Lesson 1-1 Using Accounting Principles and Records

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Presentation transcript:

Lesson 1-1 Using Accounting Principles and Records 5/24/2019 LESSON 1-1 Using Accounting Principles and Records RED

ACCOUNTING EQUATION The Accounting Equation The Accounting Equation Lesson 1-1 5/24/2019 ACCOUNTING EQUATION page 7 The Accounting Equation Assets Liabilities Owners’ Equity + = The Accounting Equation (LEFT side of equation) Assets (RIGHT side of equation) Liabilities Owners’ Equity + = LESSON 1-1 RED

GENERAL JOURNAL Assets Liabilities Owners’ Equity = + Right side page 8 Assets Liabilities Owners’ Equity = + Right side Left side CREDIT DEBIT T Account (Right side) (Left side) LESSON 1-1

NORMAL BALANCES OF ACCOUNTS page 9 LESSON 1-1

LEDGERS page 10 LESSON 1-1

TERMS REVIEW asset liability equities owners’ equity page 11 asset liability equities owners’ equity stockholders’ equity accounting equation source documents double-entry accounting journal special journal account ledger general ledger subsidiary ledger controlling account file maintenance LESSON 1-1