An account is a record of increases and decreases in a specific asset, liability, equity, revenue, or expense item.
The general ledger is a record containing all accounts used by the company.
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Chapter 02ANALYZING AND RECORDING TRANSACTIONSMcGraw-Hill/IrwinCopyright © 2011 by the McGraw-Hill Companies, Inc. All rights reserved.Analyze each transaction and event from source documentsANALYZING AND RECORDING PROCESSRecord relevant transactions and events in a journalPost journal information to ledger accountsPrepare and analyze the trial balanceC 1Sales TicketsBank StatementsPurchase OrdersChecksSOURCE DOCUMENTSBills from SuppliersEmployee EarningsRecordsC 1An account is a record of increases and decreases in a specific asset, liability, equity, revenue, or expense item.THE ACCOUNT AND ITS ANALYSISThe general ledger is a record containing all accounts used by the company. C 2THE ACCOUNT AND ITS ANALYSISOwner, CapitalOwner, WithdrawalsC 2LandEquipmentBuildingsCashNotes ReceivableSuppliesPrepaid AccountsAccounts ReceivableAssetAccountsASSET ACCOUNTSC 2Accrued LiabilitiesUnearned RevenueNotes PayableAccounts PayableLiabilityAccountsLIABILITY ACCOUNTSC 2EquityAccountsRevenuesOwner’s CapitalOwner’s WithdrawalsExpensesEQUITY ACCOUNTSC 2LiabilitiesEquityAssets=+THE ACCOUNT AND ITS ANALYSISC 2LEDGER AND CHART OF ACCOUNTSThe ledger is a collection of all accounts for aninformation system. A company’s size and diversityof operations affect the number of accounts needed.The chart of accounts is a list of all accounts and includes anidentifying number for each account.C 3DEBITS AND CREDITSA T-account represents a ledger account and is a tool used to understand the effects of one or more transactions. C 4LiabilitiesEquityAssets=+DOUBLE-ENTRY ACCOUNTINGDebit CreditDebit CreditDebit CreditASSETS + -LIABILITIES - +EQUITIES - +C 4NormalNormalNormalRevenuesExpensesOwner’sCapitalOwner's Withdrawals_+_Debit CreditOwner’s Capital - +Debit CreditOwner's Withdrawals + -Debit CreditExpenses + -Debit Credit Revenues - +DOUBLE-ENTRY ACCOUNTINGEquityC 4DOUBLE-ENTRY ACCOUNTINGAn account balance is the difference between the increases and decreases in an account. Notice the T-Account.C 4JOURNALIZING & POSTING TRANSACTIONSStep 1: Analyze transactions and source documents.LiabilitiesEquityAssets=+Step 2: Apply double-entry accountingStep 4: Post entry to ledgerStep 3: Record journal entryP 1END OF CHAPTER 2
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