Accounting I/II Chapter 2, Section 2. What accounts are affected? How is each account classified? ...
-
Upload
marianna-townsend -
Category
Documents
-
view
213 -
download
1
Transcript of Accounting I/II Chapter 2, Section 2. What accounts are affected? How is each account classified? ...
Analyzing Transactions Using T-Accounts
Accounting I/IIChapter 2, Section 2
Analyzing Transactions
What accounts are affected?
How is each account classified?
How is each classification changed? Increased or decreased?
How is each amount entered in the accounts? Debit or credit?
Received cash from owner as an investment, $5,000.00.
What accounts are affected? How is each account classified? How is each classification changed? How is each amount entered in the
accounts?Cash Kim Park, Capital
Asset Owner’s Equity
5000.00
Debit Credit Debit Credit
5000.00
Paid cash for supplies, $275.00.
What accounts are affected? How is each account classified? How is each classification changed? How is each amount entered in the
accounts?Supplies Cash
Asset Asset
275.00
Debit Credit Debit Credit
275.00
Paid cash for insurance, $1,200.00.
What accounts are affected? How is each account classified? How is each classification changed? How is each amount entered in the
accounts?Prepaid Insurance Cash
Asset Asset
1200.00
Debit Credit Debit Credit
1200.00
Bought supplies on account from Supply Depot, $500.00.
What accounts are affected? How is each account classified? How is each classification changed? How is each amount entered in the
accounts?Supplies
Accounts Payable,Supply Depot
Asset Liability
500.00
Debit Credit Debit Credit
500.00
Paid cash on account to Supply Depot, $300.00.
What accounts are affected? How is each account classified? How is each classification changed? How is each amount entered in the
accounts?Accts. Pay—Supply Depot Cash
LiabilityAsset
300.00
Debit Credit Debit Credit
300.00
Problems2-2 Work Together and On Your Own
2-2 Application Problem