LESSON 2-1
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CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
LESSON 2-1LESSON 2-1
Using T Accounts
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LESSON 2-1CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
ANALYZING THE ACCOUNTING ANALYZING THE ACCOUNTING EQUATIONEQUATION page 28
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LESSON 2-1CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
ACCOUNTSACCOUNTS page 29
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LESSON 2-1CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
ACCOUNT BALANCESACCOUNT BALANCES page 29
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LESSON 2-1CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
INCREASES AND DECREASES IN INCREASES AND DECREASES IN ACCOUNTSACCOUNTS page 30
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LESSON 2-1CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
TERMS REVIEWTERMS REVIEW
T account debit credit normal balance
page 31
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CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
LESSON 2-2LESSON 2-2
Analyzing How Transactions Affect Accounts
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LESSON 2-1CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
RECEIVED CASH FROM OWNER AS AN RECEIVED CASH FROM OWNER AS AN INVESTMENTINVESTMENT
2. How is each account classified?
3. How is each classification changed?
4. How is each amount entered in the accounts?
August 1. Received cash from owner as an investment, $5,000.00.
11 1122 22
33 33
44 44
page 32
1. Which accounts are affected?
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LESSON 2-1CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
PAID CASH FOR SUPPLIESPAID CASH FOR SUPPLIES
2. How is each account classified?
3. How is each classification changed?
4. How is each amount entered in the accounts?
August 3. Paid cash for supplies, $275.00.
11 1122
33 33
44 44
page 33
1. Which accounts are affected?
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LESSON 2-1CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
1. Which accounts are affected?
PAID CASH FOR INSURANCEPAID CASH FOR INSURANCE
2. How is each account classified?
3. How is each classification changed?
4. How is each amount entered in the accounts?
August 4. Paid cash for insurance, $1,200.00.
11 1122
33 33
44 44
page 34
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LESSON 2-1CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
BOUGHT SUPPLIES ON ACCOUNTBOUGHT SUPPLIES ON ACCOUNT page 35
August 7. Bought supplies on account from Supply Depot, $500.00.
1. Which accounts are affected?
2. How is each account classified?
3. How is each classification changed?
4. How is each amount entered in the accounts?
11 11
33 33
44 44
22 22
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LESSON 2-1CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
PAID CASH ON ACCOUNTPAID CASH ON ACCOUNT page 36
August 11. Paid cash on account to Supply Depot, $300.00.
1. Which accounts are affected?
2. How is each account classified?
3. How is each classification changed?
4. How is each amount entered in the accounts?
11 11
33 33
44 44
22 22
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LESSON 2-1CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
TERM REVIEWTERM REVIEW
chart of accounts
page 37
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CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
LESSON 2-3LESSON 2-3
Analyzing How Transactions Affect Owner’s Equity Accounts
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LESSON 2-1CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
RECEIVED CASH FROM SALESRECEIVED CASH FROM SALES page 38
August 12. Received cash from sales, $295.00.
1. Which accounts are affected?
2. How is each account classified?
3. How is each classification changed?
4. How is each amount entered in the accounts?
11 11
33 33
44 44
22 22
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LESSON 2-1CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
SOLD SERVICES ON ACCOUNTSOLD SERVICES ON ACCOUNT page 39
August 12. Sold services on account to Oakdale School, $350.00.
1. Which accounts are affected?
2. How is each account classified?
3. How is each classification changed?
4. How is each amount entered in the accounts?
11 11
33 33
44 44
22 22
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LESSON 2-1CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
PAID CASH FOR AN EXPENSEPAID CASH FOR AN EXPENSE page 40
August 12. Paid cash for rent, $300.00.
1. Which accounts are affected?
2. How is each account classified?
3. How is each classification changed?
4. How is each amount entered in the accounts?
11
11
44
44
22 22
33
33
33
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LESSON 2-1CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
RECEIVED CASH ON ACCOUNTRECEIVED CASH ON ACCOUNT page 41
August 18. Received cash on account from Oakdale School, $200.00.
1. Which accounts are affected?
2. How is each account classified?
3. How is each classification changed?
4. How is each amount entered in the accounts?
11 11
33 33
44 44
22
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LESSON 2-1CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
PAID CASH TO OWNER PAID CASH TO OWNER FOR PERSONAL USEFOR PERSONAL USE page 42
August 12. Paid cash to owner for personal use, $125.00.
1. Which accounts are affected?
2. How is each account classified?
3. How is each classification changed?
4. How is each amount entered in the accounts?
44
44
22
22
33
33
33
11
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