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] | C O N C E P T S I N P R A C T I C E
Tax Cuts and Jobs Act
In 2017, the US government enacted the Tax Cuts and Jobs Act. As a result, financial stakeholders needed
to resolve several issues surrounding the standards from GAAP principles and the FASB. The issues were
as follows: “Current Generally Accepted Accounting Principles (GAAP) requires that deferred tax liabilities
and assets be adjusted for the effect of a change in tax laws or rates,” and “implementation issues
related to the Tax Cuts and Jobs Act and income tax reporting.”[4]
In response, the FASB issued updated guidance on both issues. You can explore these revised guidelines
at the FASB website (https://www.fasb.org/taxcutsjobsact#section_1).
The Accounting Equation
Introduction to Financial Statements briefly discussed the accounting equation, which is important to the
study of accounting because it shows what the organization owns and the sources of (or claims against) those | {"file_name": "FinancialAccounting-OP.pdf", "file_size_mb": 156.7, "file_type": ".pdf", "producer": "Prince 11 (www.princexml.com)", "upload_timestamp": "2026-02-07T07:23:08.167529", "total_pages": 1055, "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "moddate": "2020-08-05T15:26:11-05:00", "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "creationdate": "2019-04-24T10:32:54-05:00", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "batch_upload": true, "uploaded_via": "batch_uploader", "creator": "DocBook XSL Stylesheets V1.79.1"} |
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] | study of accounting because it shows what the organization owns and the sources of (or claims against) those
resources. The accounting equation is expressed as follows:
4
Financial Accounting Standards Board (FASB). “Accounting for the Tax Cuts and Jobs Act.” https://www.fasb.org/taxcutsjobsact#section_1
122
Chapter 3 Analyzing and Recording Transactions
Recall that the accounting equation can be thought of from a “sources and claims” perspective; that is, the
assets (items owned by the organization) were obtained by incurring liabilities or were provided by owners.
Stated differently, everything a company owns must equal everything the company owes to creditors (lenders)
and owners (individuals for sole proprietors or stockholders for companies or corporations).
In our example in Why It Matters, we used an individual owner, Mark Summers, for the Supreme Cleaners
discussion to simplify our example. Individual owners are sole proprietors in legal terms. This distinction | {"file_size_mb": 156.7, "batch_upload": true, "upload_timestamp": "2026-02-07T07:23:08.167529", "moddate": "2020-08-05T15:26:11-05:00", "producer": "Prince 11 (www.princexml.com)", "file_type": ".pdf", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "creationdate": "2019-04-24T10:32:54-05:00", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "total_pages": 1055, "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "uploaded_via": "batch_uploader", "file_name": "FinancialAccounting-OP.pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting"} |
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] | discussion to simplify our example. Individual owners are sole proprietors in legal terms. This distinction
becomes significant in such areas as legal liability and tax compliance. For sole proprietors, the owner’s
interest is labeled “owner’s equity.”
In Introduction to Financial Statements, we addressed the owner’s value in the firm as capital or owner’s equity.
This assumed that the business is a sole proprietorship. However, for the rest of the text we switch the
structure of the business to a corporation, and instead of owner’s equity, we begin using stockholder’s equity,
which includes account titles such as common stock and retained earnings to represent the owners’ interests.
The primary reason for this distinction is that the typical company can have several to thousands of owners,
and the financial statements for corporations require a greater amount of complexity. | {"source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "moddate": "2020-08-05T15:26:11-05:00", "total_pages": 1055, "title": "Principles of Accounting, Volume 1: Financial Accounting", "batch_upload": true, "uploaded_via": "batch_uploader", "file_size_mb": 156.7, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "file_name": "FinancialAccounting-OP.pdf", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creationdate": "2019-04-24T10:32:54-05:00", "upload_timestamp": "2026-02-07T07:23:08.167529", "creator": "DocBook XSL Stylesheets V1.79.1", "file_type": ".pdf", "producer": "Prince 11 (www.princexml.com)"} |
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] | The primary reason for this distinction is that the typical company can have several to thousands of owners,
and the financial statements for corporations require a greater amount of complexity.
As you also learned in Introduction to Financial Statements, the accounting equation represents the balance
sheet and shows the relationship between assets, liabilities, and owners’ equity (for sole proprietorships/
individuals) or common stock (for companies).
You may recall from mathematics courses that an equation must always be in balance. Therefore, we must
ensure that the two sides of the accounting equation are always equal. We explore the components of the
accounting equation in more detail shortly. First, we need to examine several underlying concepts that form
the foundation for the accounting equation: the double-entry accounting system, debits and credits, and the
“normal” balance for each account that is part of a formal accounting system.
Double-Entry Bookkeeping | {"file_name": "FinancialAccounting-OP.pdf", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "producer": "Prince 11 (www.princexml.com)", "file_size_mb": 156.7, "batch_upload": true, "total_pages": 1055, "uploaded_via": "batch_uploader", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "title": "Principles of Accounting, Volume 1: Financial Accounting", "creationdate": "2019-04-24T10:32:54-05:00", "file_type": ".pdf", "moddate": "2020-08-05T15:26:11-05:00", "upload_timestamp": "2026-02-07T07:23:08.167529"} |
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] | “normal” balance for each account that is part of a formal accounting system.
Double-Entry Bookkeeping
The basic components of even the simplest accounting system are accounts and a general ledger. An account is
a record showing increases and decreases to assets, liabilities, and equity—the basic components found in the
accounting equation. As you know from Introduction to Financial Statements, each of these categories, in turn,
includes many individual accounts, all of which a company maintains in its general ledger. A general ledger is
a comprehensive listing of all of a company’s accounts with their individual balances.
Accounting is based on what we call a double-entry accounting system, which requires the following:
• Each time we record a transaction, we must record a change in at least two different accounts. Having two
or more accounts change will allow us to keep the accounting equation in balance. | {"producer": "Prince 11 (www.princexml.com)", "file_type": ".pdf", "moddate": "2020-08-05T15:26:11-05:00", "total_pages": 1055, "creator": "DocBook XSL Stylesheets V1.79.1", "creationdate": "2019-04-24T10:32:54-05:00", "title": "Principles of Accounting, Volume 1: Financial Accounting", "upload_timestamp": "2026-02-07T07:23:08.167529", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "uploaded_via": "batch_uploader", "batch_upload": true, "file_name": "FinancialAccounting-OP.pdf", "file_size_mb": 156.7, "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9"} |
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] | • Each time we record a transaction, we must record a change in at least two different accounts. Having two
or more accounts change will allow us to keep the accounting equation in balance.
• Not only will at least two accounts change, but there must also be at least one debit and one credit side
impacted.
• The sum of the debits must equal the sum of the credits for each transaction.
In order for companies to record the myriad of transactions they have each year, there is a need for a simple
but detailed system. Journals are useful tools to meet this need.
Debits and Credits
Each account can be represented visually by splitting the account into left and right sides as shown. This
graphic representation of a general ledger account is known as a T-account. The concept of the T-account was
This OpenStax book is available for free at http://cnx.org/content/col25448/1.4
Chapter 3 Analyzing and Recording Transactions
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] | This OpenStax book is available for free at http://cnx.org/content/col25448/1.4
Chapter 3 Analyzing and Recording Transactions
123
briefly mentioned in Introduction to Financial Statements and will be used later in this chapter to analyze
transactions. A T-account is called a “T-account” because it looks like a “T,” as you can see with the T-account
shown here.
A debit records financial information on the left side of each account. A credit records financial information on
the right side of an account. One side of each account will increase and the other side will decrease. The
ending account balance is found by calculating the difference between debits and credits for each account.
