Hello in this presentation we will be discussing a trial balance objectives at the end of this, we will be able to define a trial balance list components of a trial balance and explain how a trial balance is used. When considering the trial balance, we first want to think about where the trial balance falls within the construction of the financial statements. In other words, what processes go before the trial balance, what goes after the trial balance, where’s the trial balance fit into our process? Remember, the ending goal, the ending process of the accounting been to compile the data in such a way to create the finance financial statements. Those financial statements have been the end product. Typically if we’re thinking about a linear process, then we’re thinking about all the transactions that would happen during the month.
Journal Entry Thought Process 215
Hello in this presentation that we will discuss a thought process for recording financial transactions using debits and credits. Objectives. At the end of this, we will be able to list a thought process for recording journal entries. explain the reasons for using a defined thought process and apply thought process to recording journal entries. When we think about a thought process, we’re going to start with cash as the first part of the thought process is cash affected. We’ve discussed the thought process when we have considered the double entry accounting system in the format of the accounting equation, the thought process will be much the same here we now applying that thought process to the function of debits and credits recording the journal entries with regard to debits and credits.
Rules for Using Debits & Credits 210
Hello. In this presentation we’re going to discuss rules for debits and credits, how to make accounts go up and down using debits and credits. objectives, we will be able to at the end of this define rules to make accounts go up and down, apply rules to make accounts go up and down and explain how rules are used to construct journal entries. When considering these rules that will be applied, the rule will be very simple to apply once we understand the normal balances or have memorized or are using a cheat sheet in order to know what those normal balances are. There’s no getting around just memorizing the normal balances. That’s where most of the time will take place. Once we know what those normal balances are, we’re going to want to do things to those normal balances. We’re going to want to be increasing or decreasing those normal balances in some way.
Debits & Credits 205
Hello in this presentation we will discuss debits and credits. Objectives at the end of this we will be able to define debits and credits list account normal balances and explain how debits and credits work. First we want to take a look at the double entry accounting system and recognize that the double entry accounting system can be represented in multiple different ways including as we have seen before the accounting equation meaning that assets equal liabilities plus equity, we can record transactions using this accounting equation as we have done in the past. That accounting equation is the basis behind the balance sheet where we have the assets liabilities and equity representing the fact that the balance sheet then would be in balance.
Accounts Payable Transactions Accounting Equation 170
So there’s gonna be problems later on where they’ll basically say, you know, you got to pay off something on account and you have to assume that the prior transaction took place. You got to kind of know in your mind how these things are related. So if we go through them by cycle that will help to achieve that goal. first transaction, we’re going to say purchase supplies on account. If we go through our list of questions, we’re going to say is cash affected? In this case? No, because we purchased it on account, then we’re going to ask what we’ve received, in this case supplies. So we got supplies, that is here, it’s going to be an asset. Therefore the asset is going to go up because we got more of them, then the only question is, what is the other account? It’s not a decrease to cash because we didn’t pay cash. And therefore we must be doing something somewhere else. That will be accounts payable, so accounts payable is going to increase by the same amount.
Accounts Receivable Transactions – Accounting Equation 167
Hello in this presentation we will record transactions related to accounts receivable recording the transactions using the double entry accounting system in the format of the accounting equation that equation of assets equal liabilities plus equity objectives at the end of this we will be able to list at transactions involving accounts receivable and record transactions involving accounts receivable using the accounting equation. We will go through some examples of the accounting equation and recording transactions related to accounts receivable quick review of the accounting equation we have assets equal liabilities plus equity as the accounting equation. We then need to start memorizing those accounts that fit into those subcategories of assets, liabilities and equity.
Cash Transaction – Accounting Equation 165
Hello, in this presentation we will be taking a look at business transactions involving cash we will be recording these normal business transactions in the format of the accounting equation and later be using the same or similar transactions to record with regard to debits and credits. Objectives. At the end of this we will be able to list transactions involving cash record transactions involving cash using the accounting equation. first transaction, we’re going to list through these transactions and we’re going to record these transactions with the accounting equation, learning these accounting equations and these transactions using our normal rules and thought process. So remember that this is our accounting equation, we’re going to have assets liabilities and equity.
Financial Transaction Thought Process 160
Hello in this presentation we will be discussing the transaction thought process, a thought process used to record transactions in a systematic way. Objectives. At the end of this we will be able to list steps for recording transactions. Explain reasons for using a process when recording transaction and apply a thought process to recording transactions. First, we’re going to recap those rules we talked about in the prior presentation. If you have not seen the rules for the prior presentation, we recommend taking a look at that these rules are the rules we are going to use in order to construct a thought process. The rules being something that are just part of the process things that have to happen, the thought process being a system that we are going to use in order to learn this information as quickly and efficiently as possible and be able to record transactions as quickly and efficiently as possible.
Financial Transaction Rules 155
Hello in this presentation we will be discussing the transaction rules financial transaction rules as they relate to recording financial transactions with regard to the accounting equation. At the end of this, we will be able to list transaction rules explained our reasons for the transaction rules and apply transaction rules to recording financial transactions. First rule, at least two accounts will be affected. It’s going to be whenever we record any transaction and whether we’re talking about a transaction for recording payroll record an accounts receivable, recording accounts payable, all those normal things that the accounting department does on a day to day basis.
Ethic & Profession 150
Hello in this presentation we will discuss ethics and profession objectives, we will be able to at the end of this define profession define ethics as it relates to accounting. Explain the factors that increase the likelihood of fraud, describe internal controls profession, the definition of a profession, a profession is a calling or requiring specialized knowledge and often long and intensive academic preparation. When thinking about profession, we often think about a doctor or a lawyer being two of the primary professions that we first think of. And when we consider those professions, we note that the major component of those professions are that they’re providing a service and a service which most people do not have intimate knowledge about.