CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 2-2 Analyzing How Transactions Affect Accounts Identify the steps for analyzing a transaction.

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Presentation transcript:

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 2-2 Analyzing How Transactions Affect Accounts Identify the steps for analyzing a transaction. Analyze transactions.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning Competency: Understanding the Accounting Cycle for a Service Business 2 LESSON 2-2 Objectives : 35 Demonstrate the effects of transactions on the accounting equation. 40 Analyze transactions through the use of T accounts.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning Chapter 2 Objectives Define accounting terms related to analyzing transactions into debit and credit parts. Identify accounting practices related to analyzing transactions into debit and credit parts. Use T accounts to analyze transactions showing which accounts are debited or credited for each transaction. Analyze how transactions to set up a business affect accounts. Analyze how transactions affect owner’s equity accounts. 3 LESSON 2-2

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning Chart of accounts – a list of accounts used by a business. 4 LESSON 2-2

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 5 LESSON 2-2 RECEIVED CASH FROM OWNER AS AN INVESTMENT 2. How is each account classified? 3. How is each classification changed? 4. How is each amount entered in the accounts? August 1. Received cash from owner as an investment, $5, page Which accounts are affected?

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 6 LESSON 2-2 PAID CASH FOR SUPPLIES 2. How is each account classified? 3. How is each classification changed? 4. How is each amount entered in the accounts? August 3. Paid cash for supplies, $ page Which accounts are affected?

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 7 LESSON Which accounts are affected? PAID CASH FOR INSURANCE 2. How is each account classified? 3. How is each classification changed? 4. How is each amount entered in the accounts? August 4. Paid cash for insurance, $1, page 34

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 8 LESSON 2-2 BOUGHT SUPPLIES ON ACCOUNT page 35 August 7. Bought supplies on account from Supply Depot, $ 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?

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 9 LESSON 2-2 PAID CASH ON ACCOUNT page 36 August 11. Paid cash on account to Supply Depot, $ 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?

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 10 LESSON 2-2 DEFINE TERM REVIEW chart of accounts page 37 In your Chapter 2Terms Word Document and drop a copy in my Inbox.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning Exit Ticket for Chapter State the four questions used to analyze a transaction. 2.What two accounts are affected when a business pays cash for supplies? 11 LESSON 2-2 In a Word Document, SaveAS: Chapter2-2AYUYourName Drop a copy in my InBox today before you leave!

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning Chapter 2-2 Assignments Complete on Aplia Work Together 2-2 On Your Own 2-2 Application Problem LESSON 2-2