You will often see the terms debit and credit represented in shorthand, written as DR or dr and CR or cr,
respectively. Depending on the account type, the sides that increase and decrease may vary. We can illustrate | {"batch_upload": true, "moddate": "2020-08-05T15:26:11-05:00", "uploaded_via": "batch_uploader", "creationdate": "2019-04-24T10:32:54-05:00", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "total_pages": 1055, "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "upload_timestamp": "2026-02-07T07:23:08.167529", "file_name": "FinancialAccounting-OP.pdf", "producer": "Prince 11 (www.princexml.com)", "file_type": ".pdf", "file_size_mb": 156.7} |
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] | respectively. Depending on the account type, the sides that increase and decrease may vary. We can illustrate
each account type and its corresponding debit and credit effects in the form of an expanded accounting
equation. You will learn more about the expanded accounting equation and use it to analyze transactions in
Define and Describe the Expanded Accounting Equation and Its Relationship to Analyzing Transactions.
As we can see from this expanded accounting equation, Assets accounts increase on the debit side and
decrease on the credit side. This is also true of Dividends and Expenses accounts. Liabilities increase on the
credit side and decrease on the debit side. This is also true of Common Stock and Revenues accounts. This
becomes easier to understand as you become familiar with the normal balance of an account.
Normal Balance of an Account
The normal balance is the expected balance each account type maintains, which is the side that increases. As | {"uploaded_via": "batch_uploader", "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_name": "FinancialAccounting-OP.pdf", "file_size_mb": 156.7, "moddate": "2020-08-05T15:26:11-05:00", "creationdate": "2019-04-24T10:32:54-05:00", "creator": "DocBook XSL Stylesheets V1.79.1", "batch_upload": true, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "producer": "Prince 11 (www.princexml.com)", "file_type": ".pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "total_pages": 1055} |
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] | Normal Balance of an Account
The normal balance is the expected balance each account type maintains, which is the side that increases. As
assets and expenses increase on the debit side, their normal balance is a debit. Dividends paid to shareholders
also have a normal balance that is a debit entry. Since liabilities, equity (such as common stock), and revenues
increase with a credit, their “normal” balance is a credit. Table 3.1 shows the normal balances and increases
for each account type.
Account Normal Balances and Increases
Type of account
Increases with
Normal balance
Asset
Liability
Common Stock
Dividends
Table 3.1
Debit
Credit
Credit
Debit
Debit
Credit
Credit
Debit
124
Chapter 3 Analyzing and Recording Transactions
Account Normal Balances and Increases
Type of account
Increases with
Normal balance
Revenue
Expense
Table 3.1
Credit
Debit
Credit
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] | Chapter 3 Analyzing and Recording Transactions
Account Normal Balances and Increases
Type of account
Increases with
Normal balance
Revenue
Expense
Table 3.1
Credit
Debit
Credit
Debit
When an account produces a balance that is contrary to what the expected normal balance of that account is,
this account has an abnormal balance. Let’s consider the following example to better understand abnormal
balances.
Let’s say there were a credit of $4,000 and a debit of $6,000 in the Accounts Payable account. Since Accounts
Payable increases on the credit side, one would expect a normal balance on the credit side. However, the
difference between the two figures in this case would be a debit balance of $2,000, which is an abnormal
balance. This situation could possibly occur with an overpayment to a supplier or an error in recording.
C O N C E P T S I N P R A C T I C E
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C O N C E P T S I N P R A C T I C E
Assets
We define an asset to be a resource that a company owns that has an economic value. We also know that
the employment activities performed by an employee of a company are considered an expense, in this
case a salary expense. In baseball, and other sports around the world, players’ contracts are consistently
categorized as assets that lose value over time (they are amortized).
For example, the Texas Rangers list “Player rights contracts and signing bonuses-net” as an asset on its
balance sheet. They decrease this asset’s value over time through a process called amortization. For tax
purposes, players’ contracts are treated akin to office equipment even though expenses for player | {"file_size_mb": 156.7, "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "batch_upload": true, "file_type": ".pdf", "producer": "Prince 11 (www.princexml.com)", "creator": "DocBook XSL Stylesheets V1.79.1", "uploaded_via": "batch_uploader", "total_pages": 1055, "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creationdate": "2019-04-24T10:32:54-05:00", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "moddate": "2020-08-05T15:26:11-05:00", "file_name": "FinancialAccounting-OP.pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "upload_timestamp": "2026-02-07T07:23:08.167529"} |
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0.06247328221797943,
-0.05963310971856117
] | purposes, players’ contracts are treated akin to office equipment even though expenses for player
salaries and bonuses have already been recorded. This can be a point of contention for some who argue
that an owner does not assume the lost value of a player’s contract, the player does.[5]
3.2 Define and Describe the Expanded Accounting Equation and Its
Relationship to Analyzing Transactions
Before we explore how to analyze transactions, we first need to understand what governs the way
transactions are recorded.
As you have learned, the accounting equation represents the idea that a company needs assets to operate,
and there are two major sources that contribute to operations: liabilities and equity. The company borrows the
funds, creating liabilities, or the company can take the funds provided by the profits generated in the current
or past periods, creating retained earnings or some other form of stockholder’s equity. Recall the accounting | {"moddate": "2020-08-05T15:26:11-05:00", "file_name": "FinancialAccounting-OP.pdf", "producer": "Prince 11 (www.princexml.com)", "file_type": ".pdf", "uploaded_via": "batch_uploader", "total_pages": 1055, "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "batch_upload": true, "file_size_mb": 156.7, "creationdate": "2019-04-24T10:32:54-05:00", "creator": "DocBook XSL Stylesheets V1.79.1", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "upload_timestamp": "2026-02-07T07:23:08.167529"} |
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] | or past periods, creating retained earnings or some other form of stockholder’s equity. Recall the accounting
Tommy Craggs. “MLB Confidential, Part 3: Texas Rangers.” Deadspin. August 24, 2010. https://deadspin.com/5619951/mlb-confidential-
5
part-3-texas-rangers
This OpenStax book is available for free at http://cnx.org/content/col25448/1.4
Chapter 3 Analyzing and Recording Transactions
125
equation’s basic form.
Expanded Accounting Equation
The expanded accounting equation breaks down the equity portion of the accounting equation into more
detail. This expansion of the equity section allows a company to see the impact to equity from changes to
revenues and expenses, and to owner investments and payouts. It is important to have more detail in this
equity category to understand the effect on financial statements from period to period. For example, an
increase to revenue can increase net income on the income statement, increase retained earnings on the | {"uploaded_via": "batch_uploader", "total_pages": 1055, "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_name": "FinancialAccounting-OP.pdf", "moddate": "2020-08-05T15:26:11-05:00", "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "file_type": ".pdf", "producer": "Prince 11 (www.princexml.com)", "creationdate": "2019-04-24T10:32:54-05:00", "file_size_mb": 156.7, "creator": "DocBook XSL Stylesheets V1.79.1", "batch_upload": true, "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "upload_timestamp": "2026-02-07T07:23:08.167529"} |
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] | increase to revenue can increase net income on the income statement, increase retained earnings on the
statement of retained earnings, and change the distribution of stockholder’s equity on the balance sheet. This
may be difficult to understand where these changes have occurred without revenue recognized individually in
this expanded equation.
The expanded accounting equation is shown here.
Figure 3.3
Expanded Accounting Equation. (attribution: Copyright Rice University, OpenStax, under CC BY-
NC-SA 4.0 license)
Note that this expanded accounting equation breaks down Equity into four categories: common stock,
dividends, revenues, and expenses. This considers each element of contributed capital and retained earnings
individually to better illustrate each one’s impact on changes in equity.
A business can now use this equation to analyze transactions in more detail. But first, it may help to examine | {"moddate": "2020-08-05T15:26:11-05:00", "creator": "DocBook XSL Stylesheets V1.79.1", "file_size_mb": 156.7, "upload_timestamp": "2026-02-07T07:23:08.167529", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_name": "FinancialAccounting-OP.pdf", "file_type": ".pdf", "creationdate": "2019-04-24T10:32:54-05:00", "total_pages": 1055, "producer": "Prince 11 (www.princexml.com)", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "uploaded_via": "batch_uploader", "batch_upload": true} |
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] | individually to better illustrate each one’s impact on changes in equity.
