CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 2-3 Analyzing How Transactions Affect Owner’s Equity Accounts.

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Presentation transcript:

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 2-3 Analyzing How Transactions Affect Owner’s Equity Accounts

CENTURY 21 ACCOUNTING © Thomson/South-Western 2 LESSON 2-3 RECEIVED CASH FROM SALES page 38 August 12. Received cash from sales, $ 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 3 LESSON 2-3 SOLD SERVICES ON ACCOUNT page 39 August 12. Sold services on account to Oakdale School, $ 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 4 LESSON 2-3 PAID CASH FOR AN EXPENSE page 40 August 12. Paid cash for rent, $ 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 5 LESSON 2-3 RECEIVED CASH ON ACCOUNT page 41 August 12. Received cash on account from Oakdale School, $ 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 2-3 PAID CASH TO OWNER FOR PERSONAL USE page 42 August 12. Paid cash to owner for personal use, $ 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?