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Ye Sun Accounting English SUN HX Accounting English Lesson2 Lesson 2 Recording transactions Recording transactions:Financial statements communicate accounting information to users. Generally accepted accounting principles are the guidelines used in the analysis, recording, and reporting of financial transactions on the financial statements. The financial statements are based on the accounting equation: A = L + E Economic events and source documents Business transactions affecting the accounting equation result from both external and internal events. The objectivity principle requires that transactions are supported by source documents. Source documents are also called business papers. Increases are recorded on one side of the T-account, and decreases are recorded on the other side. Each account is assigned a unique number in the company’s chart of accounts. Commonly used asset accounts include: Cash Accounts receivable Equipment Buildings Land …… Commonly used liability accounts include: Accounts payable Notes payable Salaries or Wages payable Commonly used equity accounts include: Owner’s capital Owner’s withdrawals Revenues Expenses Accounting cycle The steps in the accounting cycle follow each accounting period to accomplish the analysis, recording, and reporting of financial transactions. …… Step 1: Analyzing transactions Analyzing transactions is the first step in the accounting cycle. Step 2: Recording transactions The second step in the accounting cycle is to record debits and credits in the general journal, the book of original entry. This process is known as journalizing. Recording transactions is based on double-entry accounting, which requires that debits = credits. Step 2: Recording transactions (cont.) Debits are used to record increases in assets, withdrawals, and expenses. Decreases in liabilities, the owner’s capital account, and revenues are also recorded with debits. Credits are used to record decreases in assets, withdrawals, and e
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