山东大学 会计学基础 课件 第二章.pptVIP

* This is a listing of common liability accounts we are likely to see in the general ledger. An unearned revenue is one in which the cash has been received but the product or service has not been delivered. If you subscribe to a magazine, you generally pay a one-year subscription in advance. For the publishing company, cash is received but nothing has been done to earn the revenue. As the magazine is delivered to you, the publishing company recognizes a portion of the money received as revenue. At the end of the year, all the revenue will be earned and the liability no longer exists. The owner’s claim on a company’s assets is called equity. Equity is the owner’s residual interest in the assets of a business after deducting liabilities. Equity is impacted by four types of accounts: Owner’s capital, Owner’s withdrawals, Revenues, and Expenses. * * * * * * * * * * * * * In the accounting process you first analyze a transaction by looking at proper source documentation. Next, we apply the rules of double-entry accounting and record a general journal entry. The general journal is a chronological listing of the transactions. At the end of the accounting period we post the information from the general journal to the proper general ledger account. The general ledger groups all transactions that impact a particular account. That is, all the transactions that increase or decrease the cash account are posted to the cash general ledger account. * Here is an example of the proper recording of a general journal transaction. We have seen a similar transaction before. In this case, the owner of the business contributes $30,000 cash to start the business. Let’s see how we get the various pieces. Part I The transaction occurred on December 1st, 2009. The date is important when recording general journal transactions and is recorded on the left side of the journal. Part II Next we identify the accounts affected by the transactions. The cash account is an asset that has increased. We