Accounting 504

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Discussion Questions Week 2 1.) What is meant by the term double-entry accounting? Examples are great and try to build on what each other has said.
Double entry accounting is based on the fact that every financial transaction has equal and opposite effects in at least two different accounts. In the double entry system, transactions are recorded in terms of debits and credits. Since a debit in one account will be offset by a credit in another account, the sum of all debits must therefore be exactly equal to the sum of all credits. The double-entry system of bookkeeping or accounting makes it easier to accurately prepare financial statements directly from the books of account and detect errors.
For example: A company borrows a loan from the bank for 10,000 You would debit cash for 10,000 and credit accounts payable for 10,000 2.) This is very important ... Analyzing and recording (or journalize) a transaction is the first tab for you to complete in your Course Project. It is also the first two steps of the Accounting Cycle. It also gets test time.

SO POSTING TO THIS THREAD ... give me THREE of your OWN examples of business transactions, with dollar amounts .... state the transaction that occured and then show me in Journal Entry Form, how you would record each of the three transactions.

Mar. 27 received $600 cash from services performed from John and Sons Auto body shop
Mar. 30 John and Sons purchased equipment for $800 from Dodge dealer ship.
Mar. 31John and Sons borrowed $6000 by signing a note. Date | Description of Accounts | Debits | Credits | Mar. 27 | Cash | $600 | | | Service Revenue | | $600 | Mar. 30 | Equipment | $800 | | | Cash | | $800 | Mar. 31 | Cash | $6000 | | | Notes Payable | | $6000 |

3.) Preparing a Trial Balance
Cash
| Debit | Credit | 2/1 | | 5000 | 2/4 |…...

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