Learning Objectives

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Learning Objectives




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Slide1

Learning Objectives

© 2014 Cengage Learning. All Rights Reserved.

LO

6 Analyze and record transactions that affect owner’s equity.LO7 Analyze and record sales and receipt of cash on account.

Slide2

Received Cash from Sales

SLIDE 2

LO6

Lesson 3-3

January 10. Received cash from sales, $1,100.00. Calculator Tape No. 10.

Cash

1,100.00

Sales

1,100.00

2.

Write the title of the account debited in the Account Title column. Write the debit amount in the Debit column.

1.

Write the date in the Date column.

3.

On the next line, indented about one centimeter, write the title of the account credited in the Account Title column. Write the credit amount in the Credit column.

4.

Write the source document number in the Doc. No. column.

1

Date

4

Source Document

2

Debit

Credit

3

Slide3

Source Document

4

Sold Services on Account

SLIDE

3

January 12. Sold services on account to Main Street Services, $500.00. Sales Invoice No. 1.

500.00

Accounts Rec.—Main Street Services

LO7

Lesson 3-3

2.

Write the abbreviated title of the account debited in the Account Title column. Write the debit amount in the Debit column.

1.

Write the date in the Date column.

3.

On the next line, indented about one centimeter, write the title of the account credited in the Account Title column. Write the credit amount in the Credit column.

4.

Write the source document number in the Doc. No. column.

1

Date

2

Debit

Credit

3

500.00

Sales

Slide4

4

Source Document

Paid Cash for an Expense

SLIDE

4

January 12. Paid cash for communications bill including cell phone and Internet service, $80.00. Check No. 4.

80.00

Communications Expense

Cash

80.00

LO7

Lesson 3-3

2.

Write the title of the account debited. Write the debit amount.

1.

Write the date in the Date column.

3.

On the next line, write the title of the account credited. Write the credit amount.

4.

Write the source document number in the Doc. No. column.

1

Date

2

Debit

Credit

3

Slide5

Paid Cash for an Expense

SLIDE

5

January 15. Paid cash for equipment rental, $400.00. Check No. 5.

400.00

Equipment Rental Expense

Cash

400.00

LO7

Lesson 3-3

4

Source Document

2.

Write the title of the account debited. Write the debit amount.

1.

Write the date in the Date column.

3.

On the next line, write the title of the account credited. Write the credit amount.

4.

Write the source document number in the Doc. No. column.

1

Date

2

Debit

Credit

3

Slide6

January 16. Received cash on account from Main Street Services, $200.00. Receipt No. 2.

Received Cash on Account

SLIDE 6

Cash

200.00

Accts Rec.—Main Street Services

200.00

LO7

Lesson 3-3

2.

Write the title of the account debited. Write the debit amount.

1.

Write the date in the Date column.

3.

On the next line, indented about one centimeter, write the title of the account credited. Write the credit amount.

4.

Write the source document number in the Doc. No. column.

1

Date

2

Debit

Credit

3

4

Source

Document

Slide7

4

Source

Document

Paid Cash to Owner as

Withdrawal of Equity

SLIDE

7

January 16. Paid cash to owner for a withdrawal of equity, $350.00. Check No. 6.

350.00

Michael Delgado, Drawing

Cash

350.00

LO7

Lesson 3-3

2.

Write the title of the account debited. Write the debit amount.

1.

Write the date in the Date column.

3.

On the next line, indented about one centimeter, write the title of the account credited. Write the credit amount.

4.

Write the source document number in the Doc. No. column.

1

Date

2

Debit

Credit

3

Slide8

Lesson 3-3 Audit Your Understanding

1. When cash is received from sales, which account is listed on the first line of the entry?

SLIDE 8

ANSWER

Cash

Lesson 3-3

Slide9

Lesson 3-3 Audit Your Understanding

2. When cash is received from sales, which account is listed on the second line of the entry?

SLIDE 9

ANSWER

Sales

Lesson 3-3

Slide10

Lesson 3-3 Audit Your Understanding

3. When services are sold on account, which account is listed on the second line of the entry?

SLIDE 10

ANSWER

Sales

Lesson 3-3

Slide11

Lesson 3-3 Audit Your Understanding

4. When cash is paid for any reason, what abbreviation is used for the source document?

SLIDE 11

ANSWER

C (for check)

Lesson 3-3

Slide12

Lesson 3-3 Audit Your Understanding

5. When cash is received on account, what abbreviation is used for the source document? 

SLIDE 12

ANSWER

R (for receipt)

Lesson 3-3

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