财务会计第二章课件VIP

1、财务会计第二章,1,2,Analyzing Transactions,Principles of Accounting, 23e Reeve Warren Duchac,财务会计第二章,2,After studying this chapter, you should be able to:,Analyzing Transactions,2-2,财务会计第二章,3,Describe the characteristics of an account and a chart of accounts.,1,2-3,财务会计第二章,4,The T account has a title.,The T

2、 Account,Title,1,财务会计第二章,5,The T Account,The left side of the account is called the debit side.,Title,Debit,1,财务会计第二章,6,The T Account,Title,Debit,The right side of the account is called the credit side.,Credit,1,财务会计第二章,7,Cash,(a)25,000(b)20,000,(d)7,500(e)3,650,(f)950,(h)2,000,Balance5,900,Balance

3、of the account,1,财务会计第二章,8,A group of accounts for a business entity is called a ledger.,1,Chart of Accounts,财务会计第二章,9,A list of the accounts in a ledger is called a chart of accounts.,1,Chart of Accounts,财务会计第二章,10,Assets are resources owned by the business entity.,Cash Supplies Accounts receivable

4、 Prepaid expenses Buildings,1,Chart of Accounts,财务会计第二章,11,Liabilities are debts owed to outsiders (creditors).,Accounts payable Notes payable Wages payable,1,Chart of Accounts,财务会计第二章,12,Owners equity is the owners right to the assets of the business. A drawing account represents the amount of with

5、drawals by the owner.,1,Chart of Accounts,财务会计第二章,13,Revenues are increases in owners equity as a result of selling services or products to customers.,Fees earned Commission revenue Rent revenue,1,Chart of Accounts,财务会计第二章,14,The using up of assets or consuming services in the process of generating

6、revenues results in expenses.,Wages expense Rent expense Miscellaneous expense,1,Chart of Accounts,财务会计第二章,15,Describe and illustrate journalizing transactions using the double-entry accounting system.,2,2-15,财务会计第二章,16,Credit for increases (+),Debit for decreases (),Owners Equity Accounts,Credit fo

7、r decreases (),Debit for increases (+),Asset Accounts,Credit for increases (+),Debit for decreases (),Liability Accounts,Rules of Debit and Credit Normal Balances of Accounts,2,Balance,Balance,Balance,财务会计第二章,17,Income Statement Accounts,2,财务会计第二章,18,Owners Withdrawals,2,财务会计第二章,19,Increase (Normal

8、Bal.),Decreases,Balance sheet accounts: AssetDebitCredit LiabilityCreditDebit Owners Equity: Capital CreditDebit DrawingDebitCredit Income statement accounts: RevenueCreditDebit ExpenseDebitCredit,Normal Balances,2,财务会计第二章,20,State for each account whether it is likely to have (a) debit entries only

9、, (b) credit entries only, or (c) both debit and credit entries. Also, indicate the normal balance.,Amber Saunders, Drawing Accounts Payable Cash Fees Earned Supplies Utilities Expense,2-20,Example Exercise 2-1,2,Rules of Debit and Credit and Normal Balances,财务会计第二章,21,2,Amber Saunders, Drawing,Debi

10、t entries only; normal debit balance,2.Accounts Payable,Debit and credit entries; normal credit balance,3.Cash,Debit and credit entries; normal debit balance,(continued),Follow My Example 2-1,2-21,Example Exercise 2-1 (continued),财务会计第二章,22,2,Example Exercise 2-1 (continued),4.Fees Earned,Credit ent

11、ries only; normal credit balance,5.Supplies,Debit and credit entries; normal debit balance,6.Utilities Expense,Debit entries only; normal debit balance,2-22,Follow My Example 2-1,财务会计第二章,23,A transaction is initially entered in a record called a journal. The process of recording a transaction in the

12、 journal is called journalizing.,2,Journalizing,财务会计第二章,24,Journalizing requires the following steps:,The date of the transaction is entered in the Date column.,(continued),The title of the account to be debited is recorded at the left-hand margin under the Description column, and the amount to be d

13、ebited is entered in the Debit column.,2,Journalizing,财务会计第二章,25,The title of the account to be credited is listed below and to the right of the debited account title, and the amount to be credited is entered in the Credit column.,A brief description may be entered below the credited account. The Po

14、st. Ref. (Posting Reference) column is left blank when the journal entry is initially recorded.,2,财务会计第二章,26,On November 1, Chris Clark opens a new business and deposits $25,000 in a bank account in the name of NetSolutions.,Transaction A,2,财务会计第二章,27,Date,Description,Debit,Credit,Nov. 1,2009,Cash 2

