ACCT 2101 Lecture Notes - Lecture 2: Deferral, Financial Statement Analysis, Accounts Payable

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jadegoldfish609

14 Sep 2016

School

University of Georgia

Department

Accounting

Course

ACCT 2101

Professor

Swati Bhandarkar

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Document Summary

An account is a record of increases and decreases in a specific asset, liability, equity, revenue, or expense. Prepaid expenses: expense paid in advance of receiving a benefit from it; asset that represents prepayments of future benefits. Accrued liabilities: all items owed but not paid. Financial statement analysis focuses on one or more of 4 basic building blocks of analysis. Liquidity: the availability of resources to meet short-term obligations and generate revenues. Current ratio = current assets / current liabilities. Solvency: refers to a company"s long-run financial viability and its ability to generate future revenues. Debt ratio = total liabilities / total assets. Profitability: refers to a company"s ability to use its assets to produce profits (and positive cash flows) Profit margin = net income / net sales. Market prospects = the ability to generate positive market expecta- tions. Price-to-earnings = price per share / earnings per share. Ledger: complete collection of all accounts for an info system.

Related Questions

Please show what type of account each belongs to ( for exampleCurrent Asset, Current Liability, Stockholders Equity, etc.) and ifeach is a credit or debit.

Accounts Payable

Accounts Receivable

Accumulated Depreciation - Equipment

Cash

Common Stock

Depreciation Expense - Equipment

Dividends

Equipment

Interest Expense

Interest Revenue

Notes Payable

Prepaid Rent

Retained Earnings

Service Revenue

Unearned Revenue

Wages Expense

Wages Payable

sangriagerbil399

Account Tracking form provided:

Account Title -> copy the name of the accounts from the listbelow

Account Major Classification -> Asset (A), Liability (L),Ownerâs Equity (OE), Revenue (R) or Expense (E) or Not Applicable(NA)

Contra account -> place a check mark in this column if theitem is a contra account

Account Sub Classification -> only to be used with Asset andLiability accounts; Current Asset (CA); Property, Plant &Equipment (PPE); Current Liability (CL), Long-term Liability (LTL)or Not Applicable (NA)

Normal Balance -> debit (DR), credit (CR) or Not Applicable(NA)

Financial Statement-> Income Statement (IS), Statement ofOwnerâs Equity (SOE), Balance Sheet (BS) or Not Applicable (NA)

Temporary or Permanent -> T for temporary (nominal) accountsand P for permanent (real) accounts

Accounts Payable

Accounts Receivable

Accumulated Depreciation

Advertising Expense

Buildings

Cash

Depreciation Expense

Fees Earned

Income Summary

Insurance Expense

Interest Payable (due in 1 month)

Interest Receivable (due in 2 months)

Joey Bee, Capital

Joey Bee, Drawing

Land

Notes Payable (due in 3 years)

Notes Receivable (due in 2 months)

Office Equipment

Prepaid Insurance

Prepaid Rent

Rent Expense

Notes Payable (due in 2 months)

Store Equipment

Supplies

Supplies Expense

Taxes Payable (due in 4 months)

Unearned Fees

Unearned Rent

Unearned Revenue

Wages Payable

goldkangaroo10

On December 31 adjusting entries for the following transactions.1. Fees accrued but not billed, $6,300. 2. The Supplies accountbalance on December 31, $4,750; Supplies on hand, $960. 3. Wagesaccrued but not paid, $2,700. 4. Depreciation of office equipment,$1,650. 5. Rent expired during year, $10,800.

CHARTOF ACCOUNTS

General Ledger

	ASSETS
11	Cash
12	Accounts Receivable
13	Supplies
14	Prepaid Rent
16	Office Equipment
17	Accumulated Depreciation

	LIABILITIES
21	Accounts Payable
22	Notes Payable
23	Unearned Revenues
24	Wages Payable
25	Interest Payable

	EQUITY
31	Common Stock
32	Retained Earnings
33	Dividends

	REVENUE
41	Fees Earned

	EXPENSES
51	Advertising Expense
52	Insurance Expense
53	Interest Expense
54	Wages Expense
55	Supplies Expense
56	Utilities Expense
57	Depreciation Expense
58	Rent Expense
59	Miscellaneous Expense

CHARTOF ACCOUNTS

General Ledger

	ASSETS
11	Cash
12	Accounts Receivable
13	Supplies
14	Prepaid Rent
16	Office Equipment
17	Accumulated Depreciation

	LIABILITIES
21	Accounts Payable
22	Notes Payable
23	Unearned Revenues
24	Wages Payable
25	Interest Payable

	EQUITY
31	Common Stock
32	Retained Earnings
33	Dividends

	REVENUE
41	Fees Earned

	EXPENSES
51	Advertising Expense
52	Insurance Expense
53	Interest Expense
54	Wages Expense
55	Supplies Expense
56	Utilities Expense
57	Depreciation Expense
58	Rent Expense
59	Miscellaneous Expense

General Journal

Prepare the December 31 adjusting entries for each transactions.Refer to the Chart of Accounts for exact wording of accounttitles.

PAGE 1

JOURNAL

	DATE	DESCRIPTION	POST.REF.	DEBIT	CREDIT
1
2
3
4
5
6
7
8
9
10					need help with a general journal

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ACCT 2101 Lecture Notes - Lecture 2: Deferral, Financial Statement Analysis, Accounts Payable

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