Accounting Processes IS 484.

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Presentation transcript:

Accounting Processes IS 484

Concepts

Concepts Assets = Liabilities + Equity Assets: Cash, Inventory, Acct Receivable, Bldg… Debit Increase (+), Credit (-) Liabilities: Account Payable, Debt. Debit (-), Credit (+) Equity: Stocks, Revenues, Expenses. Debit (-) Credit (+)

Examples of Accounting Entries Debit (left) Credit (right) 1. Purchase a truck using cash for $5,000: Truck $5,000 Cash $5,000 2. Pay monthly rent $1,000 in cash Rental Expenses $1,000 Cash $1,000 3. Sold inventory for $400 invoice later Account Receivable $400 Inventory $400 4. Customer paid the $400 invoice Cash $400 Account Receivable $400 Exercise: http://college.cengage.com/accounting/mcquaig/college_acc/8e/students/demo/ch01.pdf