Chapter 3 Accounting Section 1
Chapter 5
Accounting Section 1
Notes with key vocabulary
Demo Prob
WB Page 42 5-1 (Textbook directions page 110)
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Chapter 5
Accounting Section 2
Notes with key vocabulary
WB Page 42 5-2 (Textbook directions page 116)
WB Page 43 5-3 (Textbook directions page 122)
WB Page 43 5-4 (Textbook directions page 122)
WB Page 44 5-5 Together (Textbook directions page 123)
WB Page 46 5-6 (Textbook directions page 124)
WB Page 46 5-7 Together (Textbook directions page 125)
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Know: Understanding Accounting Concepts and Procedures
Chapter 5 Notes
Temporary Capital Accounts: Revenue, expenses and withdrawals start each new accounting period with a zero balance. At the end of the accounting period, any balance is transferred to the owner’s equity account.
Ie) Utility Expense
Ie) A withdrawal is an amount of money or an asset the owner takes out of the business. Since withdrawals do not happen frequently, it is classified as a temporary owner’s equity account. Withdrawals are like expenses they decrease capital, so the rules are the same as for expense accounts.
Permanent Accounts: The owner’s capital account is a permanent record. These records are continuous from one accounting period to the next.
Ie) Supplies
Revenue: Money earned from selling goods or services.
Ie) Fees
*Revenue increases Owner’s Capital
Expenses: costs of doing business.
*Expenses decrease Owner’s Capital
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