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  • Assets Liabilities Hand Out

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    Sohaeb1
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    This document outlines the key financial statements and accounts used in accounting. It explains that the balance sheet lists assets, liabilities, and owner's equity accounts for a given time period. The income statement calculates revenues minus expenses for a time period to determine net income. Closing entries are made at the end of a period to clear out temporary accounts and record net income/loss in the owner's equity section.

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    Assets Liabilities HandOut

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    This document outlines the key financial statements and accounts used in accounting. It explains that the balance sheet lists assets, liabilities, and owner's equity accounts for a given time period. The income statement calculates revenues minus expenses for a time period to determine net income. Closing entries are made at the end of a period to clear out temporary accounts and record net income/loss in the owner's equity section.

    Copyright:

    © All Rights Reserved
    Als PDF, TXT herunterladen oder online auf Scribd lesen
    Markieren Sie unangemessene Inhalte
    15 Ansichten1 Seite

    Assets Liabilities Hand Out

    Hochgeladen von

    Sohaeb1
    This document outlines the key financial statements and accounts used in accounting. It explains that the balance sheet lists assets, liabilities, and owner's equity accounts for a given time period. The income statement calculates revenues minus expenses for a time period to determine net income. Closing entries are made at the end of a period to clear out temporary accounts and record net income/loss in the owner's equity section.

    Copyright:

    © All Rights Reserved
    Als PDF, TXT herunterladen oder online auf Scribd lesen
    Markieren Sie unangemessene Inhalte
    von 1

    Cash

    Accounts
    Receivable
    Property,
    Plant, &
    Equipment
    Inventories Prepaid
    Accounts
    Payable
    Notes
    Payable
    Salary &
    Wages
    Payable
    Unearned
    Fees
    Common
    Stock
    Dividends
    Revenues Expenses
    Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
    + - - + - + - + + -
    asset accounts=libility accounts +Owner's Equity (Common Stock & Retained Earnings)
    Retained Earnings
    Assets Liabilities Owner's Equity
    Accumulated
    Depreciation
    Balance sheet: (for that time period)
    Statement of Owner's Equity: start with balance forward from previous period 4. Close Dividends to Retained Earnings
    Net Income
    Income Statement: (for that time period)
    revenue accounts - expense accounts
    Closing Entries
    1. Close Revenue Accounts to Income
    Summary Account
    2. Close Expense Accounts to Income
    Summary Account
    3. Close Income Summary to Retained
    Earnings

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