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ACCT 2110

ACCT 2110. GENERAL LEDGER. ACCOUNTING EQUATION. Assets = Equities Assets = Liabilities + Owner’s equity. Expanded Accounting Equation. Assets = Liabilities + Owner’s Equity. Stock. Retained Earnings. -Dividends. +Revenues. -Expenses. Expanded Accounting Equation.

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ACCT 2110

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  1. ACCT 2110 GENERAL LEDGER

  2. ACCOUNTING EQUATION • Assets = Equities • Assets = Liabilities + Owner’s equity

  3. Expanded Accounting Equation • Assets = Liabilities + Owner’s Equity Stock Retained Earnings -Dividends +Revenues -Expenses

  4. Expanded Accounting Equation • Assets = Liabilities + Owner’s Equity Cr Dr Cr Stock Retained Earnings Cr Cr -Dividends Dr +Revenues -Expenses Cr Dr

  5. Definitions • Assets • Liabilities • Equity • Revenue • Expenses • Gains • Losses

  6. Accounting Cycle • Transaction • Journal • Debit • Credit • Ledger • Posting • Trial Balance • Adjusting Entries

  7. Accounting Cycle continued • Financial Statements • Income Statement • Statement of Retained Earnings or • Statement of Owner’s Equity • Balance Sheet • Statement of Cash Flows

  8. Accounting Cycle Continued • Closing entries • Transfer revenue account balances Income Summary • Transfer expense account balances to Income Summary • Transfer the balance of the Income Summary to the Capital account or Retained Earnings • Transfer the balance of the Withdrawals account or Dividends account to the Capital account or Retained Earnings • Post Closing Trial Balance • Reversing entries

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