Debit and Credit Rules Module 2 part I. T- Accounts Assets = Liabilities + OE. T- Accounts: Basic Patterns A = L + OE
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1 Debit and Credit Rules Module 2 part I Introducing T accounts Examining Account Patterns: the Increase and Decreases What s the Mystery? Debits and Credits 9/5/2005 Dr. Kathy Wigal 1 T- Accounts Assets = Liabilities + OE /5/2005 Dr. Kathy Wigal 2 T- Accounts: Basic Patterns Asset Liability Owners' Equity 9/5/2005 Dr. Kathy Wigal 3
2 T- Accounts: a) Investors purchased 5000 shares of $3 par common (capital) stock for $15,000. 9/5/2005 Dr. Kathy Wigal 4 T- Accounts: Taking a loan b) The company took out a $10,000 loan to purchase production equipment. 9/5/2005 Dr. Kathy Wigal 5 T- Accounts: c) The company provides 1,000 worth of services to clients. $600 was collected in cash; the remainder due within 15 days. Acct. Rec. 9/5/2005 Dr. Kathy Wigal 6
3 T- Accounts: Expenses d) The company paid 700 for employee wages c) 600 Acct. Rec. c) 400 Expenses c)1,000 9/5/2005 Dr. Kathy Wigal 7 T- Accounts: Dividends e) Dividends in the amount of $500 are paid to the shareholders. d) 700 c) 600 Acct. Rec. c) 400 Expenses d) 700 Dividends c)1,000 9/5/2005 Dr. Kathy Wigal 8 The Accounting Cycle 1. Analyze Business Transactions Examine source documents Determine the accounts affected Increases or Decreases (debit or credit), and by how much 9/5/2005 Dr. Kathy Wigal 9
4 Debit and Credit Rules Module 2 Part I Introducing T accounts Examining Account Patterns: the Increase and Decreases What s the Mystery? Debits and Credits 9/5/2005 Dr. Kathy Wigal 10
5 Recording & ing Module 2 part II Introducing the General Ledger Using the General Journal The Trial Balance 9/5/2005 Dr. Kathy Wigal 1 Are T s Practical? d) 700 c) 600 e)500 Acct. Rec. c) 400 How practical Are T accounts? Left (DEBITS) = $27,200 Right (CREDITS) = $ 27,200 Expenses d) 700 Dividends e)500 c)1,000 9/5/2005 Dr. Kathy Wigal 2 General Ledger A page from a General Ledger... ACCOUNT: ACCT NO. 100 Explanation Ref Debit Credit Balance 9/5/2005 Dr. Kathy Wigal 3
6 General Ledger Pages from a General Ledger... ACCOUNT: XXXXXXXXX ACCT NO. XXX ACCOUNT: XXXXXXXXX ACCT NO. XXX ACCOUNT: Explanation XXXXXXXXXRef Credit ACCT Balance NO. XXX Debit ACCOUNT: Explanation XXXXXXXXXRef Debit Credit ACCT Balance NO. XXX Explanation Ref Debit Credit Balance Explanation Ref Debit Credit Balance 9/5/2005 Dr. Kathy Wigal 4 General Journal A Page from a General Journal... General Journal: XYZ Inc. Page. 1 Accounts Ref Debit Credit 9/5/2005 Dr. Kathy Wigal 5 Analyze the Transaction XYZ Inc. performs $5,000 worth of services on Jan 5, 2004 and receives payment in cash. Expenses 9/5/2005 Dr. Kathy Wigal 6
7 Journalize the Transaction XYZ Inc. performs $5,000 worth of services on Jan 5, 2004 and receives payment in cash. General Journal: XYZ Inc. Page. 1 Accounts Ref Debit Credit Jan 5,000 Service Revenue 5,000 - services provided for cash 9/5/2005 Dr. Kathy Wigal 7 ing to General Ledger General Journal: XYZ Inc. Page. 1 Accounts Ref Debit Credit Jan 100 5,000 Service Revenue 400 5,000 - services provided for cash ACCOUNT: ACCT NO. 100 Explanation Ref Debit Credit Balance 1-Jan Beginning Bal. 10,000 5-Jan GJ1 5,000 15,000 ACCOUNT: Revenue ACCT NO. 400 Explanation Ref Debit Credit Balance 5-Jan GJ1 5,000 5,000 9/5/2005 Dr. Kathy Wigal 8 Trial Balance Company Name Trial Balance General Ledger Account Balance Account Name Debit Credit $0.00 Accounts receivable $0.00 Reserve for bad debts $0.00 Inventory $0.00 Prepaid insurance ACCOUNT: $0.00 ACCT NO. 100 Accounts payable $0.00 Common stock $0.00 Explanation Ref Debit Credit Balance Retained earnings 1-Jan Beginning Bal. $ ,000 5-Jan $0.00 GJ1 5,000 15,000 age Expense $0.00 Rent Expense $0.00 Utilities Expense $0.00 Wages Expense $0.00 Income taxes Expense $0.00 Totals $0.00 $0.00 9/5/2005 Dr. Kathy Wigal 9
8 Recording and ing Module 2 part II Introducing the General Ledger Using the General Journal The Trial Balance 9/5/2005 Dr. Kathy Wigal 10
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