Paid cash for supplies, $ page Which accounts are affected?

CENTURY 21 ACCOUNTING © Thomson/South-Western 4 LESSON Which accounts are affected? PAID CASH FOR INSURANCE 2. How is each account classified? 3. How is each classification changed? 4. How is each amount entered in the accounts? August 4. Paid cash for insurance, $1, page 34

CENTURY 21 ACCOUNTING © Thomson/South-Western 5 LESSON 2-2 BOUGHT SUPPLIES ON ACCOUNT page 35 August 7. Bought supplies on account from Supply Depot, $ Which accounts are affected? 2. How is each account classified? 3. How is each classification changed? 4. How is each amount entered in the accounts?

CENTURY 21 ACCOUNTING © Thomson/South-Western 6 LESSON 2-2 PAID CASH ON ACCOUNT page 36 August 11. Paid cash on account to Supply Depot, $ Which accounts are affected? 2. How is each account classified? 3. How is each classification changed? 4. How is each amount entered in the accounts?

CENTURY 21 ACCOUNTING © Thomson/South-Western 7 LESSON 2-2 TERM REVIEW chart of accounts page 37