Heintz & Parry. 20 th Edition. College Accounting
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1 Heintz & Parry 20 th Edition College Accounting
2 Chapter 3 The Double-Entry Framework
3 1 Define the parts of a T account.
4 SHAPED LIKE a T Debit Credit
5 Debit means Left Debit Credit Credit means Right
6 Abbreviation for Debit Dr. Cr. Abbreviation for Credit
7 Account Name CASH Dr. Cr.
8 Every T account has an increase side and a decrease side Some accounts increase on the debit side and some accounts increase on the credit side
9 2 Foot and balance a T account.
10 STEP #2: Find the balance by finding the difference between the debit and credit totals. $3,500 debit footing 3,130 credit footing $ 370 balance
11 STEP #1 FOOT THE DEBIT AND CREDIT SIDES FOOTING 2, ,500 CASH 1, ,130 To Foot means to Total FOOTING
12 BALANCE 2, , CASH 1, ,130 The balance is written on the side with the larger total.
13 3 Describe the effects of debits and credits on specific types of accounts.
14
15 ASSET ACCOUNTS Increase on the debit side Dr. Cr. Decrease on the credit side +
16 In every transaction, debits must equal credits.
17 LIABILITY ACCOUNTS Decrease on the debit side Dr. Cr. Increase on the credit side +
18 CAPITAL ACCOUNT Decrease on the debit side Dr. Cr. Increase on the credit side + JUST LIKE LIABILITY ACCOUNTS
19 DRAWING ACCOUNT Increase on the debit side Dr. + Cr. Decrease on the credit side JUST LIKE ASSET ACCOUNTS
20 REVENUE ACCOUNTS Decrease on the debit side Dr. Cr. Increase on the credit side + JUST LIKE LIABILITY AND CAPITAL ACCOUNTS
21 EXPENSE ACCOUNTS Increase on the debit side Dr. Cr. + Decrease on the credit side JUST LIKE ASSET ACCOUNTS
22 4 Use T accounts to analyze transactions.
23 Purchased office supplies for $800 cash.
24 Identify the accounts that are affected. CASH OFFICE SUPPLIES
25 Classify these accounts as assets, liabilities, owner s equity, revenues, or expenses. CASH OFFICE SUPPLIES
26 Identify the location of the accounts in the accounting equation and/or the owner s equity umbrella left or right. CASH OFFICE SUPPLIES DR. + CR. DR. CR. +
27 Did Office Supplies increase or decrease in this transaction?
28 INCREASED OFFICE SUPPLIES DR. 800 CR. +
29 Did Cash increase or decrease in this transaction?
30 DECREASED DR. CASH CR
31 OFFICE SUPPLIES CASH DR CR. DR. CR
32 Purchased equipment on account for $3,000.
33 Identify the accounts that are affected. EQUIPMENT ACCOUNTS PAYABLE
34 Classify these accounts as assets, liabilities, owner s equity, revenues, or expenses. ACCOUNTS EQUIPMENT PAYABLE
35 Identify the location of the accounts in the accounting equation and/or the owner s equity umbrella left or EQUIPMENT DR. + CR. right. ACCOUNTS PAYABLE DR. CR. +
36 Did Equipment increase or decrease in this transaction?
37 INCREASED EQUIPMENT DR. 3,000 CR. +
38 Did Accounts Payable increase or decrease in this transaction?
39 INCREASED ACCOUNTS PAYABLE DR. CR. + 3,000
40 EQUIPMENT ACCOUNTS PAYABLE DR. + 3,000 CR. DR. CR. + 3,000
41 Mary Adams, the owner, invested $25,000 in the business.
42 Identify the accounts that are affected and classify these accounts as assets, liabilities, owner s equity, revenues, or expenses. OWNER S EQUITY ASSET M. ADAMS, CAPITAL CASH DR. CR. DR. CR.
