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Lesson 1-1 Using Accounting Principles and Records

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Presentation on theme: "Lesson 1-1 Using Accounting Principles and Records"— Presentation transcript:

1 Lesson 1-1 Using Accounting Principles and Records
12/27/2018 LESSON 1-1 Using Accounting Principles and Records RED

2 ACCOUNTING EQUATION The Accounting Equation The Accounting Equation
Lesson 1-1 12/27/2018 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

3 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

4 NORMAL BALANCES OF ACCOUNTS
page 9 LESSON 1-1

5 LEDGERS page 10 LESSON 1-1

6 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

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