Acct 2000 Notes 2 6 14

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ACCT 2000
All Professors

Analyze the effect of business transactions on the basic accounting equationExplain what an account is and how it helps in the recording processDefine debits and credits and how they are used to record transactionsIdentify the basic steps in the recording processExplain what a journal is and how it helps in the recording processExplain what a ledger is and how it helps in the recording processExplain what posting is and how it helps in the recording processExplain the purposes of a trial balance The Accounting Information System is a system ofcollecting processing transaction data and communicating financial information to decision makersTransactions are economic events that require recording in the financial statements Assets liabilities or stockholders equity items change as a result of some economic event There is a dual effect on the accounting equationAccounting Transactions1 On October 1 cash of 10000 is invested in Sierra Corporation by investors in exchange for 10000 of common stock10000 cash 10000 common stock2On October 1 Sierra borrowed 5000 from Castle Bank by signing a 3month 12 5000 note payable5000 cash 5000 notes payable3On October 2 Sierra purchased equipment by paying 5000 cash to Superior Equipment Sales Co5000 cash 5000 equipment4On October 2 Sierra received a 1200 cash advance from R Knox a client1200 cash 1200 unearned revenue5On October 3 Sierra received 10000 in cash from Copa Company for guide services performed10000 cash 10000 revenue services performed
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