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1、AnalyzingTranscation,Chapter 2,Principles of accounting,APPLE, INC.,How do you organize all of messages? Campnies develop an organized method for processing,recording,and summarizing financial transcations.,When Apple sells an iPhone online or at The Apple Store,a customer has many options to pay fo
2、r it.In order to analyze only the information related to Apples cash transcations,the company must record or summarize all these similar sales using a single category or “cash”account.,Describe the characteristics of an account and a chart of accounts.,Describe and illustrate journalizing transactio
3、n using the double-entry accounting system.,Describe and illustrate the journalizing and posting of transactions to accounts.,Prepare an unadjusted trial balance and explain how it can be used to discover errors.,This chapter presents more practical and efficient recording methods that most companie
4、s use.,Using Accounts to Record Transactions,As a result,accounting systems are designed to show the increases and decreases in each accounting equation element as a separate record.This record is called an account.,An account,in its simplest form,Has three parts,A space for recording increases in t
5、he amount of element.,The T account,The account form the presented blowed is called a T account because it resembles the letter T.,Left side debit,Title,Right side debit,Increases in assets are recorded on the debit(left side)of the account.Decreases in assets are reported on the credit(right side)o
6、f the account.The excess of the debits of an asset account over its credits is the balance of the account.,Chart of Accounts,A group of accounts for a business entity is called a ledger. A list of the accounts in the ledger is called a chart of accounts. The balance sheet accounts are listed first,i
7、n order of assets,liabilities,and owners equity.The income statement accounts are then listed in the order of revenues and expense.,assets,Liabilities,Owners equity,Assets are resources owned by the business entity.,Include accounts payable,notes payable,and wages payable.Unearned revenues cash rece
8、ived before services are deilvered creates a liability to perform the services.,Owners equity is the owners right to the assets of the business after all liabilities have been paid.,and it represented by the balance of the owners capital account.,Liabilities are debts owed to outsiders(creditors).,P
9、hysical items: a cash and supplies,Intangibles that have value：patent rights ,coprights ,and trademarks.Other assets: prepaid expenses ,bulidings, equipments, and land.,revenues,Expenses,Revenues are increases in owners equity as a result of selling services or products to customers.,Examples wages
10、expense, rent expense, utilities expense, supplies expense, and miscellaneous expense.,Expenses result from using up assets or consuming services in the process of generating revenues.,Examplesfees earned, fares earned, commissions revenue, and rent revenue.,A chart of accounts should meet the needs
11、 of a companys managers and other users of its financial statements.The accounts within the chart of accounts are numbered for use as references.,Balance Sheet Accounts1.AssetsCash Accounts ReceivablesSuppliesPrepaid InsuranceLand Office Equipment2.LiabilitiesAccounts PayableUnearned Rent3.Owners Equity Ones CapitalOnes Drawing,Income Statement Accounts4.RevenueFees Earned5.ExpensesWages ExpenseRent ExpenseUtilities ExpenseSupplies ExpenseMiscellaneous Expense,THANKS,For You A Thousand Times Over,
