NUTR 343 Lecture Notes - Lecture 2: Trial Balance, Councillor, Accounting Period

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Week 1-chapter 1 was a lot of theory. We will start to get more hands-on at this point. Please make sure you understand the concepts introduced in chapter 1 and understand the questions and problems we did last class are not accounting yet. They were done as a process to get you to chapter 2. Chapter 2 (week 2 core material is found in this chapter) As always these are not notes . at the end of the chapter you should understand debits and credits, and how double-entry accounting works. I added two rules to help you . awe and clr. Business transactions having two effects: the giving side & the receiving side. Total debits= total credits (reminder don"t confuse banking debits and credits with accounting debits and credits) T-accounts: cash debit (left) | credit (right). Assets: debits = increases | credits = decreases. Liabilities and owner"s equity: debits = decreases | credits = increases.

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