BUSS1030 Lecture Notes - Lecture 3: Accounts Receivable, Accounts Payable, General Ledger

• School: University of Sydney
• Department: Business Studies
• Course: BUSS1030
• Professor: All

Document Summary

Oe consists of capital (credit) + revenue (credit) + expenses (debit) + drawings (debit) + dividends (debits) Double entry bookkeeping/accounting as long as all debits equal to all credits. Grey area incorrect (how to say in acct) Non-business, e. g. owner buys a car for himself separate from business (entity concept) focus on non-business & external transaction. General journal record here if does not record into other journals. Date, accounts & explanation, post ref, debit, credit, **narration in bracket. *debit first, then credit (no marks if credit first) Chart accounts a list of accounts a business uses. In exam - put right account name & write it in the journal. Can withdraw cash either sole trader or partnership. Buy machine/machinery/plant non-current debit & cash at bank credit. Narration bought a machine (can be present tense) Borrow money cash at bank debit & bank loan credit. Adjusting entries (all the entries done at the end of a month)