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1、BusinessesandTypesofAccountingChapter1Chapter 3Basis of Accounting and Credit TransactionsCopyright 2017 McGraw-Hill Education.All rights reserved.No reproduction or distribution without the prior written consent of McGraw-Hill Education.Topics Covered3.1 Credit Transactions Double Entry3.2 Quick Su
2、mmary of This ChapterCopyright 2017 McGraw-Hill Education.All rights reserved.No reproduction or distribution without the prior written consent of McGraw-Hill Education.3.1 Credit Transactions Double EntryHowtoaccountforcredittransactions?TakeJohnsonexampleinthelastchapter.Copyright 2017 McGraw-Hill
3、 Education.All rights reserved.No reproduction or distribution without the prior written consent of McGraw-Hill Education.Transaction1:Johnsonpurchasesgoodsoncreditfor$5,000.Theaccountingtreatment:DrPurchases$5,000(toincreasethe“purchasedgoods”atcost)CrTradepayables$5,000(toincreasetheamountowedorli
4、abilitytothesupplier)Copyright 2017 McGraw-Hill Education.All rights reserved.No reproduction or distribution without the prior written consent of McGraw-Hill Education.Transaction2:Johnsonsellsgoodsfor$6,000tocustomersoncredit.Theaccountingtreatment:DrTradereceivables$6,000(toincreasetheassetreceiv
5、ablehereby$6,000)CrSalesrevenue$6,000(toincreasesalesrevenueby$6,000)Copyright 2017 McGraw-Hill Education.All rights reserved.No reproduction or distribution without the prior written consent of McGraw-Hill Education.Transaction3:Johnsonsettles$1,000liabilityowedtothecreditsupplier.Theaccountingtrea
6、tment:DrTradepayables$1,000(todecreasethemoneyowedtothesupplier)CrCash$1,000(todecreasethecashassetvalue)Copyright 2017 McGraw-Hill Education.All rights reserved.No reproduction or distribution without the prior written consent of McGraw-Hill Education.Transaction4:Johnsonreceives$5,000cashfromthecr
7、editcustomer.Theaccountingtreatment:DrCash$5,000(toincreasetheassetby$5,000)CrTradereceivables$5,000(toreducetheassetby$5,000)Copyright 2017 McGraw-Hill Education.All rights reserved.No reproduction or distribution without the prior written consent of McGraw-Hill Education.Transaction5:Johnsonreturn
8、edgoodscosting$200toasupplier.Theaccountingtreatment:DrTradepayables$200(todecreasetheliabilityowedtothesupplier)CrPurchases$200(toreturnthegoodstothesupplier,hence,toreducepurchasescosts)Copyright 2017 McGraw-Hill Education.All rights reserved.No reproduction or distribution without the prior writt
9、en consent of McGraw-Hill Education.Transaction6:Johnsonreceivesgoodsreturnedbyacustomer.Thetransactionvalueis$100.Theaccountingtreatment:DrSalesrevenue$100(todecreasethesalesrevenueof$100)CrTradereceivables$100(todecreasetheassetof$100)Copyright 2017 McGraw-Hill Education.All rights reserved.No rep
10、roduction or distribution without the prior written consent of McGraw-Hill Education.3.2 Quick Summary of This ChapterInanincreaseintradereceivablesassetbecauseofacreditsale,wedebitit.Inanincreaseintradepayablesliabilitybecauseofacreditpurchase,wecreditit.Forgoodsreturnedfromacreditcustomer,wedebits
11、alesrevenueandcreditthetradereceivablestocancelthesale.Forgoodsreturnedtothecreditsupplier,wedebittradepayablesliabilityandcreditpurchases,tocancelthepurchases.Chapter 4 Basis of Ledger AccountCopyright 2017 McGraw-Hill Education.All rights reserved.No reproduction or distribution without the prior
12、written consent of McGraw-Hill Education.Topics Covered4.1 What Are Ledger Accounts?4.2 Ledger Accounts for Cash Transactions4.3 Ledger Accounts for Credit Transactions4.4 Balancing a Ledger Account4.5 Quick Summary of This ChapterCopyright 2017 McGraw-Hill Education.All rights reserved.No reproduct
