Accounting I/II Chapter 2, Section 3.  What accounts are affected?  How is each account classified?  How is each classification changed?  How is each.

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Presentation transcript:

Accounting I/II Chapter 2, Section 3

 What accounts are affected?  How is each account classified?  How is each classification changed?  How is each amount entered in the accounts?

 What accounts are affected?  How is each account classified?  How is each classification changed?  How is each amount entered in the accounts? Cash Sales AssetRevenue Debit Credit Debit Credit

 What accounts are affected?  How is each account classified?  How is each classification changed?  How is each amount entered in the accounts? Accts. Rec—Oakdale School Sales Asset Revenue Debit Credit Debit Credit

 What accounts are affected?  How is each account classified?  How is each classification changed?  How is each amount entered in the accounts? Rent Expense Cash Expense Asset Debit Credit Debit Credit

 What accounts are affected?  How is each account classified?  How is each classification changed?  How is each amount entered in the accounts? Cash Accts. Rec.—Oakdale School Asset Debit Credit Debit Credit

 What accounts are affected?  How is each account classified?  How is each classification changed?  How is each amount entered in the accounts? Kim Park, Drawing Cash Withdrawal Asset Debit Credit Debit Credit

2-3 Work Together and On Your Own 2-3 Application Problem 2-4 Application Problem