LESSON 2-1 Using T Accounts

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Presentation transcript:

LESSON 2-1 Using T Accounts 4/13/2019 LESSON 2-1 Using T Accounts

TERMS T account An accounting device used to analyze transactions page 31 T account An accounting device used to analyze transactions Debit The amount recorded on the left side of the T account LESSON 2-1

TERMS Credit The amount recorded on the right side of the T account page 31 Credit The amount recorded on the right side of the T account Normal Balance The side of the account that is increased LESSON 2-1

ANALYZING THE ACCOUNTING EQUATION page 28 LESSON 2-1

ACCOUNTS page 29 LESSON 2-1

ACCOUNT BALANCES page 29 LESSON 2-1

INCREASES AND DECREASES IN ACCOUNTS page 30 LESSON 2-1

LESSON 2-2 Analyzing How Transactions Affect Accounts 4/13/2019 LESSON 2-2 Analyzing How Transactions Affect Accounts

TERM Chart of Accounts A list of accounts used by business page 37 LESSON 2-2

RECEIVED CASH FROM OWNER AS AN INVESTMENT page 32 August 1. Received cash from owner as an investment, $5,000.00. 2 1 4 3 1. Which accounts are affected? 2. How is each account classified? 3. How is each classification changed? 4. How is each amount entered in the accounts? LESSON 2-2

PAID CASH FOR SUPPLIES page 33 August 3. Paid cash for supplies, $275.00. 2 1 4 3 1. Which accounts are affected? 2. How is each account classified? 3. How is each classification changed? 4. How is each amount entered in the accounts? LESSON 2-2

PAID CASH FOR INSURANCE page 34 August 4. Paid cash for insurance, $1,200.00. 2 1 4 3 1. Which accounts are affected? 2. How is each account classified? 3. How is each classification changed? 4. How is each amount entered in the accounts? LESSON 2-2

BOUGHT SUPPLIES ON ACCOUNT page 35 August 7. Bought supplies on account from Supply Depot, $500.00. 2 1 4 3 1. Which accounts are affected? 2. How is each account classified? 3. How is each classification changed? 4. How is each amount entered in the accounts? LESSON 2-2

PAID CASH ON ACCOUNT page 36 August 11. Paid cash on account to Supply Depot, $300.00. 2 1 4 3 1. Which accounts are affected? 2. How is each account classified? 3. How is each classification changed? 4. How is each amount entered in the accounts? LESSON 2-2

LESSON 2-3 Analyzing How Transactions Affect Owner’s Equity Accounts 4/13/2019 LESSON 2-3 Analyzing How Transactions Affect Owner’s Equity Accounts Green

RECEIVED CASH FROM SALES page 38 August 12. Received cash from sales, $295.00. 2 1 4 3 1. Which accounts are affected? 2. How is each account classified? 3. How is each classification changed? 4. How is each amount entered in the accounts? LESSON 2-3

SOLD SERVICES ON ACCOUNT page 39 August 12. Sold services on account to Oakdale School, $350.00. 2 1 4 3 1. Which accounts are affected? 2. How is each account classified? 3. How is each classification changed? 4. How is each amount entered in the accounts? LESSON 2-3

PAID CASH FOR AN EXPENSE page 40 August 12. Paid cash for rent, $300.00. 2 1 4 3 1. Which accounts are affected? 2. How is each account classified? 3. How is each classification changed? 4. How is each amount entered in the accounts? LESSON 2-3

RECEIVED CASH ON ACCOUNT page 41 August 18. Received cash on account from Oakdale School, $200.00. 2 1 4 3 1. Which accounts are affected? 2. How is each account classified? 3. How is each classification changed? 4. How is each amount entered in the accounts? LESSON 2-3

PAID CASH TO OWNER FOR PERSONAL USE page 42 August 12. Paid cash to owner for personal use, $125.00. 2 1 4 3 1. Which accounts are affected? 2. How is each account classified? 3. How is each classification changed? 4. How is each amount entered in the accounts? LESSON 2-3