Accounting Chapter 2 Section 3 Analyzing Transactions Using

Accounting Chapter 2, Section 3 Analyzing Transactions Using T-Accounts

Quiz � Write the accounting equation. � What is a debit? � What is a credit? � What is the normal balance of an account? � For each of the accounts listed below, draw a T-account and label the normal balance, increase and decrease side. Cash Accounts Payable, Supply Depot Supplies Kim Park, Capital Rent Expense Sales Accounts Receivable, Gerald B’s Kim Park, Drawing

Analyzing Transactions �What accounts are affected? �How is each account classified? �How is each classification changed? �How is each amount entered in the accounts?

Received cash from sales, $295. 00. �What accounts are affected? �How is each account classified? �How is each classification changed? �How is each amount entered in the accounts? Asset Revenue Cash Debit 295. 00 Sales Credit Debit Credit 295. 00

Sold services on account to Oakdale School, $350. 00. �What accounts are affected? �How is each account classified? �How is each classification changed? �How is each amount entered in the accounts? Asset Revenue Accts. Rec—Oakdale School Debit 350. 00 Credit Sales Debit Credit 350. 00

Paid cash for rent, $300. �What accounts are affected? �How is each account classified? �How is each classification changed? �How is each amount entered in the accounts? Asset Expense Rent Expense Debit 300. 00 Credit Cash Debit Credit 300. 00

Received cash on account from Oakdale School, $200. �What accounts are affected? �How is each account classified? �How is each classification changed? �How is each amount entered in the accounts? Asset Cash Debit 200. 00 Accts. Rec. —Oakdale School Credit Debit Credit 200. 00

Paid cash to owner for personal use, $125. 00. �What accounts are affected? �How is each account classified? �How is each classification changed? �How is each amount entered in the accounts? Withdrawal Asset Kim Park, Drawing Debit 275. 00 Credit Cash Debit Credit 275. 00

Problems Chapter 2 -3 Work Together and On Your Own Chapter 2 -3 Application Problem Chapter 2 -4 Application Problem