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Lecture 3

ACC 100 Lecture 3: Chapter 3

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Department
Accounting
Course
ACC 100
Professor
Beavis Alison
Semester
Winter

Description
Chapter 3 1. Accounts 1. Assets 1. Cash: owned, has future benefit, from a past transaction, +/- 2. Accounts receivable: right to get cash in the future due to a past sale, sell on account → +, collect cash → - 3. Prepaid expense: future expense, paid for in the past to collect in the future, usually insurance/rent/advertising, get future right → +, use up the right → - 4. Office supplies: future expense, received in the past to use in the future, receive → +, use up → - 5. Equipment: future expense, received in the past to use in the future, receive → +, use up → - 6. Intangible assets: receive in the past for use in the future, legal rights, usually patents or licenses, receive → +, use up → - 2. Liabilities 1. Accounts payable: owed, paid in the future, due to a past transaction, but on account → +, pay off → - 1. Similar: salaries, wages, rent, income tax, interest... PAYABLE 2. Loans payable: owed, paid in future, due to past borr
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