A business can now use this equation to analyze transactions in more detail. But first, it may help to examine
the many accounts that can fall under each of the main categories of Assets, Liabilities, and Equity, in terms of
their relationship to the expanded accounting equation. We can begin this discussion by looking at the chart of
accounts.
Chart of Accounts
Recall that the basic components of even the simplest accounting system are accounts and a general ledger.
Accounts shows all the changes made to assets, liabilities, and equity—the three main categories in the
accounting equation. Each of these categories, in turn, includes many individual accounts, all of which a
company maintains in its general ledger.
126
Chapter 3 Analyzing and Recording Transactions
When a company first starts the analysis process, it will make a list of all the accounts used in day-to-day | {"uploaded_via": "batch_uploader", "title": "Principles of Accounting, Volume 1: Financial Accounting", "moddate": "2020-08-05T15:26:11-05:00", "creator": "DocBook XSL Stylesheets V1.79.1", "total_pages": 1055, "batch_upload": true, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_size_mb": 156.7, "upload_timestamp": "2026-02-07T07:23:08.167529", "file_type": ".pdf", "creationdate": "2019-04-24T10:32:54-05:00", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_name": "FinancialAccounting-OP.pdf", "producer": "Prince 11 (www.princexml.com)"} |
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] | Chapter 3 Analyzing and Recording Transactions
When a company first starts the analysis process, it will make a list of all the accounts used in day-to-day
transactions. For example, a company may have accounts such as cash, accounts receivable, supplies,
accounts payable, unearned revenues, common stock, dividends, revenues, and expenses. Each company will
make a list that works for its business type, and the transactions it expects to engage in. The accounts may
receive numbers using the system presented in Table 3.2.
Account Numbering System
Assigned account number
Account numbers for a
Account numbers for a
will start with
small company
large company
1
2
3
4
5
100–199
200–299
300–399
400–499
500–599
1000–1999
2000–2999
3000–3999
4000–4999
5000–5999
Account
category
Assets
Liabilities
Stockholders’
equity
Revenues
Expenses
Table 3.2
We call this account numbering system a chart of accounts. The accounts are presented in the chart of | {"file_size_mb": 156.7, "moddate": "2020-08-05T15:26:11-05:00", "uploaded_via": "batch_uploader", "file_type": ".pdf", "file_name": "FinancialAccounting-OP.pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "total_pages": 1055, "creationdate": "2019-04-24T10:32:54-05:00", "producer": "Prince 11 (www.princexml.com)", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "creator": "DocBook XSL Stylesheets V1.79.1", "batch_upload": true} |
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] | Account
category
Assets
Liabilities
Stockholders’
equity
Revenues
Expenses
Table 3.2
We call this account numbering system a chart of accounts. The accounts are presented in the chart of
accounts in the order in which they appear on the financial statements, beginning with the balance sheet
accounts and then the income statement accounts. Additional numbers starting with six and continuing might
be used in large merchandising and manufacturing companies. The information in the chart of accounts is the
foundation of a well-organized accounting system.
Breaking Down the Expanded Accounting Equation
Refer to the expanded accounting equation (Figure 3.3). We begin with the left side of the equation, the assets,
and work toward the right side of the equation to liabilities and equity.
Assets and the Expanded Accounting Equation
On the left side of the equation are assets. Assets are resources a company owns that have an economic value. | {"source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_name": "FinancialAccounting-OP.pdf", "uploaded_via": "batch_uploader", "moddate": "2020-08-05T15:26:11-05:00", "upload_timestamp": "2026-02-07T07:23:08.167529", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "batch_upload": true, "file_type": ".pdf", "total_pages": 1055, "producer": "Prince 11 (www.princexml.com)", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "creationdate": "2019-04-24T10:32:54-05:00", "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_size_mb": 156.7} |
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] | Assets and the Expanded Accounting Equation
On the left side of the equation are assets. Assets are resources a company owns that have an economic value.
Assets are represented on the balance sheet financial statement. Some common examples of assets are cash,
accounts receivable, inventory, supplies, prepaid expenses, notes receivable, equipment, buildings, machinery,
and land.
Cash includes paper currency as well as coins, checks, bank accounts, and money orders. Anything that can be
quickly liquidated into cash is considered cash. Cash activities are a large part of any business, and the flow of
cash in and out of the company is reported on the statement of cash flows.
Accounts receivable is money that is owed to the company, usually from a customer. The customer has not yet
paid with cash for the provided good or service but will do so in the future. Common phrasing to describe this | {"producer": "Prince 11 (www.princexml.com)", "uploaded_via": "batch_uploader", "file_type": ".pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "creationdate": "2019-04-24T10:32:54-05:00", "file_name": "FinancialAccounting-OP.pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "batch_upload": true, "moddate": "2020-08-05T15:26:11-05:00", "total_pages": 1055, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "file_size_mb": 156.7} |
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] | paid with cash for the provided good or service but will do so in the future. Common phrasing to describe this
situation is that a customer purchased something “on account,” meaning that the customer has asked to be
This OpenStax book is available for free at http://cnx.org/content/col25448/1.4
Chapter 3 Analyzing and Recording Transactions
127
billed and will pay at a later date: “Account” because a customer has not paid us yet but instead has asked to
be billed; “Receivable” because we will receive the money in the future.
Inventory refers to the goods available for sale. Service companies do not have goods for sale and would thus
not have inventory. Merchandising and manufacturing businesses do have inventory. You learn more about
this topic in Inventory.
Examples of supplies (office supplies) include pens, paper, and pencils. Supplies are considered assets until an | {"file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "file_size_mb": 156.7, "moddate": "2020-08-05T15:26:11-05:00", "producer": "Prince 11 (www.princexml.com)", "file_name": "FinancialAccounting-OP.pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "uploaded_via": "batch_uploader", "total_pages": 1055, "creationdate": "2019-04-24T10:32:54-05:00", "title": "Principles of Accounting, Volume 1: Financial Accounting", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_type": ".pdf", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "batch_upload": true} |
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] | this topic in Inventory.
Examples of supplies (office supplies) include pens, paper, and pencils. Supplies are considered assets until an
employee uses them. At the point they are used, they no longer have an economic value to the organization,
and their cost is now an expense to the business.
Prepaid expenses are items paid for in advance of their use. They are considered assets until used. Some
examples can include insurance and rent. Insurance, for example, is usually purchased for more than one
month at a time (six months typically). The company does not use all six months of the insurance at once, it
uses it one month at a time. However, the company prepays for all of it up front. As each month passes, the
company will adjust its records to reflect the cost of one month of insurance usage.
Notes receivable is similar to accounts receivable in that it is money owed to the company by a customer or | {"file_type": ".pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "moddate": "2020-08-05T15:26:11-05:00", "file_name": "FinancialAccounting-OP.pdf", "file_size_mb": 156.7, "producer": "Prince 11 (www.princexml.com)", "total_pages": 1055, "batch_upload": true, "uploaded_via": "batch_uploader", "creationdate": "2019-04-24T10:32:54-05:00", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "upload_timestamp": "2026-02-07T07:23:08.167529"} |
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] | company will adjust its records to reflect the cost of one month of insurance usage.
Notes receivable is similar to accounts receivable in that it is money owed to the company by a customer or
other entity. The difference here is that a note typically includes interest and specific contract terms, and the
amount may be due in more than one accounting period.
Equipment examples include desks, chairs, and computers; anything that has a long-term value to the
company that is used in the office. Equipment is considered a long-term asset, meaning you can use it for
more than one accounting period (a year for example). Equipment will lose value over time, in a process called
depreciation. You will learn more about this topic in The Adjustment Process.
