ACC 210 Lecture Notes - Lecture 2: General Ledger, Trial Balance, Accounting Equation

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Transactions- economic events that must be captured in the accounting info system. Only activities that can be measured in us dollars represent transactions. Assets, liabilities, or stockholders" equity items change as a result of these economic events. Each transaction must affect 2 or more accounts to keep in balance. Recording done by debiting at least 1 account and crediting another. If debits are greater than credits, the account has a debit balance. If credits are greater than debits, the account has a credit balance. Chapter two - the accounting cycle: during the period. The process of identifying the specific effects of economic events on the accounting. Fundamental accounting equation: assets = liabilities + stockholders" equity. Rely on a process referred to as the accounting cycle. Analyze business transactions: journalize - post - trial balance - adjusting entries - adjusted. Trial balance - financial statements - closing entries - post-closing trial balances. Investments by stockholders and revenues increase stockholders" equity (credit)

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