47、 in the ordinary operations of the business. 2021/3/1168 Buildings vPurchase of structures to be used in the business are recorded in an account called Buildings. vAlthough a building cannot be separated from the land it occupies, it is important to maintain separate accounts for the land and the bu 。

48、ildings. 2021/3/1169 Equipment vOffice Equipment: desks, chairs, office machines, filing cabinets, and typewriters. vStore Equipment:cash registers counters, showcases, shelves, and similar items. vMachinery and Equipment: lathes, drill presses and other equipment. vTrucks and Automobiles. 2021/3/11 。

49、70 Part 6 Liability and Owners Equity 李海红 2021/3/1171 Revisions vAssets: Cash Notes Receivable Accounts Receivable Prepaid Expenses Land Buildings Equipment 2021/3/1172 Liability vNotes Payable vAccounts Payable vOther Short-Term Liabilities vLong-term Liabilities 2021/3/1173 Owners Equity vCapital。

50、Account vWithdrawals Account vRevenues and Expense 2021/3/1174 Notes Payable vNotes Payable is the opposite of Notes Receivable. vIt is used to record increases and decreases in promissory note amounts owed to creditors within the next year or operating cycle. 2021/3/1175 Accounts Payable vAccounts。

51、Payable is the opposite of Accounts Receivable. It comes from Credit Purchase. 2021/3/1176 Other Short-Term Liability vWages Payable vTaxes Payable vRent Payable vInterest Payable vUnearned Fees vCustomer Deposit vUnearned Revenue 2021/3/1177 Capital Account vWhen someone invests in his or her own c 。

52、ompany, the amount of the investment is recorded in a capital account. 2021/3/1178 Withdrawal Account vA person who invests in a business usually expects to earn an income an to use at least part of the assets earned from profitable operations to pay personal living expenses. 2021/3/1179 Revenue and 。

53、 Expense Accounts vRevenues increase owners equity, and expenses decrease owners equity: Commissions Earned Advertising Fees Earned Wages Expense Supplies Expense Rent Expense Advertising Expense 2021/3/1180 T- Account and Double-Entry System 李海红 2021/3/1181 Revisions vAssets accounts vLiabilities a 。

54、ccounts vOwners Equity accounts 2021/3/1182 T account and Double-Entry System vEvolution of the double-entry system vThe T-account 2021/3/1183 2021/3/1184 Debit Credit for for Decrease Increase Assets = Liabilities + Owners Equity Debit Credit for for Decrease Increase Debit Credit for for Increase。

55、Decrease 2021/3/1185 JOURNALS and JOURNALIZING vJournals: general journal;
special- purpose journal vJournalizing: the process of recording transactions in a journal. H 2021/3/1186 Examples vThe following transactions for the Joan Miller Advertising Agency happened in January: vJanuary 1. Joan Mille 。

56、r invested $10,000 to start her own advertising agency. vJanuary 2. Rented an office, paying two months rent, $800. 2021/3/1187 vJanuary 5. Purchased office equipment from Morgan Equipment for $3,000, paying $1,500 in cash and agreeing to pay the rest next month. vJanuary 6. Purchased on credit art。

57、supplies for $1,800 and office supplies for $800 from Taylor Supply Company. vJanuary 19. Performed a service by placing several major advertisement for Ward Department Stores. The fee of $2,800 is billed now but will be collected next month. v S 2021/3/1188 vRecord the following transactions in the 。

58、 general journal. vJanuary 8. Paid $480 for a one-year insurance policy with coverage effective January 1. vJanuary 9. Paid Taylor Supply Company $1,000 of the amount owed. vJanuary 10. Performed a service by placing advertisements for an automobile dealer in the newspaper and collected a fee of $1, 。

59、400. 2021/3/1189 vJanuary 12. Paid the secretary two weeks wages, $600. vJanuary 15. Accepted $1,000 as an advance fee for v art work to be done for another agency. v. vJanuary 25. Joan Miller withdrew $1,400 from the v business for personal living expenses. 2021/3/1190 vJanuary 26. Paid the secreta 。

60、ry two more weekswages, $600. vJanuary 29. Received and paid the utility bill of $100. vJanuary 30. Received (but did not pay) a telephone bill, $70. 2021/3/1191 General Journal DateDescription Pos t. Ref. Debit Credi t 2021/3/1192 DateDescription Pos t. Ref. Debit Credi t 2021/3/1193 DateDescriptio 。

61、n Pos t. Ref. Debit Credi t 2021/3/1194 DateDescription Pos t. Ref. Debit Credi t 2021/3/1195 DateDescription Pos t. Ref. Debit Credi t 2021/3/1196 DateDescription Pos t. Ref. Debit Credi t 2021/3/1197 Revisions v1. Posting v2. Ledgers 2021/3/1198 The Trial Balance vThe equality of debit and credit。

62、balances in the ledger should be tested periodically by preparing a trial balance. vThe steps in preparing a trial balance follow: 2021/3/1199 v1. Determine the balance of each account in the ledger. v2. List each ledger account that has a balance, with the debit balances in the left column and the。

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