ACCT 2101 Lecture Notes - Lecture 2: Dividend, Accounts Payable, Common Stock

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yellowmosquito458

23 Aug 2016

School

University of Georgia

Department

Accounting

Course

ACCT 2101

Professor

Swati Bhandarkar

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Document Summary

Assets accounts = liability accounts + equity accounts. Asset accounts: cash, land, buildings, equipment, prepaid accounts, accounts receivable, notes receivable, supplies. Liability accounts: notes payable, accounts payable, accrued liabilities, unearned revenue. Equity accounts: common stock, revenues, dividends, expenses, retained earnings. Equity = common stock - dividend +revenue - expenses. Ledger: a complete collection of all accounts for an information system. A company"s size and diversity of operations affect the number of accounts needed. The recording process: analyze each transaction from source documents record relevant transactions and events in the journal post journal information to ledger accounts prepare and analyze trail balance. A t-account represents a ledger account and is a tool used to understand the effects of one or more transactions. Rules of debit and credit: assets = liabilities + equity. Assets: debit = increase / credit = decrease. Liabilities: debit = decrease / credit = increase. Equity: debit = decrease / credit = increase.

Related Questions

On December 31 adjusting entries for the following transactions.1. Fees accrued but not billed, $6,300. 2. The Supplies accountbalance on December 31, $4,750; Supplies on hand, $960. 3. Wagesaccrued but not paid, $2,700. 4. Depreciation of office equipment,$1,650. 5. Rent expired during year, $10,800.

CHARTOF ACCOUNTS

General Ledger

	ASSETS
11	Cash
12	Accounts Receivable
13	Supplies
14	Prepaid Rent
16	Office Equipment
17	Accumulated Depreciation

	LIABILITIES
21	Accounts Payable
22	Notes Payable
23	Unearned Revenues
24	Wages Payable
25	Interest Payable

	EQUITY
31	Common Stock
32	Retained Earnings
33	Dividends

	REVENUE
41	Fees Earned

	EXPENSES
51	Advertising Expense
52	Insurance Expense
53	Interest Expense
54	Wages Expense
55	Supplies Expense
56	Utilities Expense
57	Depreciation Expense
58	Rent Expense
59	Miscellaneous Expense

CHARTOF ACCOUNTS

General Ledger

	ASSETS
11	Cash
12	Accounts Receivable
13	Supplies
14	Prepaid Rent
16	Office Equipment
17	Accumulated Depreciation

	LIABILITIES
21	Accounts Payable
22	Notes Payable
23	Unearned Revenues
24	Wages Payable
25	Interest Payable

	EQUITY
31	Common Stock
32	Retained Earnings
33	Dividends

	REVENUE
41	Fees Earned

	EXPENSES
51	Advertising Expense
52	Insurance Expense
53	Interest Expense
54	Wages Expense
55	Supplies Expense
56	Utilities Expense
57	Depreciation Expense
58	Rent Expense
59	Miscellaneous Expense

General Journal

Prepare the December 31 adjusting entries for each transactions.Refer to the Chart of Accounts for exact wording of accounttitles.

PAGE 1

JOURNAL

	DATE	DESCRIPTION	POST.REF.	DEBIT	CREDIT
1
2
3
4
5
6
7
8
9
10					need help with a general journal

magentaweasel639

A company's ledger is:

a. A record containing increases and decreases in a specific asset, liability, equity, revenue, or expense item.

b. A journal in which transactions are first recorded.

c. A collection of documents that describe transactions and events entering the accounting process.

d. A list of all identification numbers used by the company.

e. A record containing all accounts and their balances used by the company.

orchidbuffalo895

Please show what type of account each belongs to ( for exampleCurrent Asset, Current Liability, Stockholders Equity, etc.) and ifeach is a credit or debit.

Accounts Payable

Accounts Receivable

Accumulated Depreciation - Equipment

Cash

Common Stock

Depreciation Expense - Equipment

Dividends

Equipment

Interest Expense

Interest Revenue

Notes Payable

Prepaid Rent

Retained Earnings

Service Revenue

Unearned Revenue

Wages Expense

Wages Payable

sangriagerbil399

ACCT 2101 Lecture Notes - Lecture 2: Dividend, Accounts Payable, Common Stock

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