By Carl S. Warren, James M. Reeve, Jonathan E. Duchac
The authors of ACCOUNTING, 23e, remember the fact that you want to locate vital info fast. This textbook makes use of an built-in studying method that can assist you whole homework and lead you to accounting mastery. development at the authors' confirmed technique, transparent examples and high-impact writing consultant you thru the practise of economic statements because the authors artfully offer a framework for knowing what accounting is all approximately and accounting's evolving position in enterprise.
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Additional info for Accounting, 23rd edition
For example, Chris Clark’s withdrawal is identified as Chris Clark, Drawing. Like expenses, withdrawals are recorded in a column to the right of Chris Clark, Capital. The effect of the $2,000 withdrawal is shown as follows: Assets Cash ϩ Supp. ϩ Land Bal. 7,900 550 20,000 h. Ϫ2,000 Bal. 5,900 550 20,000 ϭ ϭ Liabilities ϩ Owner’s Equity Accounts Chris Clark, Chris Clark, Payable ϩ Capital Ϫ Drawing ϩ 400 25,000 Ϫ2,000 400 25,000 Ϫ2,000 Fees Wages Rent Supplies Utilities Misc. Earned Ϫ Exp. Ϫ Exp.
5,900 550 20,000 ϭ ϭ Liabilities ϩ Owner’s Equity Accounts Chris Clark, Chris Clark, Payable ϩ Capital Ϫ Drawing ϩ 400 25,000 Ϫ2,000 400 25,000 Ϫ2,000 Fees Wages Rent Supplies Utilities Misc. Earned Ϫ Exp. Ϫ Exp. Ϫ Exp. Ϫ Exp. Ϫ Exp. 7,500 Ϫ2,125 Ϫ800 Ϫ800 Ϫ450 Ϫ275 7,500 Ϫ2,125 Ϫ800 Ϫ800 Ϫ450 Ϫ275 Summary The transactions of NetSolutions are summarized below. Each transaction is identified by letter, and the balance of each item is shown after every transaction. Assets Cash ϩ Supp. ϩ Land a. ϩ25,000 b.
Bal. c. Bal. Assets ϭ Cash ϩ Supplies ϩ Land 5,000 20,000 ϩ1,350 5,000 1,350 20,000 ϭ Liabilities ϩ Owner’s Equity Accounts ϩ Chris Clark, Payable Capital 25,000 ϩ1,350 1,350 25,000 Transaction D Nov. 18, 2009 NetSolutions received cash of $7,500 for providing services to customers. You may have earned money by painting houses or mowing lawns. If so, you received money for rendering services to a customer. Likewise, a business earns money by selling goods or services to its customers. This amount is called revenue.