Buildings, machinery, and land are all considered long-term assets. Machinery is usually specific to a
manufacturing company that has a factory producing goods. Machinery and buildings also depreciate. Unlike | {"file_type": ".pdf", "uploaded_via": "batch_uploader", "total_pages": 1055, "upload_timestamp": "2026-02-07T07:23:08.167529", "title": "Principles of Accounting, Volume 1: Financial Accounting", "creator": "DocBook XSL Stylesheets V1.79.1", "batch_upload": true, "file_name": "FinancialAccounting-OP.pdf", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_size_mb": 156.7, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "creationdate": "2019-04-24T10:32:54-05:00", "producer": "Prince 11 (www.princexml.com)", "moddate": "2020-08-05T15:26:11-05:00", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf"} |
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] | manufacturing company that has a factory producing goods. Machinery and buildings also depreciate. Unlike
other long-term assets such as machinery, buildings, and equipment, land is not depreciated. The process to
calculate the loss on land value could be very cumbersome, speculative, and unreliable; therefore, the
treatment in accounting is for land to not be depreciated over time.
128
Chapter 3 Analyzing and Recording Transactions
Figure 3.4
Assets. Cash, buildings, inventory, and equipment are all types of assets. (credit clockwise from
top left: modification of “Cash money! 140606-A-CA521-021” by Sgt. Michael Selvage/Wikimedia Commons,
Public Domain; modification of “41 Cherry Orchard Road” by “Pafcool2”/Wikimedia Commons, Public Domain;
modification of “ASM-e1516805109201” by Jeff Green, Rethink Robotics/ Wikimedia Commons, CC BY 4.0;
modification of “Gfp-inventory-space” by Yinan Chen/Wikimedia Commons, CC0)
Liabilities and the Expanded Accounting Equation | {"producer": "Prince 11 (www.princexml.com)", "total_pages": 1055, "file_type": ".pdf", "uploaded_via": "batch_uploader", "batch_upload": true, "moddate": "2020-08-05T15:26:11-05:00", "creator": "DocBook XSL Stylesheets V1.79.1", "file_size_mb": 156.7, "upload_timestamp": "2026-02-07T07:23:08.167529", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "creationdate": "2019-04-24T10:32:54-05:00", "file_name": "FinancialAccounting-OP.pdf", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting"} |
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Liabilities and the Expanded Accounting Equation
The accounting equation emphasizes a basic idea in business; that is, businesses need assets in order to
operate. There are two ways a business can finance the purchase of assets. First, it can sell shares of its stock
to the public to raise money to purchase the assets, or it can use profits earned by the business to finance its
activities. Second, it can borrow the money from a lender such as a financial institution. You will learn about
other assets as you progress through the book. Let’s now take a look at the right side of the accounting
equation.
Liabilities are obligations to pay an amount owed to a lender (creditor) based on a past transaction. Liabilities
are reported on the balance sheet. It is important to understand that when we talk about liabilities, we are not | {"total_pages": 1055, "moddate": "2020-08-05T15:26:11-05:00", "creationdate": "2019-04-24T10:32:54-05:00", "file_type": ".pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "file_name": "FinancialAccounting-OP.pdf", "file_size_mb": 156.7, "title": "Principles of Accounting, Volume 1: Financial Accounting", "producer": "Prince 11 (www.princexml.com)", "creator": "DocBook XSL Stylesheets V1.79.1", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "uploaded_via": "batch_uploader", "batch_upload": true} |
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] | are reported on the balance sheet. It is important to understand that when we talk about liabilities, we are not
just talking about loans. Money collected for gift cards, subscriptions, or as advance deposits from customers
could also be liabilities. Essentially, anything a company owes and has yet to pay within a period is considered
a liability, such as salaries, utilities, and taxes.
For example, a company uses $400 worth of utilities in May but is not billed for the usage, or asked to pay for
the usage, until June. Even though the company does not have to pay the bill until June, the company owed
money for the usage that occurred in May. Therefore, the company must record the usage of electricity, as
well as the liability to pay the utility bill, in May.
This OpenStax book is available for free at http://cnx.org/content/col25448/1.4
Chapter 3 Analyzing and Recording Transactions
129 | {"source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "producer": "Prince 11 (www.princexml.com)", "total_pages": 1055, "uploaded_via": "batch_uploader", "file_size_mb": 156.7, "moddate": "2020-08-05T15:26:11-05:00", "creationdate": "2019-04-24T10:32:54-05:00", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_name": "FinancialAccounting-OP.pdf", "file_type": ".pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "batch_upload": true} |
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] | well as the liability to pay the utility bill, in May.
This OpenStax book is available for free at http://cnx.org/content/col25448/1.4
Chapter 3 Analyzing and Recording Transactions
129
Eventually that debt must be repaid by performing the service, fulfilling the subscription, or providing an asset
such as merchandise or cash. Some common examples of liabilities include accounts payable, notes payable,
and unearned revenue.
Accounts payable recognizes that the company owes money and has not paid. Remember, when a customer
purchases something “on account” it means the customer has asked to be billed and will pay at a later date. In
this case the purchasing company is the “customer.” The company will have to pay the money due in the
future, so we use the word “payable.” The debt owed is usually paid off in less than one accounting period
(less than a year typically) if it is classified as an account payable. | {"file_name": "FinancialAccounting-OP.pdf", "creationdate": "2019-04-24T10:32:54-05:00", "batch_upload": true, "uploaded_via": "batch_uploader", "creator": "DocBook XSL Stylesheets V1.79.1", "producer": "Prince 11 (www.princexml.com)", "upload_timestamp": "2026-02-07T07:23:08.167529", "file_type": ".pdf", "moddate": "2020-08-05T15:26:11-05:00", "file_size_mb": 156.7, "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "total_pages": 1055} |
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] | future, so we use the word “payable.” The debt owed is usually paid off in less than one accounting period
(less than a year typically) if it is classified as an account payable.
A notes payable is similar to accounts payable in that the company owes money and has not yet paid. Some
key differences are that the contract terms are usually longer than one accounting period, interest is included,
and there is typically a more formalized contract that dictates the terms of the transaction.
Unearned revenue represents a customer’s advanced payment for a product or service that has yet to be
provided by the company. Since the company has not yet provided the product or service, it cannot recognize
the customer’s payment as revenue, according to the revenue recognition principle. Thus, the account is called
unearned revenue. The company owing the product or service creates the liability to the customer.
Equity and the Expanded Accounting Equation | {"source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creationdate": "2019-04-24T10:32:54-05:00", "producer": "Prince 11 (www.princexml.com)", "moddate": "2020-08-05T15:26:11-05:00", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "title": "Principles of Accounting, Volume 1: Financial Accounting", "creator": "DocBook XSL Stylesheets V1.79.1", "file_size_mb": 156.7, "batch_upload": true, "file_type": ".pdf", "file_name": "FinancialAccounting-OP.pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "total_pages": 1055, "uploaded_via": "batch_uploader"} |
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] | unearned revenue. The company owing the product or service creates the liability to the customer.
Equity and the Expanded Accounting Equation
Stockholder’s equity refers to the owner’s (stockholders) investments in the business and earnings. These
two components are contributed capital and retained earnings.
The owner’s investments in the business typically come in the form of common stock and are called
contributed capital. There is a hybrid owner’s investment labeled as preferred stock that is a combination of
debt and equity (a concept covered in more advanced accounting courses). The company will issue shares of
common stock to represent stockholder ownership. You will learn more about common stock in Corporation
Accounting.
Another component of stockholder’s equity is company earnings. These retained earnings are what the
company holds onto at the end of a period to reinvest in the business, after any distributions to ownership | {"file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "creator": "DocBook XSL Stylesheets V1.79.1", "creationdate": "2019-04-24T10:32:54-05:00", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "batch_upload": true, "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "producer": "Prince 11 (www.princexml.com)", "upload_timestamp": "2026-02-07T07:23:08.167529", "moddate": "2020-08-05T15:26:11-05:00", "uploaded_via": "batch_uploader", "file_name": "FinancialAccounting-OP.pdf", "total_pages": 1055, "file_type": ".pdf", "file_size_mb": 156.7, "title": "Principles of Accounting, Volume 1: Financial Accounting"} |
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occur. Stated more technically, retained earnings are a company’s cumulative earnings since the creation of
the company minus any dividends that it has declared or paid since its creation. One tricky point to remember
is that retained earnings are not classified as assets. Instead, they are a component of the stockholder’s equity
account, placing it on the right side of the accounting equation.
