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Understanding and Analyzing Transactions: A Guide by Rachelle Agatha, CPA, MBA

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risa-caldwell
40 diapositives · 536 Views · Dec 02, 2014

This chapter, presented by Rachelle Agatha, CPA, MBA, provides a comprehensive introduction to accounting transactions. You will learn how to describe account characteristics and record transactions using a chart of accounts and a journal. The process of posting journal entries to accounts will be illustrated, alongside the preparation and analysis of an unadjusted trial balance. Additionally, we will cover techniques for discovering and correcting errors in transaction recording, ensuring accuracy in financial reporting.

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  1. Analyzing Transactions By Rachelle Agatha, CPA, MBA Slides by Rachelle Agatha, CPA, with excerpts from Warren, Reeve, Duchac

  2. 0 After studying this chapter, you should be able to: Describe the characteristics of an account and record transactions using a chart of accounts and journal. Describe and illustrate the posting of journal entries to accounts. Prepare an unadjusted trial balance and explain how it can be used to discover errors. Discover and correct errors in recording transactions.

  3. 0 Objective 1 Describe the characteristics of an account and record transactions using a chart of accounts and journal.

  4. 0 Accounting systems are designed to show the increases and decreases in each financial statement line item as a separate record. This record is called an account.

  5. 0

  6. 0

  7. 0 2-1 LEDGER - A group of accounts for a business entity

  8. 0 2-1 CHART OF ACCOUNTS - A list of the accounts in a ledger.

  9. 0 2-1 Assetsare resources owned by the business entity. • Cash • Supplies • Prepaid expenses • Buildings

  10. 0 2-1 Liabilitiesare debts owed to outsiders (creditors). • Accounts payable • Notes payable • Wages payable

  11. 0 2-1 Owner’s equityis the owner’s right to the assets of the business. A drawingaccount represents the amount of withdrawals by the owner.

  12. 0 Revenuesare increases in owner’s equity as a result of selling services or products to customers. 2-1 • Fees earned • Commission revenue • Rent revenue

  13. 0 The using up of assets or consuming services in the process of generating revenues results in expenses. 2-1 • Wages expense • Rent expense • Miscellaneous expense

  14. 0 2-1 IMPORTANT NOTE Every transaction affects at least two accounts.

  15. 0 2-1 The transaction is initially entered in a record called ajournal. The process of recording a transaction in the journal is called journalizing.

  16. 0 Journalizing requires the following steps: 2-1 • Record the date. The title of the account debited is listed in the Description column. • Enter the amount in the Debit column. (Continued)

  17. 0 2-1 • Record the credit account in the Description column. • Enter the amount in the Credit column.

  18. 0 2-1

  19. 0 Affect in “T” Accounts 2-1

  20. 0 2-1

  21. 0 2-1

  22. 0 2-1

  23. 0 2-1 Net Income Where Revenue > Expense . and Credits >Debits Net Income Increases Owner’s Equity.

  24. 0 2-1 Net Loss (Deficit) Where Revenue < Expense.. Credits < Debits Net Loss Decreases Owner’s Equity.

  25. 0 2-1

  26. 0 2-1

  27. 0 2-1

  28. Increase (Normal Bal.) Decrease Balance sheet accounts: Asset Debit Credit Liability Credit Debit Owner’s Equity: Capital Credit Debit Drawing Debit Credit Income statement accounts: Revenue Credit Debit Expense Debit Credit

  29. 0 2-2 Objective 2 Describe and illustrate the posting of journal entries to the accounts.

  30. 0 2-2 POSTING is the process of transferring the debits and credits from the journal entries to the accounts

  31. 0 2-2

  32. 0 2-3 Objective 3 Prepare an unadjusted trial balance and explain how it can be used to discover errors.

  33. 0 2-3 TRIAL BALANCE is prepared to show the equality of debits and credits in the ledger . It is prepared as of a date in time.

  34. 0 2-2

  35. 0 2-4 Objective 4 Discover and correct errors in recording transactions.

  36. 0 A transposition error occurs when the order of the digits is changed mistakenly, such as writing $542 as $452 or $524. (usually divisible by 9) 2-4 In a slide, the entire number is mistakenly moved one or more spaces to the right or the left, such as writing $542.00 as $54.20.

  37. 0 2-2 Posting errorsoccur when posting from the journal to the ledger. Such as taking $1,200 from journal and entering it as $1,120 in Ledger.