15、5,000,Chris Clark, Capital 25,000,Invested cash in NetSolutions.,P.R.,2,财务会计第二章,28,The effect of this entry is shown in the accounts of NetSolutions as follows:,Cash,Nov. 125,000,Nov. 125,000,Chris Clark, Capital,2,财务会计第二章,29,On November 5, NetSolutions bought land for $20,000, paying cash.,Transact

16、ion B,2,财务会计第二章,30,On November 10, NetSolutions bought supplies on account for $1,350.,Transaction C,2,财务会计第二章,31,On November 18, NetSolutions received fees of $7,500 from customers for services rendered.,Transaction D,2,财务会计第二章,32,Throughout the month, NetSolutions incurred the following expenses:

17、wages, $2,125; rent, $800; utilities, $450; and miscellaneous, $275.,Transaction E,2,财务会计第二章,33,On November 30, NetSolutions paid creditors on account, $950.,Transaction F,2,财务会计第二章,34,Chris Clark determined that the cost of supplies on hand on November 30 was $550.,Transaction G,2,财务会计第二章,35,On Nov

18、ember 30, Chris Clark withdrew $2,000 from NetSolutions for personal use.,Transaction H,2,财务会计第二章,36,Example Exercise 2-2,2,Prepare a journal entry for the purchase of a truck on June 3 for $42,500, paying $8,500 cash and the remainder on account.,2-36,Journal Entry for Asset Purchase,财务会计第二章,37,Des

19、cribe and illustrate the journalizing and posting of transactions to accounts.,3,2-37,财务会计第二章,38,The process of transferring the debits and credits from the journal entries to the accounts is called posting.,3,Posting Journal Entries to Accounts,财务会计第二章,39,Dec. 1NetSolutions paid a premium of $2,400

20、 for an insurance policy for liability, theft and fire. The policy covers a one-year period.,0,3,财务会计第二章,40,Posting the previous entry requires the following steps:,The date (Dec. 1) of the journal entry is entered in the Date column of Prepaid Insurance.,(continued),3,财务会计第二章,41,3,to Cash,Step 1,ep

21、 3,Step 1,Step 2,Step 2,ep 3,(continued),Exhibit 4,Diagram of the Recording and Posting of a Debit and a Credit,财务会计第二章,42,Posting the previous entry requires the following steps:,The date (Dec. 1) of the journal entry is entered in the Date column of Prepaid Insurance.,(continued),The amount ($2,40

22、0) is entered into the Debit column of Prepaid Insurance.,3,财务会计第二章,43,3,to Cash,Step 1,ep 3,Step 1,Step 2,Step 2,ep 3,(continued),Exhibit 4,Diagram of the Recording and Posting of a Debit and a Credit,财务会计第二章,44,The journal page number (2) is entered in the Posting Reference (Post. Ref.) column of

23、Prepaid Insurance.,3,财务会计第二章,45,3,to Cash,Step 1,ep 3,Step 1,Step 2,Step 2,ep 3,(continued),Exhibit 4,Diagram of the Recording and Posting of a Debit and a Credit,财务会计第二章,46,The journal page number (2) is entered in the Posting Reference (Post. Ref.) column of Prepaid Insurance.,The account number (

24、15) is entered in the Posting Reference (Post. Ref.) column in the journal.,3,财务会计第二章,47,3,to Cash,Step 1,ep 3,Step 1,Step 2,Step 2,ep 3,(continued),Exhibit 4,Diagram of the Recording and Posting of a Debit and a Credit,财务会计第二章,48,3,Step 1,ep 3,Step 2,Step 1,ep 4,Step 3,Step 3,Exhibit 4,Diagram of t

25、he Recording and Posting of a Debit and a Credit (continued),财务会计第二章,49,Dec. 1NetSolutions paid rent for December, $800. The company from which NetSolutions is renting its store space now requires the payment of rent on the first of each month, rather than at the end of the month.,0,3,财务会计第二章,50,Dec

26、. 1 NetSolutions received an offer from a local retailer to rent the land purchased on November 5. The retailer plans to use the land as a parking lot for its employees and customers. NetSolutions agreed to rent the land to the retailer for three months, with the rent payable in advance.,(continued)

27、,3,财务会计第二章,51,Dec. 1NetSolutions receives $360 for three months rent for use of its land beginning December 1.,3,财务会计第二章,52,Dec. 4NetSolutions purchased office equipment on account from Executive Supply Co. for $1,800.,3,财务会计第二章,53,Dec. 6NetSolutions paid $180 for a newspaper advertisement.,3,财务会计第二

28、章,54,Dec. 11NetSolutions paid creditors $400.,3,财务会计第二章,55,Dec. 13NetSolutions paid a receptionist and part-time assistant $950 for two weeks wages.,3,财务会计第二章,56,Dec. 16NetSolutions received $3,100 from fees earned for the first half of December.,3,财务会计第二章,57,Example Exercise 2-3,3,Prepare a journal

