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ACC100_Basics.pdf

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Department
Accounting
Course
ACC 100
Professor
John Love
Semester
Summer

Description
Accounting - The Basics Know the accounting Cycle Step 2 Step 3 Step 4 Prepare Journal Post to T- Prepare Trial Step 1 entry Accounts Balance Step 5 Analyze Prepare Transaction Adjusting Entries Step 8 Step 7 Step 6 Prepare Closing Prepare Financial Prepare adjusted Entries Statements trial balance Where do transactions really go? Income Statement Revenues XXXX Transaction Cost of Goods Sold XXXX Gross Margin XXXX Revenue XXXX Other Expenses XXXX Accounts ReceivablXXXX Other Income XXXX Net Income XXXX Cost of Goods Sold XXXX Inventory XXXX Balance Sheet Assets Accounts Receivable XXXX Understand this and you will never go wrong… Inventory XXXX Total Assets XXXX Liabilities Bank Loan XXXX Shareholders Equity Common Share XXXX Retained Earnings XXXX Total Liabilities And Shareholders Equity XXXX Practice, Practice, & More Practice….
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