Accounting Principles I (Cliffs Quick Review) by Elizabeth A Minbiole

By Elizabeth A Minbiole

CliffsQuickReview path publications disguise the necessities of your hardest periods. Get a company grip on center strategies and key fabric, and attempt your newfound wisdom with assessment questions.CliffsQuickReview Accounting ideas I is your logical, easy-to-grasp consultant to figuring out the language of industrial. This advisor introduces every one subject, defines key words, and walks you thru every one pattern challenge step by step. very quickly, you can be able to take on the major thoughts during this e-book such asGenerally accredited accounting principlesDouble-entry bookkeepingAdjustments and fiscal statementsInventory systemsSubsidiary ledgers and distinct journalsCash controlsEvaluating bills receivableOperating assetsCliffsQuickReview Accounting rules I acts as a complement on your textbook and to school room lectures. Use this reference in any respect that matches your own sort for research and overview — you choose what works most sensible along with your wishes. even if you learn the e-book from hide to hide or concentrate on decide on themes, you usually get transparent, jargon-free causes of the basics, supplemented with equations, charts, and tables.With titles on hand for the entire preferred highschool and school classes, CliffsQuickReview publications are a accomplished source which may assist you get the absolute best grades.

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Sample text

Therefore, the combined debit balance of all accounts always equals the combined credi t balance of all accounts . Suppose a new company obtains a long-term loan for $50,000 o n August 1 . The company's cash account (an asset) increases by $50,000 , so it is debited for this amount . Simultaneously, the company's notes payable account (a liability) increases by $50,000, so it is credited fo r this amount . Both sides of the accounting equation increase b y $50,000, and total debits and credits remain equal .

Rr f•1 •~a'i. r r 26_ Wa es through 4-26 _ g 20 0 100 Debit . '1••. Y . • . •. •y''•:I. ' . ►• . f•. 1'. ~; ^`{•. :a • ~. iy: ~ . mil . ' ~,~ ~ ~. --6,1901 CLIFFS QUICK REVIEW M Transaction 11 : On April 28, Mr . Green pays $35 to print advertising fliers . An expense account (advertising expense) increases and i s debited for $35, and an asset account (cash) decreases and is credite d for $35. General Journal GJ 2 Date Account Title and Description Ref . Debit Credit Advertising Expense Date 20X2 Explanation Ref .

20X7 _______________ _ 530____ 100 May_31 Interest Expense 220 10 0 ________ Interest Payable ____ Accrue interest __ . . . . . . . . 53 0 Interest Expense Explanation Ref. Debit Date 20X 7 May_31 Accrue interest _ _ _ _ GJ5 _ _ _ 100 Credit 100 220 Interest Payable Ref. Date Explanation 20X7 M ay_ 3_1 Accrue interest _ _ _ _ JGJ5 Debit Balance Credit 100 Balanc e 100 Accounting records that do not include adjusting entries for accrued expenses understate total liabilities and total expenses and over state net income .

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