Distribution of earnings to ownership is called a dividend. The dividend could be paid with cash or be a
distribution of more company stock to current shareholders. Either way, dividends will decrease retained
earnings.
Also affecting retained earnings are revenues and expenses, by way of net income or net loss. Revenues are
earnings from the sale of goods and services. An increase in revenues will also contribute toward an increase | {"source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "batch_upload": true, "title": "Principles of Accounting, Volume 1: Financial Accounting", "producer": "Prince 11 (www.princexml.com)", "total_pages": 1055, "creationdate": "2019-04-24T10:32:54-05:00", "file_size_mb": 156.7, "uploaded_via": "batch_uploader", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_type": ".pdf", "moddate": "2020-08-05T15:26:11-05:00", "file_name": "FinancialAccounting-OP.pdf", "upload_timestamp": "2026-02-07T07:23:08.167529"} |
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] | earnings from the sale of goods and services. An increase in revenues will also contribute toward an increase
in retained earnings. Expenses are the cost of resources associated with earning revenues. An increase to
expenses will contribute toward a decrease in retained earnings. Recall that this concept of recognizing
expenses associated with revenues is the expense recognition principle. Some examples of expenses include
bill payments for utilities, employee salaries, and loan interest expense. A business does not have an expense
until it is “incurred.” Incurred means the resource is used or consumed. For example, you will not recognize
utilities as an expense until you have used the utilities. The difference between revenues earned and expenses
incurred is called net income (loss) and can be found on the income statement.
130
Chapter 3 Analyzing and Recording Transactions | {"title": "Principles of Accounting, Volume 1: Financial Accounting", "producer": "Prince 11 (www.princexml.com)", "total_pages": 1055, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "batch_upload": true, "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_name": "FinancialAccounting-OP.pdf", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creationdate": "2019-04-24T10:32:54-05:00", "file_type": ".pdf", "file_size_mb": 156.7, "uploaded_via": "batch_uploader", "moddate": "2020-08-05T15:26:11-05:00", "creator": "DocBook XSL Stylesheets V1.79.1", "upload_timestamp": "2026-02-07T07:23:08.167529"} |
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] | incurred is called net income (loss) and can be found on the income statement.
130
Chapter 3 Analyzing and Recording Transactions
Net income reported on the income statement flows into the statement of retained earnings. If a business has
net income (earnings) for the period, then this will increase its retained earnings for the period. This means
that revenues exceeded expenses for the period, thus increasing retained earnings. If a business has net loss
for the period, this decreases retained earnings for the period. This means that the expenses exceeded the
revenues for the period, thus decreasing retained earnings.
You will notice that stockholder’s equity increases with common stock issuance and revenues, and decreases
from dividend payouts and expenses. Stockholder’s equity is reported on the balance sheet in the form of
contributed capital (common stock) and retained earnings. The statement of retained earnings computes the | {"producer": "Prince 11 (www.princexml.com)", "file_type": ".pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_name": "FinancialAccounting-OP.pdf", "total_pages": 1055, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "uploaded_via": "batch_uploader", "file_size_mb": 156.7, "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "batch_upload": true, "creationdate": "2019-04-24T10:32:54-05:00", "upload_timestamp": "2026-02-07T07:23:08.167529", "moddate": "2020-08-05T15:26:11-05:00"} |
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] | contributed capital (common stock) and retained earnings. The statement of retained earnings computes the
retained earnings balance at the beginning of the period, adds net income or subtracts net loss from the
income statement, and subtracts dividends declared, to result in an ending retained earnings balance
reported on the balance sheet.
Now that you have a basic understanding of the accounting equation, and examples of assets, liabilities, and
stockholder’s equity, you will be able to analyze the many transactions a business may encounter and
determine how each transaction affects the accounting equation and corresponding financial statements.
First, however, in Define and Examine the Initial Steps in the Accounting Cycle we look at how the role of
identifying and analyzing transactions fits into the continuous process known as the accounting cycle.
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] | identifying and analyzing transactions fits into the continuous process known as the accounting cycle.
L I N K T O L E A R N I N G
The Financial Accounting Standards Board had a policy that allowed companies to reduce their tax
liability from share-based compensation deductions. This led companies to create what some call the
“contentious debit,” to defer tax liability and increase tax expense in a current period. See the article
“The contentious debit—seriously” on continuous debt (https://openstax.org/l/50ContDebt) for further
discussion of this practice.
3.3 Define and Describe the Initial Steps in the Accounting Cycle
This chapter on analyzing and recording transactions is the first of three consecutive chapters (including The
Adjustment Process and Completing the Accounting Cycle) covering the steps in one continuous process
known as the accounting cycle. The accounting cycle is a step-by-step process to record business activities | {"moddate": "2020-08-05T15:26:11-05:00", "file_size_mb": 156.7, "uploaded_via": "batch_uploader", "producer": "Prince 11 (www.princexml.com)", "upload_timestamp": "2026-02-07T07:23:08.167529", "creator": "DocBook XSL Stylesheets V1.79.1", "file_name": "FinancialAccounting-OP.pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "total_pages": 1055, "batch_upload": true, "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "file_type": ".pdf", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creationdate": "2019-04-24T10:32:54-05:00"} |
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] | known as the accounting cycle. The accounting cycle is a step-by-step process to record business activities
and events to keep financial records up to date. The process occurs over one accounting period and will begin
the cycle again in the following period. A period is one operating cycle of a business, which could be a month,
quarter, or year. Review the accounting cycle in Figure 3.5.
This OpenStax book is available for free at http://cnx.org/content/col25448/1.4
Chapter 3 Analyzing and Recording Transactions
131
Figure 3.5
The Accounting Cycle. (attribution: Copyright Rice University, OpenStax, under CC BY-NC-SA 4.0
license)
As you can see, the cycle begins with identifying and analyzing transactions, and culminates in reversing
entries (which we do not cover in this textbook). The entire cycle is meant to keep financial data organized and
easily accessible to both internal and external users of information. In this chapter, we focus on the first four | {"creationdate": "2019-04-24T10:32:54-05:00", "upload_timestamp": "2026-02-07T07:23:08.167529", "file_type": ".pdf", "file_name": "FinancialAccounting-OP.pdf", "producer": "Prince 11 (www.princexml.com)", "batch_upload": true, "moddate": "2020-08-05T15:26:11-05:00", "file_size_mb": 156.7, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "uploaded_via": "batch_uploader", "title": "Principles of Accounting, Volume 1: Financial Accounting", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "total_pages": 1055, "creator": "DocBook XSL Stylesheets V1.79.1", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf"} |
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] | easily accessible to both internal and external users of information. In this chapter, we focus on the first four
steps in the accounting cycle: identify and analyze transactions, record transactions to a journal, post journal
information to a ledger, and prepare an unadjusted trial balance.
In The Adjustment Process we review steps 5, 6, and 7 in the accounting cycle: record adjusting entries,
prepare an adjusted trial balance, and prepare financial statements. In Completing the Accounting Cycle, we
review steps 8 and 9: closing entries and prepare a post-closing trial balance. As stated previously, we do not
cover reversing entries.
132
Chapter 3 Analyzing and Recording Transactions
E T H I C A L C O N S I D E R A T I O N S
Turning Hacked Gift Card Accounts into Cash
Gift cards are a great way for a company to presell its products and to create cash flow. One of the | {"title": "Principles of Accounting, Volume 1: Financial Accounting", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_type": ".pdf", "file_size_mb": 156.7, "moddate": "2020-08-05T15:26:11-05:00", "creator": "DocBook XSL Stylesheets V1.79.1", "producer": "Prince 11 (www.princexml.com)", "total_pages": 1055, "creationdate": "2019-04-24T10:32:54-05:00", "uploaded_via": "batch_uploader", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "upload_timestamp": "2026-02-07T07:23:08.167529", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "batch_upload": true, "file_name": "FinancialAccounting-OP.pdf"} |
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] | E T H I C A L C O N S I D E R A T I O N S
Turning Hacked Gift Card Accounts into Cash
Gift cards are a great way for a company to presell its products and to create cash flow. One of the
problems with gift cards is that fraudsters are using the retailer’s weak internal controls to defraud the
retailer’s customers. A fraudster can hack into autoloading gift cards and drain a customer’s bank
account by buying new, physical gift cards through the autoloading gift card account. This is a real
problem, and an internal control to reduce this type of fraud is to use a double verification system for the
transfer of money from a bank account to reloadable gift card account. Accountants can help their
organization limit gift card fraud by reviewing their company’s internal controls over the gift card
process.
