Bell Ringer What are the four parts of accounting?

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Presentation transcript:

Bell Ringer What are the four parts of accounting? Why do you think accounting is important? LESSON 1-3

How Transactions Change Owner’s Equity in an Accounting Equation Lesson 1-3 8/3/2018 LESSON 1-3 How Transactions Change Owner’s Equity in an Accounting Equation

REVENUE TRANSACTIONS page 14 Transaction 6 August 12. Received cash from sales, $295.00. Transaction 7 August 12. Sold services on account to Oakdale School, $350.00. LESSON 1-3

EXPENSE TRANSACTIONS page 15 Transaction 8 August 12. Paid cash for rent, $300.00. Transaction 9 August 12. Paid cash for telephone bill, $40.00. LESSON 1-3

OTHER CASH TRANSACTIONS page 16 Transaction 10 August 12. Received cash on account from Oakdale School, $200.00. Transaction 11 August 12. Paid cash to owner for personal use, $125.00. LESSON 1-3

TERMS REVIEW revenue sale on account expense withdrawals page 17 Lesson 1-3 8/3/2018 TERMS REVIEW page 17 revenue sale on account expense withdrawals LESSON 1-3