Home Accounting • Read e-book online Accounting, 6th Edition, 1-26 (Charles T. Horngren Series in PDF

Read e-book online Accounting, 6th Edition, 1-26 (Charles T. Horngren Series in PDF

By Charles T. Horngren, Walter T. Harrison, Linda S. Bamber

This publication introduces readers to the entire key monetary and administration accounting strategies. It motivates beginners by means of familiarizing them with the accounting concerns dealing with businesses corresponding to goal, Nantucket Nectars, Teva, Oracle, and quite a few businesses doing e-Business. clients can determine their figuring out of bankruptcy issues with “CyberCoach” and “Starter workout” positive factors, “Working It Out” difficulties, and specific “Concept Links.” for people getting ready for a profession in accounting.

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Sample text

Bank loan . . . . . . . . . . . . . . . . . . . . . . . . Total revenues . . . . . . . . . . . . . . . . . . . . . Expenses: Cost of the house . . . . . . . . . . . . . . . . . . . . . Repairs to house . . . . . . . . . . . . . . . . . . . . . Furniture expense. . . . . . . . . . . . . . . . . . . . . Kitchen equipment expense . . . . .

The payment decreased cash; therefore, credit Cash. The payment decreased the liability accounts payable, so we debit Accounts Payable. The Flow of Accounting Data Accounting Equation ASSETS = LIABILITIES Cash Ledger Accounts OWNER’S EQUITY + 0 Accounts Payable −300 Journal Entry + −300 = Accounts Payable (↓ liability; debit) . . . . . . . Cash (↓ asset; credit) . . . . . . . . . Paid cash on account. Cash (1) 30,000 (2) (4) 300 300 Accounts Payable 20,000 300 (4) 300 (3) 500 TRANSACTION 5 ANALYSIS Gay Gillen remodeled her home with personal funds.

Total liabilities and owner’s equity . . . $ 0 30,000 $30,000 Notice that Assets = Liabilities + Owner’s Equity and that total debit amounts = total credit amounts. Exhibit 2-3 illustrates the accounting equation and Gay Gillen eTravel’s first three transactions. Double-Entry Accounting The Accounting Equation and the First Three Transactions of Gay Gillen eTravel Exhibit 2-3 Transaction 1 Received $30,000 cash and issued stock Transaction 2 Paid $20,000 cash to purchase land Transaction 3 Purchased $500 of office supplies on account Office Supplies $ $500 Cash $10,000 Cash $30,000 Capital $30,000 Land $20,000 Cash $10,000 Capital $30,000 Land $20,000 The second transaction is a $20,000 cash purchase of land.

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