A simple explanation of this fraud is that a fraudster will gain access to an individual’s email account | {"file_type": ".pdf", "creationdate": "2019-04-24T10:32:54-05:00", "upload_timestamp": "2026-02-07T07:23:08.167529", "file_name": "FinancialAccounting-OP.pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "batch_upload": true, "file_size_mb": 156.7, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "creator": "DocBook XSL Stylesheets V1.79.1", "total_pages": 1055, "moddate": "2020-08-05T15:26:11-05:00", "uploaded_via": "batch_uploader", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "producer": "Prince 11 (www.princexml.com)"} |
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A simple explanation of this fraud is that a fraudster will gain access to an individual’s email account
through phishing or by other means, such as a fraudster putting a key logger on a public computer or in
a corrupted public Wi-Fi. The individual uses the same password for the reloadable gift card as his or her
email account, and the fraudster will see emails about the gift card. The fraudster contacts the retailor
posing as the individual, and the retailor creates an in-store gift card redemption code, and the fraudster
or his or her accomplice will go to the store posing as the individual and buy physical gift cards with the
redemption code. The customer’s bank account will be drained, and the customer will be upset. In
another gift card fraud, the individual’s credit card is stolen and used to buy physical gift cards from a
retailor. This type of fraud causes problems for the retailer, for the retailer’s reputation is damaged | {"moddate": "2020-08-05T15:26:11-05:00", "total_pages": 1055, "producer": "Prince 11 (www.princexml.com)", "batch_upload": true, "upload_timestamp": "2026-02-07T07:23:08.167529", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_size_mb": 156.7, "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_name": "FinancialAccounting-OP.pdf", "creationdate": "2019-04-24T10:32:54-05:00", "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_type": ".pdf", "uploaded_via": "batch_uploader", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "creator": "DocBook XSL Stylesheets V1.79.1"} |
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through the implementation of poor internal controls.
Does the fraudster use the fraudulently acquired gift cards? No, there is an entire market for selling gift
cards on Craigslist, just go look and see how easy it is to buy discounted gift cards on Craigslist. Also,
there are companies such as cardcash.com and cardhub.com that buy and resell gift cards. The fraudster
just sells the gift cards, and the retailer has no idea it is redeeming fraudulently acquired gift cards.
Through the implementation of proper internal controls, the accountant can help limit this fraud and
protect his or her employer’s reputation.
First Four Steps in the Accounting Cycle
The first four steps in the accounting cycle are (1) identify and analyze transactions, (2) record transactions to a | {"moddate": "2020-08-05T15:26:11-05:00", "file_type": ".pdf", "total_pages": 1055, "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "upload_timestamp": "2026-02-07T07:23:08.167529", "creationdate": "2019-04-24T10:32:54-05:00", "title": "Principles of Accounting, Volume 1: Financial Accounting", "producer": "Prince 11 (www.princexml.com)", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_size_mb": 156.7, "creator": "DocBook XSL Stylesheets V1.79.1", "file_name": "FinancialAccounting-OP.pdf", "batch_upload": true, "uploaded_via": "batch_uploader"} |
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] | First Four Steps in the Accounting Cycle
The first four steps in the accounting cycle are (1) identify and analyze transactions, (2) record transactions to a
journal, (3) post journal information to a ledger, and (4) prepare an unadjusted trial balance. We begin by
introducing the steps and their related documentation.
Figure 3.6
Accounting Cycle. The first four steps in the accounting cycle. (attribution: Copyright Rice
University, OpenStax, under CC BY-NC-SA 4.0 license)
These first four steps set the foundation for the recording process.
Step 1. Identifying and analyzing transactions is the first step in the process. This takes information from
This OpenStax book is available for free at http://cnx.org/content/col25448/1.4
Chapter 3 Analyzing and Recording Transactions
133
original sources or activities and translates that information into usable financial data. An original source is a | {"upload_timestamp": "2026-02-07T07:23:08.167529", "file_size_mb": 156.7, "uploaded_via": "batch_uploader", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "batch_upload": true, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "total_pages": 1055, "title": "Principles of Accounting, Volume 1: Financial Accounting", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_name": "FinancialAccounting-OP.pdf", "file_type": ".pdf", "producer": "Prince 11 (www.princexml.com)", "moddate": "2020-08-05T15:26:11-05:00", "creator": "DocBook XSL Stylesheets V1.79.1", "creationdate": "2019-04-24T10:32:54-05:00"} |
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original sources or activities and translates that information into usable financial data. An original source is a
traceable record of information that contributes to the creation of a business transaction. For example, a sales
invoice is considered an original source. Activities would include paying an employee, selling products,
providing a service, collecting cash, borrowing money, and issuing stock to company owners. Once the original
source has been identified, the company will analyze the information to see how it influences financial records.
Let’s say that Mark Summers of Supreme Cleaners (from Why It Matters) provides cleaning services to a
customer. He generates an invoice for $200, the amount the customer owes, so he can be paid for the service.
This sales receipt contains information such as how much the customer owes, payment terms, and dates. This | {"file_type": ".pdf", "file_name": "FinancialAccounting-OP.pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "file_size_mb": 156.7, "producer": "Prince 11 (www.princexml.com)", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "total_pages": 1055, "batch_upload": true, "title": "Principles of Accounting, Volume 1: Financial Accounting", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "uploaded_via": "batch_uploader", "moddate": "2020-08-05T15:26:11-05:00", "creationdate": "2019-04-24T10:32:54-05:00", "creator": "DocBook XSL Stylesheets V1.79.1"} |
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sales receipt is an original source containing financial information that creates a business transaction for the
company.
Step 2. The second step in the process is recording transactions to a journal. This takes analyzed data from
step 1 and organizes it into a comprehensive record of every company transaction. A transaction is a business
activity or event that has an effect on financial information presented on financial statements. The information
to record a transaction comes from an original source. A journal (also known as the book of original entry or
general journal) is a record of all transactions.
For example, in the previous transaction, Supreme Cleaners had the invoice for $200. Mark Summers needs to
record this $200 in his financial records. He needs to choose what accounts represent this transaction, whether | {"source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "file_type": ".pdf", "file_size_mb": 156.7, "producer": "Prince 11 (www.princexml.com)", "creator": "DocBook XSL Stylesheets V1.79.1", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creationdate": "2019-04-24T10:32:54-05:00", "total_pages": 1055, "uploaded_via": "batch_uploader", "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_name": "FinancialAccounting-OP.pdf", "batch_upload": true, "moddate": "2020-08-05T15:26:11-05:00"} |
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] | record this $200 in his financial records. He needs to choose what accounts represent this transaction, whether
or not this transaction will increase or decreases the accounts, and how that impacts the accounting equation
before he can record the transaction in his journal. He needs to do this process for every transaction occurring
during the period.
Figure 3.7 includes information such as the date of the transaction, the accounts required in the journal entry,
and columns for debits and credits.
