We think you have liked this presentation. If you wish to download it, please recommend it to your friends in any social system. Share buttons are a little bit lower. Thank you!
Presentation is loading. Please wait.
supports HTML5 video
Published byJorge Bollard
Modified over 6 years ago
The Accounts of the General LedgerDEBIT (DR) BALANCE SHEET SECTION CREDIT (CR) + CAPITAL + DRAWINGS - ASSETS + - + LIABILITIES NOMINAL SECTION - + INCOME EXPENSES + - Wamark Publishers ©
Transaction: The Debtor settles his account R 500Assets Income Expense Effect on Accounting Equation Bank is an Asset which increases when a payment is received from a Debtor. Debtors Control is also an Asset which decreases when a payment is received from a Debtor. A = O/E L + 500 = DR Bank(A) CR DR Debtors Control (A) CR Debtors Control Current Income Bank How much does the Debtor owe after this transaction? Wamark Publishers ©
Transaction: Pay a Creditor R 500Assets Income Expense Liabilities DR Bank(A) CR DR Creditors Control(L)CR Effect on Accounting Equation Bank is an Asset which decreases when making a payment to a Creditor. Creditors Control is a Liability which also decreases when a payment is made to a Creditor. A = O/E L = Creditors Control 700 Creditors Control 500 Bank Trading Inventory 700 How much is owed to the Creditor after this transaction? Wamark Publishers ©
Analyzing Transactions into Debit and Credit Parts
You are the Accountant For every exercise you do, pretend that you are the accountant for the business. Wamark Publishers ©
Double Entry System DR CR.
ACCOUNTING PROCEDURE: DOUBLE ENTRY SYSTEM
ACCT 2110 GENERAL LEDGER. ACCOUNTING EQUATION n Assets = Equities n Assets = Liabilities + Owner’s equity.
Accounting & Financial Analysis 1 Lecture 3 The General Ledger.
Accounting Basics MEDA 144 (LOTS of this was pulled from r.aspx?doc=1136) 1MEDA 144 Acctg Basics.
ACCOUNTING I Fall Final Exam Study Guide
© PHI Learning, All rights reserved.1 Financial Accounting: A Managerial Perspective Third Edition Prepared by R. Narayanaswamy Indian Institute.
4.3 – Account Balances & Terminology Chapter 4. What is the Balance in the Cash T-Account (Ledger)? 2.
Accounting for a Service Business - Unit 1.6
Accounting for Transactions. Transactions A business transaction is an event that occurs that changes the financial position of a business. These may.
An accounting device used to analyze transactions is a called a/an ____________ T ACCOUNT.
Double-entry accounting. Introduction Every financial accounting transaction must be recorded twice in the accounts of a business: it must have one debit.
* Debit * An entry recording an amount owed, listed on the left-hand side or column of an account. * Credit * The ability to obtain goods or services.
AAT Level 2 Certificate in accounting Louise Johnson ac.uk.
Finance Foundations Unit 5 Flash Cards Mrs. Sorrell.
COMPLETION OF THE ACCOUNTING CYCLE - Closing Entries -
Analyzing & Recording Business Transactions
Why Record Transactions? To have a systematic recording of transaction analyze report to users Items that goes to Balance Sheet (Asset, Liability &
© 2021 SlidePlayer.com Inc. All rights reserved.