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Lesson 1-1 The Accounting Equation

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Presentation on theme: "Lesson 1-1 The Accounting Equation"— Presentation transcript:

1 Lesson 1-1 The Accounting Equation

2 THE ACCOUNTING EQUATION
Lesson 1-1 THE ACCOUNTING EQUATION page 8 LESSON 1-1

3 LESSON 1-2 How Business Activities Change the Accounting Equation

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

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

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

7 How Transactions Change Owner’s Equity in an Accounting Equation
Lesson 1-3 LESSON 1-3 How Transactions Change Owner’s Equity in an Accounting Equation Green

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

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

10 OTHER CASH TRANSACTIONS
Lesson 1-3 OTHER CASH TRANSACTIONS page 16 Transaction 10 August 18. Received cash on account from Oakdale School, $ Transaction 11 August 18. Paid cash to owner for personal use, $ LESSON 1-3 Green

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