13、ion or distribution without the prior written consent of McGraw-Hill Education.4.1 What Are Ledger Accounts?LedgeraccountsorTaccountsareaccountssummarisingeachbusinesstransaction.TheseaccountshaveaTshape.Copyright 2017 McGraw-Hill Education.All rights reserved.No reproduction or distribution without
14、 the prior written consent of McGraw-Hill Education.4.2 Ledger Accounts for Cash TransactionsGobacktothepreviousJohnsonexample.Thefirsttransaction:Johnsonstarteduparestaurantasasoletraderbusinessbypaying$30,000intoabusinessbankaccount.Theaccountingtreatment:DrCash$30,000CrCapital$30,000Copyright 201
15、7 McGraw-Hill Education.All rights reserved.No reproduction or distribution without the prior written consent of McGraw-Hill Education.TheledgerorTaccountforthistransaction:Step1:Thenameoftheaccount.Copyright 2017 McGraw-Hill Education.All rights reserved.No reproduction or distribution without the
16、prior written consent of McGraw-Hill Education.Step2:WritetheDebitorDrontheleft-handsideoftheaccountwithCreditorCrontheright-handside.Copyright 2017 McGraw-Hill Education.All rights reserved.No reproduction or distribution without the prior written consent of McGraw-Hill Education.Step3:Readthedebit
17、sideofthetransactionfirst,andthenrecordthedebitsideofthetransactiononthecorrespondingaccount.Writethemonetaryvaluefirst,andthenwritethecreditsideonthesameaccount.Copyright 2017 McGraw-Hill Education.All rights reserved.No reproduction or distribution without the prior written consent of McGraw-Hill
18、Education.Step4:Readthecreditsideofthetransaction,thenrecordthecreditsideofthetransactiononthecorrespondingaccount.Recordthemonetaryvaluefirst,thenwritethedebitsideonthesameaccount.Copyright 2017 McGraw-Hill Education.All rights reserved.No reproduction or distribution without the prior written cons
19、ent of McGraw-Hill Education.4.2.1ACompleteLedgerAccount1.Thetitleoftheaccountisanamethatrepresentsthenatureofthetransaction.2.Thedatecolumnrecordsthedateofthetransaction.3.Thedetailscolumnrecordsthetitleoftheotheraccountthatholdsthesecondpartofthedualeffect4.Thefoliocolumnrecordsareferencetothesour
20、ceofinformation.Thiscolumnisnotalwaysincludedwithinaledgeraccount.5.Theamountcolumnsummarisesthemonetaryvalueofthetransaction.Copyright 2017 McGraw-Hill Education.All rights reserved.No reproduction or distribution without the prior written consent of McGraw-Hill Education.4.2.2StepstoPrepareaLedger
21、AccountStep1:Accountname.Step2:Debitontheleft-handsideandcreditontheright-handside.Step3:Readthedebitside,withmonetaryvalue,andthenthecreditsideofthetransactioninthesameaccount.Step4:Readthecreditside,withmonetaryvalue,andthenthedebitsideofthetransactioninthesameaccount.Copyright 2017 McGraw-Hill Ed
22、ucation.All rights reserved.No reproduction or distribution without the prior written consent of McGraw-Hill Education.Thesecondtransaction:Johnsonpurchasedavanfordeliveriesbywritingachequefor$3,000.Theaccountingtreatment:DrVan$3,000CrCash$3,000Copyright 2017 McGraw-Hill Education.All rights reserve
23、d.No reproduction or distribution without the prior written consent of McGraw-Hill Education.Step1:Step2:Copyright 2017 McGraw-Hill Education.All rights reserved.No reproduction or distribution without the prior written consent of McGraw-Hill Education.Step3:Step4:Copyright 2017 McGraw-Hill Educatio
24、n.All rights reserved.No reproduction or distribution without the prior written consent of McGraw-Hill Education.AsummaryofTaccountsfortransaction2:Cash accountDrCr$Capital30,000Van3,000Van accountDrCr$Cash3,000Van3,000Copyright 2017 McGraw-Hill Education.All rights reserved.No reproduction or distr
25、ibution without the prior written consent of McGraw-Hill Education.Thethirdtransaction:Johnsonusedachequefor$1,000topurchasegoodsforresale.Theaccountingtreatment:DrPurchases$1,000CrCash$1,000Copyright 2017 McGraw-Hill Education.All rights reserved.No reproduction or distribution without the prior wr
