MGT 11A Lecture Notes - Lecture 3: The Ledger
Document Summary
Mgt011a elementary financial accounting fall 2018 notes & information. Finals: thu, dec 13 (1:00 p. m. - 3:00 p. m. ) *notes are used in conjunction with in-class lectures. Chapter 2: what accounts have been affected? (at least 2 accounts, did they go up or down in value, does this mean debit or credit, debit means a left-hand side entry, credit means a right-hand side entry. Steps 1,2, and 3 are day to day processes. 4- trial balance: adding the debits and credits of accounts to make sure they are balanced. 5- adjusting entries: depreciation and prepaid accounts. 8- closing entries: flow accounts: expenses, revenues, and dividends. 10- reversing entries: depreciation and prepaid accounts for easier calculations next quarter, optional. The ledger of accounts is a box of all accounts. for the rest of the accounts. First document is the chart of accounts, that has the labeling numbers/organization structure.