43 Identify the location of the accounts in the accounting equation and/or the owner s equity umbrella left or DR. CR. + right. M. ADAMS, CAPITAL DR. CASH CR. +
44 INCREASED INCREASED M. ADAMS, CAPITAL DR. CR. + DR. + 25,000 25,000 CASH CR.
45 DR. + 25,000 CASH M. ADAMS, CAPITAL CR. DR. CR. + 25,000
46 Mary withdrew $1,500 for personal expenses.
47 Identify the accounts that are affected and classify these accounts as assets, liabilities, owner s equity, revenues, or expenses. OWNER S EQUITY ASSET M. ADAMS, DRAWING CASH DR. CR. DR. CR.
48 Identify the location of the accounts in the accounting equation and/or the owner s equity umbrella left or right. M. ADAMS, DRAWING CASH DR. + CR. DR. + CR.
49 INCREASED DECREASED M. ADAMS, DRAWING DR. CR. DR. CASH CR ,500 1,500
50 M. ADAMS, DRAWING DR. CR ,500 CASH DR. CR. 1,500
51 Mary performed services and received $4,500 in cash.
52 Identify the accounts that are affected and classify these accounts as assets, liabilities, owner s equity, revenues, or expenses. REVENUE ASSET CONSULTING FEES CASH DR. CR. DR. CR.
53 Identify the location of the accounts in the accounting equation and/or the owner s equity umbrella left or right. CONSULTING FEES CASH DR. CR. DR. + + CR.
54 INCREASED INCREASED CONSULTING FEES CASH DR. CR. DR ,500 4,500 CR.
55 DR. 4,500 CASH CONSULTING FEES CR. DR. CR ,500
56 Mary performed $6,000 of services on account.
57 ACCOUNTS RECEIVABLE DR. CR. CONSULTING FEES DR ,000 CR. 6,000 ACCOUNTS RECEIVABLE INSTEAD OF CASH
58 Mary Adams paid her assistant $750 in wages.
59 Identify the accounts that are affected and classify these accounts as assets, liabilities, owner s equity, revenues, or expenses. EXPENSE ASSET WAGES EXPENSE CASH DR. CR. DR. CR.
60 Identify the location of the accounts in the accounting equation and/or the owner s equity umbrella left or right. WAGES EXPENSE CASH DR. CR. DR. + + CR.
61 INCREASED DECREASED WAGES EXPENSE CASH DR. CR. DR. + + CR
62 WAGES EXPENSE DR. CR CASH DR. CR. 750
63 5 Prepare a trial balance and explain and explain its purposes and linkages with the financial statements.
64 A listing of all accounts and their balances A totaling of debits and credits Is proof that debits equal credits and that the accounting equation has remained in balance Used as an aid in preparing financial statements
65 Account Title Debit Balance Credit Balance HEADING should include: Name of the company Title of the document Trial Balance Date of the trial balance
66 Account Title Debit Balance Credit Balance Cash Accounts Receivable Supplies Prepaid Insurance Delivery Equipment , All asset accounts are listed first
67 Account Title Debit Balance Credit Balance Cash Accounts Receivable Supplies Prepaid Insurance Delivery Equipment , Accounts Payable 1, Liabilities are shown next
68 Account Title Debit Balance Credit Balance Cash Accounts Receivable Supplies Prepaid Insurance Delivery Equipment , Accounts Payable Jessica Jane, Capital 1, , Jessica Jane, Drawing Now the owner s equity accounts
69 Account Title Debit Balance Credit Balance Cash Accounts Receivable Supplies Prepaid Insurance Delivery Equipment , Accounts Payable Jessica Jane, Capital 1, , Jessica Jane, Drawing Delivery Fees 2,150 00
70 Account Title Debit Balance Credit Balance Cash Accounts Receivable Supplies Prepaid Insurance Delivery Equipment , Accounts Payable Jessica Jane, Capital 1, , Jessica Jane, Drawing Delivery Fees 2, Rent Expense Telephone Expense Wages Expense
71 Account Title Debit Balance Credit Balance Cash Accounts Receivable Supplies Prepaid Insurance Delivery Equipment , Accounts Payable Jessica Jane, Capital Jessica Jane, Drawing It balances!!! Debits = Credits , , Delivery Fees 2, Rent Expense Telephone Expense Wages Expense , ,950 00
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