The Essentials of Accounting IREA's Essentials provide quick and easy access to critical information in a variety of different fields, ranging from the most basic to the most advanced. As its name implies, these concise, comprehensive study guides summarize the essentials of the field covered. Essentials are helpful when preparing for exams, doing homework and will remain a lasting reference source for students, teachers, and professionals. Accounting I includes accounting principles, the accounting cycle, adjusting entries, closing entries, worksheet procedures, accounting for a merchandising operation, internal control and specialized journals, cash, receivables, inventory, property, plants and equipment, and long-term assets. |
Contents
INTRODUCTION | 1 |
THE ACCOUNTING CYCLE | 8 |
ADJUSTING ENTRIES | 12 |
CLOSING ENTRIES | 17 |
THE WORK SHEET | 23 |
ACCOUNTING FOR A MERCHANDISING OPERATION | 28 |
INTERNAL CONTROL AND SPECIALIZED JOURNALS | 35 |
CASH | 44 |
RECEIVABLES | 52 |
INVENTORY | 61 |
PROPERTY PLANT AND EQUIPMENT | 67 |
OTHER LONGTERM ASSETS | 73 |
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Common terms and phrases
Accepted Accounting Principles account number accounting cycle accounting equation accounting period accounts payable accounts receivable accrual basis adjusting entry amortization amount asset account balance per bank balance sheet bank balance basis of accounting calculated Capital Retained Earnings cash disbursements journal cash receipts journal CLOSING ENTRIES Company General Journal credit columns Date Description Debit debit and credit debit column Debit Credit 1992 deposit depositor depreciation expense Description Debit Credit employee ending inventory expense accounts Expense Summary FIFO income statement insurance expense intangible assets INTERNAL CONTROL inventory and cost inventory method January John Doe Journal Acct ledger accounts Liabilities LIFO long-term assets method of depreciation note receivable Owner's Equity Paul Johnson PERIODIC ACCOUNTING SYSTEMS PLANT AND EQUIPMENT prepaid insurance purchases journal Rent Expense residual value Returns and Allowances Revenue and Expense Sales Discounts sales journal Sales Revenue Sample Company shown in Example SPECIALIZED JOURNALS Total transaction usually Wages Expense