Figure 3.7 General Journal. (attribution: Copyright Rice University, OpenStax, under CC BY-NC-SA 4.0 license)
Step 3. The third step in the process is posting journal information to a ledger. Posting takes all transactions
from the journal during a period and moves the information to a general ledger, or ledger. As you’ve learned,
account balances can be represented visually in the form of T-accounts. | {"file_size_mb": 156.7, "title": "Principles of Accounting, Volume 1: Financial Accounting", "creationdate": "2019-04-24T10:32:54-05:00", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "file_type": ".pdf", "file_name": "FinancialAccounting-OP.pdf", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "producer": "Prince 11 (www.princexml.com)", "creator": "DocBook XSL Stylesheets V1.79.1", "total_pages": 1055, "batch_upload": true, "uploaded_via": "batch_uploader", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "moddate": "2020-08-05T15:26:11-05:00"} |
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] | from the journal during a period and moves the information to a general ledger, or ledger. As you’ve learned,
account balances can be represented visually in the form of T-accounts.
Returning to Supreme Cleaners, Mark identified the accounts needed to represent the $200 sale and recorded
them in his journal. He will then take the account information and move it to his general ledger. All of the
accounts he used during the period will be shown on the general ledger, not only those accounts impacted by
the $200 sale.
134
Chapter 3 Analyzing and Recording Transactions
Figure 3.8 General Ledger in T-Account Form. (attribution: Copyright Rice University, OpenStax, under CC
BY-NC-SA 4.0 license)
Step 4. The fourth step in the process is to prepare an unadjusted trial balance. This step takes information
from the general ledger and transfers it onto a document showing all account balances, and ensuring that | {"moddate": "2020-08-05T15:26:11-05:00", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creationdate": "2019-04-24T10:32:54-05:00", "creator": "DocBook XSL Stylesheets V1.79.1", "uploaded_via": "batch_uploader", "upload_timestamp": "2026-02-07T07:23:08.167529", "file_size_mb": 156.7, "title": "Principles of Accounting, Volume 1: Financial Accounting", "producer": "Prince 11 (www.princexml.com)", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "file_name": "FinancialAccounting-OP.pdf", "batch_upload": true, "file_type": ".pdf", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "total_pages": 1055} |
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] | from the general ledger and transfers it onto a document showing all account balances, and ensuring that
debits and credits for the period balance (debit and credit totals are equal).
Mark Summers from Supreme Cleaners needs to organize all of his accounts and their balances, including the
$200 sale, onto a trial balance. He also needs to ensure his debits and credits are balanced at the culmination
of this step.
Figure 3.9 Unadjusted Trial Balance. (attribution: Copyright Rice University, OpenStax, under CC BY-NC-SA
4.0 license)
It is important to note that recording the entire process requires a strong attention to detail. Any mistakes
early on in the process can lead to incorrect reporting information on financial statements. If this occurs,
accountants may have to go all the way back to the beginning of the process to find their error. Make sure that
as you complete each step, you are careful and really take the time to understand how to record information | {"file_size_mb": 156.7, "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "producer": "Prince 11 (www.princexml.com)", "title": "Principles of Accounting, Volume 1: Financial Accounting", "creationdate": "2019-04-24T10:32:54-05:00", "moddate": "2020-08-05T15:26:11-05:00", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "uploaded_via": "batch_uploader", "total_pages": 1055, "creator": "DocBook XSL Stylesheets V1.79.1", "file_name": "FinancialAccounting-OP.pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "batch_upload": true, "file_type": ".pdf"} |
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] | as you complete each step, you are careful and really take the time to understand how to record information
and why you are recording it. In the next section, you will learn how the accounting equation is used to analyze
transactions.
This OpenStax book is available for free at http://cnx.org/content/col25448/1.4
Chapter 3 Analyzing and Recording Transactions
135
C O N C E P T S I N P R A C T I C E
Forensic Accounting
Ever dream about working for the Federal Bureau of Investigation (FBI)? As a forensic accountant, that
dream might just be possible. A forensic accountant investigates financial crimes, such as tax evasion,
insider trading, and embezzlement, among other things. Forensic accountants review financial records
looking for clues to bring about charges against potential criminals. They consider every part of the
accounting cycle, including original source documents, looking through journal entries, general ledgers, | {"source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "moddate": "2020-08-05T15:26:11-05:00", "uploaded_via": "batch_uploader", "batch_upload": true, "file_type": ".pdf", "file_name": "FinancialAccounting-OP.pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "file_size_mb": 156.7, "producer": "Prince 11 (www.princexml.com)", "total_pages": 1055, "title": "Principles of Accounting, Volume 1: Financial Accounting", "creationdate": "2019-04-24T10:32:54-05:00", "upload_timestamp": "2026-02-07T07:23:08.167529", "creator": "DocBook XSL Stylesheets V1.79.1", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf"} |
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] | accounting cycle, including original source documents, looking through journal entries, general ledgers,
and financial statements. They may even be asked to testify to their findings in a court of law.
To be a successful forensic accountant, one must be detailed, organized, and naturally inquisitive. This
position will need to retrace the steps a suspect may have taken to cover up fraudulent financial
activities. Understanding how a company operates can help identify fraudulent activities that veer from
the company’s position. Some of the best forensic accountants have put away major criminals such as Al
Capone, Bernie Madoff, Ken Lay, and Ivan Boesky.
L I N K T O L E A R N I N G
A tool that can be helpful to businesses looking for an easier way to view their accounting processes is to
have drillable financial statements. This feature can be found in several software systems, allowing | {"file_type": ".pdf", "batch_upload": true, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "title": "Principles of Accounting, Volume 1: Financial Accounting", "total_pages": 1055, "file_name": "FinancialAccounting-OP.pdf", "moddate": "2020-08-05T15:26:11-05:00", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_size_mb": 156.7, "producer": "Prince 11 (www.princexml.com)", "creator": "DocBook XSL Stylesheets V1.79.1", "upload_timestamp": "2026-02-07T07:23:08.167529", "uploaded_via": "batch_uploader", "creationdate": "2019-04-24T10:32:54-05:00"} |
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] | have drillable financial statements. This feature can be found in several software systems, allowing
companies to go through the accounting cycle from transaction entry to financial statement
construction. Read this Journal of Accountancy column on drillable financial statements
(https://openstax.org/l/50DrillFinState) to learn more.
3.4 Analyze Business Transactions Using the Accounting Equation and Show
the Impact of Business Transactions on Financial Statements
You gained a basic understanding of both the basic and expanded accounting equations, and looked at
examples of assets, liabilities, and stockholder’s equity in Define and Examine the Expanded Accounting
Equation and Its Relationship to Analyzing Transactions. Now, we can consider some of the transactions a
business may encounter. We can review how each transaction would affect the basic accounting equation and
the corresponding financial statements. | {"source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "uploaded_via": "batch_uploader", "total_pages": 1055, "creationdate": "2019-04-24T10:32:54-05:00", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "file_type": ".pdf", "moddate": "2020-08-05T15:26:11-05:00", "creator": "DocBook XSL Stylesheets V1.79.1", "file_size_mb": 156.7, "title": "Principles of Accounting, Volume 1: Financial Accounting", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "batch_upload": true, "file_name": "FinancialAccounting-OP.pdf", "producer": "Prince 11 (www.princexml.com)"} |
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] | business may encounter. We can review how each transaction would affect the basic accounting equation and
the corresponding financial statements.
As discussed in Define and Examine the Initial Steps in the Accounting Cycle, the first step in the accounting
cycle is to identify and analyze transactions. Each original source must be evaluated for financial implications.
Meaning, will the information contained on this original source affect the financial statements? If the answer is
yes, the company will then analyze the information for how it affects the financial statements. For example, if a
company receives a cash payment from a customer, the company needs to know how to record the cash
payment in a meaningful way to keep its financial statements up to date.
136
Chapter 3 Analyzing and Recording Transactions
Y O U R T U R N
Monetary Value of Transactions
You are the accountant for a small computer programming company. You must record the following | {"title": "Principles of Accounting, Volume 1: Financial Accounting", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "moddate": "2020-08-05T15:26:11-05:00", "creator": "DocBook XSL Stylesheets V1.79.1", "file_name": "FinancialAccounting-OP.pdf", "creationdate": "2019-04-24T10:32:54-05:00", "file_type": ".pdf", "batch_upload": true, "producer": "Prince 11 (www.princexml.com)", "upload_timestamp": "2026-02-07T07:23:08.167529", "uploaded_via": "batch_uploader", "total_pages": 1055, "file_size_mb": 156.7, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9"} |
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] | Chapter 3 Analyzing and Recording Transactions
Y O U R T U R N
Monetary Value of Transactions
You are the accountant for a small computer programming company. You must record the following
transactions. What values do you think you will use for each transaction?
