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McGraw-Hill/Irwin
McGraw-Hill/Irwin
McGraw-Hill/Irwin
C1
External Transactions
occur between the
organization and an
outside party.
McGraw-Hill/Irwin
Internal Transactions
occur within the
organization.
The McGraw-Hill Companies, Inc., 2010
C1
Post journal
information
to ledger
accounts
The McGraw-Hill Companies, Inc., 2010
Source Documents
C2
Checks
Employee
Earnings
Records
Bills from
Suppliers
Purchase
Orders
Bank
Statements
Sales
Tickets
McGraw-Hill/Irwin
C3
The
The general
general
ledger
ledger is
is aa record
record
containing
containing all
all
accounts
accounts used
used by
by
the
the company.
company.
C3
Assets
Assets
Assets
Accounts
Accounts
Accounts
McGraw-Hill/Irwin
Liability
Liability
Liability
Accounts
Accounts
Accounts
Equity
Equity
Equity
Accounts
Accounts
Accounts
Asset Accounts
C3
Cash
Land
Buildings
Asset
Asset
Accounts
Accounts
Equipment
Supplies
McGraw-Hill/Irwin
Accounts
Receivable
Notes
Receivable
Prepaid
Accounts
Liability Accounts
C3
Accounts
Accounts
Payable
Payable
Notes
Notes
Payable
Payable
Liability
Liability
Accounts
Accounts
Accrued
Accrued
Liabilities
Liabilities
McGraw-Hill/Irwin
Unearned
Unearned
Revenue
Revenue
The McGraw-Hill Companies, Inc., 2010
Equity Accounts
C3
Common
Common
Stock
Stock
Retained
Retained
Earnings
Earnings
Dividends
Dividends
Equity
Equity
Accounts
Accounts
Revenues
Revenues
McGraw-Hill/Irwin
Expenses
Expenses
C3
+
Common
Common
Stock
Stock
McGraw-Hill/Irwin
Liabilities
Liabilities
Dividends
Dividends
Equity
Equity
+
Revenues
Revenues
Expenses
Expenses
C4
McGraw-Hill/Irwin
C5
McGraw-Hill/Irwin
C5
Double-Entry Accounting
Assets
Assets
ASSETS
Debit
McGraw-Hill/Irwin
Credit
Liabilities
Liabilities
LIABILITIES
Debit
Credit
Equity
Equity
EQUITIES
Debit
Credit
Double-Entry Accounting
C5
Equity
Common
Common
Stock
Stock
Dividends
Dividends
Revenues
Revenues
Expenses
Expenses
Stock
Dividends
Revenues
Expenses
Debit Credit
Debit Credit
Debit Credit
Debit Credit
McGraw-Hill/Irwin
C5
Double-Entry Accounting
An account balance is the difference between the increases
and decreases in an account.
Notice the T-Account
McGraw-Hill/Irwin
Journalizing &
Posting Transactions
P1
Assets
Assets
Step 1: Analyze
transactions and source
documents.
ACCOUNT NAME:
Date
Liabilities
Liabilities
Equity
Equity
ACCOUNT No.
Description
PR
Debit
Credit
Balance
P1
Journalizing Transactions
Transaction
Transaction
Date
Date
Transaction
Transaction
explanation
explanation
McGraw-Hill/Irwin
Titles
Titles of
of Affected
Affected
Accounts
Accounts
Dollar
Dollar amount
amount of
of debits
debits
and
and credits
credits
The McGraw-Hill Companies, Inc., 2010
P1
McGraw-Hill/Irwin
P1
McGraw-Hill/Irwin
P1
McGraw-Hill/Irwin
P1
McGraw-Hill/Irwin
P1
McGraw-Hill/Irwin
P1
McGraw-Hill/Irwin
P1
McGraw-Hill/Irwin
A1
Analyzing Transactions
Analysis:
Double entry:
Posting:
101
McGraw-Hill/Irwin
301
A1
Analyzing Transactions
Analysis:
Double entry:
Posting:
126
McGraw-Hill/Irwin
101
A1
Analyzing Transactions
Analysis:
Double entry:
Posting:
167
McGraw-Hill/Irwin
101
A1
Analyzing Transactions
Analysis:
Double entry:
Posting:
126
McGraw-Hill/Irwin
201
A1
Analyzing Transactions
Analysis:
Double entry:
Posting:
403
McGraw-Hill/Irwin
101
A1
FastForward
Trial Balance
December 31, 2009
Cash
Accounts receivable
Supplies
Prepaid Insurance
Equipment
Accounts payable
Unearned consulting revenue
Common stock
Dividends
Consulting revenue
Rental revenue
Salaries expense
Rent expense
Utilities expense
Total
McGraw-Hill/Irwin
Debits
$ 4,350
9,720
2,400
26,000
Credits
6,200
3,000
30,000
200
5,800
300
1,400
1,000
230
$ 45,300 $ 45,300
The McGraw-Hill Companies, Inc., 2010
P2
McGraw-Hill/Irwin
P3
Point in
Time
Period of Time
Income Statement
Statement of Retained Earnings
Beginning
Balance
Sheet
McGraw-Hill/Irwin
Statement of Cash
Flows
Ending
Balance
Sheet
P3
McGraw-Hill/Irwin
Income Statement
P3
McGraw-Hill/Irwin
P3
McGraw-Hill/Irwin
Balance Sheet
Debt Ratio
A2
McGraw-Hill/Irwin
End of Chapter 2
McGraw-Hill/Irwin