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Accounting chapter 1

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Accounting
30
1 - 1 4 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 9e by Slater Accounting Concepts Accounting Concepts and Procedures: and Procedures: An Introduction An Introduction Chapter 1 Chapter 1
Transcript
College Accounting: A Practical Approach, 9/e by SlaterAccounting Concepts
and Procedures:
An Introduction
Chapter 1
Learning Objective 1
Accounting
Managers
Owners
Investors
Government
3
1 - *
Categories of Business Organizations
Types of Business
Formation
or closing of business.
Types of Business
Closing
Types of Business
Liability
7
1 - *
Classifying
Definition of Accounting
analyzes,
records,
classifies,
summarizes,
Learning Objective 2
Learning Unit 1-1
(The Accounting Equation)
Assets are the
items owned by
Learning Unit 1-1
(The Accounting Equation)
Learning Unit 1-1
(The Accounting Equation)
Learning Unit 1-1
(The Accounting Equation)
$7,000 in cash and $800 of office
equipment into the business.
office equipment for cash $900.
C. August 30: Buys additional
office equipment on account $400.
1 - *
Learning Unit 1-1
(The Accounting Equation)
Learning Unit 1-1
(Shift in Assets)
assets remains the same.
Learning Unit 1-2
(The Balance Sheet)
Company name
Learning Unit 1-2
(The Balance Sheet)
Cathy Hall, Attorney-at-Law
Accounts Payable $ 400
Owner’s Equity
Learning Objective 3
Learning Unit 1-3 (The Accounting
Equation Expanded)
Learning Unit 1-3 (The Accounting
Equation Expanded)
Learning Unit 1-3 (The Accounting Equation Expanded)
Beginning
capital
PLUS
Additional
investment
Learning Unit 1-3 (The Accounting Equation Expanded)
D. September 1-30: Cathy Hall provided
legal services for cash, $3,000.
E. September 1-30: Provided legal
services on account, $4,000.
cash as partial payment from previous
services performed on account.
1 - *
Learning Unit 1-3 (The Accounting Equation Expanded)
H. September 1-30: Paid rent expense, $700.
I. September 1-30: Incurred advertising
expenses of $300, to be paid next month.
J. September 1-30: Cathy
1 - *
Learning Objective 4
Preparing an income
statement, a statement
Learning Unit 1-4 (Preparing Financial Statements)
Cathy Hall, Attorney-at-Law
Revenue:
Learning Unit 1-4 (Preparing Financial Statements)
Cathy Hall, Attorney-at-Law
For Month Ended September 30, 200x
Cathy Hall, Capital, Sept. 1, 200x $ 7,800
Net Income for Sept. $5,400
Less Withdrawals for Sept. 200
Increase in Capital 5,200
15
1 - *
Learning Unit 1-4 (Preparing Financial Statements)
Cathy Hall, Attorney-at-Law
Accounts Payable $ 700
Owner’s Equity
Generally Accepted
that must be followed during
the accounting process.
End of Chapter 1

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