26、itten consent of McGraw-Hill Education.Purchases accountDrCr$Cash1,000Copyright 2017 McGraw-Hill Education.All rights reserved.No reproduction or distribution without the prior written consent of McGraw-Hill Education.Thefourthtransaction:Johnsonpaidtherentalfeeincashfor$800.Theaccountingtreatment:D
27、rRents$800CrCash$800Copyright 2017 McGraw-Hill Education.All rights reserved.No reproduction or distribution without the prior written consent of McGraw-Hill Education.Rents accountDrCr$Cash800,00Copyright 2017 McGraw-Hill Education.All rights reserved.No reproduction or distribution without the pri
28、or written consent of McGraw-Hill Education.Thefifthtransaction:Johnsonsoldgoodsforcashof$2,000.Theaccountingtreatment:DrCash$2,000CrSalesrevenue$2,000Copyright 2017 McGraw-Hill Education.All rights reserved.No reproduction or distribution without the prior written consent of McGraw-Hill Education.S
29、ales revenue accountDrCr$Cash2,000Cash accountDrCr$Capital30,000Van3,000Sales2,000Purchases1,000Rent800,00Copyright 2017 McGraw-Hill Education.All rights reserved.No reproduction or distribution without the prior written consent of McGraw-Hill Education.Thesixthtransaction:Johnsontook$200cashforhisp
30、ersonalexpenses.Theaccountingtreatment:DrDrawings$200CrCash$200Copyright 2017 McGraw-Hill Education.All rights reserved.No reproduction or distribution without the prior written consent of McGraw-Hill Education.Drawings accountDrCr$Cash200Cash accountDrCr$Capital30,000Van3,000Sales2,000Purchases1,00
31、0Rental800Drawings200Copyright 2017 McGraw-Hill Education.All rights reserved.No reproduction or distribution without the prior written consent of McGraw-Hill Education.4.3LedgerAccountsforCreditTransactionsTransaction1:Johnsonpurchasedgoodsoncreditfor$5,000.Theaccountingtreatment:DrPurchases$5,000C
32、rTradepayables$5,000Copyright 2017 McGraw-Hill Education.All rights reserved.No reproduction or distribution without the prior written consent of McGraw-Hill Education.TheledgerorTaccountforthistransaction:Trade Payables accountDrCr$Purchases5,000Purchases accountDrCr$Payable5,000Copyright 2017 McGr
33、aw-Hill Education.All rights reserved.No reproduction or distribution without the prior written consent of McGraw-Hill Education.Purchases accountDrCr$Cash1,000Payable5,000Payables accountDrCr$Purchases5,000Copyright 2017 McGraw-Hill Education.All rights reserved.No reproduction or distribution with
34、out the prior written consent of McGraw-Hill Education.Transaction2:Johnsonsoldgoodsfor$6,000tocustomersoncredit.Theaccountingtreatment:DrTradereceivables$6,000CrSalesrevenue$6,000Copyright 2017 McGraw-Hill Education.All rights reserved.No reproduction or distribution without the prior written conse
35、nt of McGraw-Hill Education.Trade receivables accountDrCr$Sales6,000Sales revenue accountDrCr$Cash2,000Receivable6,000Copyright 2017 McGraw-Hill Education.All rights reserved.No reproduction or distribution without the prior written consent of McGraw-Hill Education.Transaction3:Johnsonhassettled$1,0
36、00liabilityowedtoacreditsupplier.Theaccountingtreatment:DrTradepayables$1,000CrCash$1,000Copyright 2017 McGraw-Hill Education.All rights reserved.No reproduction or distribution without the prior written consent of McGraw-Hill Education.Payable accountDrCr$Cash1,000Purchases5,000Copyright 2017 McGra
37、w-Hill Education.All rights reserved.No reproduction or distribution without the prior written consent of McGraw-Hill Education.Transaction4:Johnsonreceived$5,000cashfromacreditcustomer.Theaccountingtreatment:DrCash$5,000CrTradereceivables$5,000Copyright 2017 McGraw-Hill Education.All rights reserve