29、 entry on August 7 for the fees earned on account, $115,000.,2-52,Journal Entry for Fees Earned,财务会计第二章,58,Dec. 20NetSolutions paid $900 to Executive Supply Co. on the $1,800 debt owed from the December 4 transaction.,3,财务会计第二章,59,Dec. 21NetSolutions received $650 from customers in payment of their

30、accounts.,3,财务会计第二章,60,Dec. 23NetSolutions paid $1,450 for supplies.,3,财务会计第二章,61,Dec. 27NetSolutions paid the receptionist and part-time assistant $1,200 for two weeks wages.,3,财务会计第二章,62,Dec. 31NetSolutions paid its $310 telephone bill for the month.,3,财务会计第二章,63,Dec. 31NetSolutions paid $225 for

31、electric usage for the month.,3,财务会计第二章,64,Dec. 31NetSolutions received $2,870 from fees earned for the second half of December.,3,财务会计第二章,65,Dec. 31NetSolutions earned $1,120 on account for the second half of December.,3,财务会计第二章,66,Dec. 31Chris Clark withdrew $2,000 for personal use.,3,财务会计第二章,67,O

32、n March 1, the cash account balance was $22,350. During March, cash receipts totaled $241,880 and the March 31 balance was $19,125. Determine the cash payments made during March.,3,Example Exercise 2-5,Missing Amount from an Account,2-63,财务会计第二章,68,3,Example Exercise 2-5 (continued),Follow My Exampl

33、e 2-5,Using the following T-account solve for the amount of cash payment (indicated by ? below).,Cash,Mar. 1 Bal22,350?Cash payments Cash receipts241,880 Mar. 31 Bal.19,125,$19,125 = $22,350 + $241,880 Cash payments Cash payments = $22,350 + $241,880 $19,125 = $245,105,2-64,财务会计第二章,69,3,Ledger NetSo

34、lutions,Exhibit 5,Ledger NetSolutions,财务会计第二章,70,3,Exhibit 5,Ledger NetSolutions (continued),财务会计第二章,71,3,Exhibit 5,Ledger NetSolutions (continued),财务会计第二章,72,Prepare an unadjusted trial balance and explain how it can be used to discover errors.,4,2-68,财务会计第二章,73,The equality of debits and credits i

35、n the ledger should be proven at the end of each accounting period by preparing a trial balance.,4,Trial Balance,财务会计第二章,74,The steps in preparing a trial balance are as follows:,List the name of the company, the title of the trial balance, and the date the trial balance is prepared.,List the accoun

36、ts from the ledger and enter their debit or credit balance in the Debit or Credit column of the trial balance.,(continued),4,财务会计第二章,75,Total the Debit and Credit columns of the trial balance.,Verify that the total of the Debit column equals the total of the Credit column.,4,财务会计第二章,76,4,Exhibit 6,T

37、rial Balance,财务会计第二章,77,A transposition occurs when the order of the digits is changed mistakenly, such as writing $542 as $452 or $524.,4,Errors,财务会计第二章,78,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 or $97.50 as $

38、975.00.,Errors,财务会计第二章,79,For each of the following errors, considered individually, indicate whether the error would cause the trial balance totals to be unequal. If the error would cause the trial balance total to be unequal, indicate whether the debit or credit total is higher and by how much.,Pa

39、yment of a cash withdrawal of $5,600 was journalized and posted as a debit of $6,500 to Salary Expense and a credit of $6,500 to Cash. A fee of $2,850 earned from a client was debited to Accounts Receivable for $2,580 and credited to Fees Earned for $2,850. A payment of $3,500 to a creditor was post

40、ed as a debit of $3,500 to Accounts Payable and a debit of $3,500 to Cash.,4,Example Exercise 2-6,2-75,Trial Balance Errors,财务会计第二章,80,2,4,Example Exercise 2-6 (continued),Follow My Example 2-6,The totals are equal since both the debit and credit entries were journalized and posted for $6,500.,2-76,

41、The totals are unequal. The credit total is higher by $270 ($2,850 $2,580). The totals are unequal. The debit total is higher by $7,000 ($3,500 + $3,500).,财务会计第二章,81,If an error has already been journalized and posted to the ledger, a correcting journal entry is normally prepared.,4,财务会计第二章,82,Anoth

42、er type of error is a posting error. Assume that on May 5 a $12,500 purchase of office equipment on account was incorrectly journalized and posted as a debit to Supplies and a credit to Accounts Payable for $12,500.,Errors Not Affecting the Trial Balance,4,财务会计第二章,83,Posted Correcting Entry,4,财务会计第二章,84,4,Example Exercise 2-7,The following errors took place in journalizing and posting transactions:,A withdrawal of