Journal Entry
Date Narration Debit Credit 01-02-1993 Inventory 12000 Purchases 12000 01-02-1993 Accounts Receivable 2653 Sales 2653 02-02-1993 Cost of Goods Sold 6598 Inventory 6598 05-02-1993 Inventory...
Category: Accounting Basics
Accounting Basics
Balance Sheet Accounts
Assets Liabilities and Owner Equity Debit Credit Debit Credit Increases Decreases Decreases Increases
The Accounting Equation
Assets = Liabilities + Owners Equity Assets Economic resources expected to benefit company in future Cash: Money, certificates of deposit, and checks Accounts Receivable: Oral or implied promise, usually arise from sales made to...
Concepts, Principles and Basis
Entity Concept An organization stands apart from other organizations as a separate economic unit Going Concern Concept Entity will continue to operate long enough to recover cost of its assets Time Period Concept Report...