38、d.No reproduction or distribution without the prior written consent of McGraw-Hill Education.Cash accountDrCr$Capital30,000Van3,000Sales2,000Purchases1,000Receivable5,000Rental800Drawings200Payable1,000Trade receivables accountDrCr$Sales6,000Cash5,000Copyright 2017 McGraw-Hill Education.All rights r
39、eserved.No reproduction or distribution without the prior written consent of McGraw-Hill Education.Transaction5:Johnsonreturnedgoodscosting$200tothecreditsupplier.Theaccountingtreatment:DrTradepayables$200CrPurchases$200Copyright 2017 McGraw-Hill Education.All rights reserved.No reproduction or dist
40、ribution without the prior written consent of McGraw-Hill Education.Trade payable accountDrCr$Cash1,000Purchases5,000Purchases200Purchases accountDrCr$Cash1,000TradePayables200Payable5,000Copyright 2017 McGraw-Hill Education.All rights reserved.No reproduction or distribution without the prior writt
41、en consent of McGraw-Hill Education.Transaction6:Johnsonreceivedgoodsreturnedbyacreditcustomer.Thetransactionvalueis$100.Theaccountingtreatment:DrSalesrevenue$100CrTradereceivables$100Copyright 2017 McGraw-Hill Education.All rights reserved.No reproduction or distribution without the prior written c
42、onsent of McGraw-Hill Education.Trade receivables accountDrCr$Sales6,000Cash5,000Sales100Sales revenue accountDrCr$Tradereceivables100Cash5,000Sales100Copyright 2017 McGraw-Hill Education.All rights reserved.No reproduction or distribution without the prior written consent of McGraw-Hill Education.4
43、.4BalancingaLedgerAccountStepstobalancealedgerorTaccount:Step1:EnterthetotaldebitandcreditsidesintheTaccount.Step2:Decidewhichsideishigherandchoosethehigher.Step3:Forthesidethatdoesnotadduptothistotal,thedifferenceiscalledbalancecarrieddown/forward,orbalc/dorbalc/f.Step4:Thebalancebroughtdown(balb/d
44、)willappearontheoppositesidebelowthetotals.Copyright 2017 McGraw-Hill Education.All rights reserved.No reproduction or distribution without the prior written consent of McGraw-Hill Education.4.4.1BalancingLedgerAccountsforElementsintheStatementofFinancialPositionFromthepreviousexampleJohnson.Step1:S
45、tep2:Capital accountDrCr$Bank30,000Total=30,000Capital accountDrCr$Bank30,000Total=30,000Total=30,000Copyright 2017 McGraw-Hill Education.All rights reserved.No reproduction or distribution without the prior written consent of McGraw-Hill Education.Step3:Usetheabbreviationforbalancecarriedforwardasb
46、alc/forbalancecarrieddownasbalc/d:Capital accountDrCr$Balancecarriedforward30,000Bank30,000Total=30,000Total=30,000Capital accountDrCr$balc/d30,000Bank30,000Total=30,000Total=30,000Capital accountDrCr$balc/f30,000Bank30,000Total=30,000Total=30,000orCopyright 2017 McGraw-Hill Education.All rights res
47、erved.No reproduction or distribution without the prior written consent of McGraw-Hill Education.Step4:Capital accountDrCr$balc/f30,000Bank30,000Total=30,000Total=30,000balb/f30,000orCapital accountDrCr$balc/f30,000Bank30,00030,00030,000balb/f30,000Copyright 2017 McGraw-Hill Education.All rights res
48、erved.No reproduction or distribution without the prior written consent of McGraw-Hill Education.4.4.2BalancingLedgerAccountsforElementsintheStatementofProfitorLossthefollowingexample:Sales revenue accountDrCr$Receivable$100Bank$2,000Receivable$6,000Copyright 2017 McGraw-Hill Education.All rights re
49、served.No reproduction or distribution without the prior written consent of McGraw-Hill Education.Step1:Enterthedebitandcreditsidesoftheaccount.Sales revenue accountDrCr$Receivable100Bank2,000Receivable6,000Total100Total8,000Copyright 2017 McGraw-Hill Education.All rights reserved.No reproduction or
50、 distribution without the prior written consent of McGraw-Hill Education.Step2:Decidewhichsideishigher.Inthiscase,thecreditside.Step3:Forcethedebitsidetobalance.Sales revenue accountDrCr$Receivable100Bank2,000Balance*7,900Receivable6,000Total8,000Total8,000Copyright 2017 McGraw-Hill Education.All ri