A. The company purchased a secondhand van to be used to travel to customers. The sellers told you
they believe it is worth $12,500 but agreed to sell it to your company for $11,000. You believe the
company got a really good deal because the van has a $13,000 Blue Book value.
B. Your company purchased its office building five years ago for $175,000. Values of real estate have
been rising quickly over the last five years, and a realtor told you the company could easily sell it for
$250,000 today. Since the building is now worth $250,000, you are contemplating whether you
should increase its value on the books to reflect this estimated current market value. | {"file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "upload_timestamp": "2026-02-07T07:23:08.167529", "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_size_mb": 156.7, "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "total_pages": 1055, "creator": "DocBook XSL Stylesheets V1.79.1", "file_name": "FinancialAccounting-OP.pdf", "file_type": ".pdf", "uploaded_via": "batch_uploader", "producer": "Prince 11 (www.princexml.com)", "batch_upload": true, "moddate": "2020-08-05T15:26:11-05:00", "creationdate": "2019-04-24T10:32:54-05:00"} |
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] | $250,000 today. Since the building is now worth $250,000, you are contemplating whether you
should increase its value on the books to reflect this estimated current market value.
C. Your company has performed a task for a customer. The customer agreed to a minimum price of
$2,350 for the work, but if the customer has absolutely no issues with the programming for the first
month, the customer will pay you $2,500 (which includes a bonus for work well done). The owner of
the company is almost 100% sure she will receive $2,500 for the job done. You have to record the
revenue earned and need to decide how much should be recorded.
D. The owner of the company believes the most valuable asset for his company is the employees. The
service the company provides depends on having intelligent, hardworking, dependable employees
who believe they need to deliver exactly what the customer wants in a reasonable amount of time. | {"file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_type": ".pdf", "file_name": "FinancialAccounting-OP.pdf", "total_pages": 1055, "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "moddate": "2020-08-05T15:26:11-05:00", "creationdate": "2019-04-24T10:32:54-05:00", "uploaded_via": "batch_uploader", "producer": "Prince 11 (www.princexml.com)", "batch_upload": true, "file_size_mb": 156.7, "creator": "DocBook XSL Stylesheets V1.79.1", "upload_timestamp": "2026-02-07T07:23:08.167529"} |
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] | service the company provides depends on having intelligent, hardworking, dependable employees
who believe they need to deliver exactly what the customer wants in a reasonable amount of time.
Without the employees, the company would not be so successful. The owner wants to know if she
can include the value of her employees on the balance sheet as an asset.
Solution
A. The van must be recorded on the books at $11,000 per the cost principle. That is the price that was
agreed to between a willing buyer and seller.
B. The cost principle states that you must record an asset on the books for the price you bought it for
and then leave it on the books at that value unless there is a specific rule to the contrary. The
company purchased the building for $175,000. It must stay on the books at $175,000. Companies are
not allowed to increase the value of an asset on their books just because they believe it is worth
more. | {"producer": "Prince 11 (www.princexml.com)", "title": "Principles of Accounting, Volume 1: Financial Accounting", "batch_upload": true, "total_pages": 1055, "moddate": "2020-08-05T15:26:11-05:00", "upload_timestamp": "2026-02-07T07:23:08.167529", "file_size_mb": 156.7, "uploaded_via": "batch_uploader", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "file_type": ".pdf", "creationdate": "2019-04-24T10:32:54-05:00", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "file_name": "FinancialAccounting-OP.pdf"} |
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0.05082717537879944,
-0.023524047806859016,
0.007704603485763073,
0.08224061131477356,
-0.01181782130151987,
0.0681130513548851,
-0.09507927298545837,
-0.0023510761093348265,
-0.049246616661548615,
-0.011325541883707047,
0.08123056590557098,
-0.046689532697200775,
-0.06572185456752777,
0.03314024209976196,
0.01877489686012268,
-0.01331711933016777,
0.08850579708814621,
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0.09802442044019699,
0.04053722694516182,
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] | not allowed to increase the value of an asset on their books just because they believe it is worth
more.
C. You must record the revenue at $2,350 per the rules of conservatism. We do not want to record
revenue at $2,500 when we are not absolutely 100% sure that is what we will earn. Recording it at
$2,500 might mislead our statement users to think we have earned more revenue than we really
have.
D. Even though the employees are a wonderful asset for the company, they cannot be included on the
balance sheet as an asset. There is no way to assign a monetary value in US dollars to our
employees. Therefore, we cannot include them in our assets.
Reviewing and Analyzing Transactions
Let us assume our business is a service-based company. We use Lynn Sanders’ small printing company,
Printing Plus, as our example. Please notice that since Printing Plus is a corporation, we are using the Common | {"uploaded_via": "batch_uploader", "batch_upload": true, "file_size_mb": 156.7, "producer": "Prince 11 (www.princexml.com)", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_name": "FinancialAccounting-OP.pdf", "moddate": "2020-08-05T15:26:11-05:00", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "title": "Principles of Accounting, Volume 1: Financial Accounting", "creationdate": "2019-04-24T10:32:54-05:00", "total_pages": 1055, "file_type": ".pdf", "creator": "DocBook XSL Stylesheets V1.79.1"} |
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] | Printing Plus, as our example. Please notice that since Printing Plus is a corporation, we are using the Common
Stock account, instead of Owner’s Equity. The following are several transactions from this business’s current
This OpenStax book is available for free at http://cnx.org/content/col25448/1.4
Chapter 3 Analyzing and Recording Transactions
137
month:
1.
Issues $20,000 shares of common stock for cash.
2. Purchases equipment on account for $3,500, payment due within the month.
3. Receives $4,000 cash in advance from a customer for services not yet rendered.
4. Provides $5,500 in services to a customer who asks to be billed for the services.
5. Pays a $300 utility bill with cash.
6. Distributed $100 cash in dividends to stockholders.
We now analyze each of these transactions, paying attention to how they impact the accounting equation and
corresponding financial statements.
Transaction 1: Issues $20,000 shares of common stock for cash. | {"producer": "Prince 11 (www.princexml.com)", "title": "Principles of Accounting, Volume 1: Financial Accounting", "moddate": "2020-08-05T15:26:11-05:00", "file_name": "FinancialAccounting-OP.pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "creationdate": "2019-04-24T10:32:54-05:00", "file_type": ".pdf", "total_pages": 1055, "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "uploaded_via": "batch_uploader", "batch_upload": true, "creator": "DocBook XSL Stylesheets V1.79.1", "file_size_mb": 156.7, "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf"} |
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] | corresponding financial statements.
Transaction 1: Issues $20,000 shares of common stock for cash.
Analysis: Looking at the accounting equation, we know cash is an asset and common stock is stockholder’s
equity. When a company collects cash, this will increase assets because cash is coming into the business. When
a company issues common stock, this will increase a stockholder’s equity because he or she is receiving
investments from owners.
Remember that the accounting equation must remain balanced, and assets need to equal liabilities plus
equity. On the asset side of the equation, we show an increase of $20,000. On the liabilities and equity side of
the equation, there is also an increase of $20,000, keeping the equation balanced. Changes to assets,
specifically cash, will increase assets on the balance sheet and increase cash on the statement of cash flows.
Changes to stockholder’s equity, specifically common stock, will increase stockholder’s equity on the balance | {"file_size_mb": 156.7, "creator": "DocBook XSL Stylesheets V1.79.1", "upload_timestamp": "2026-02-07T07:23:08.167529", "title": "Principles of Accounting, Volume 1: Financial Accounting", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_type": ".pdf", "creationdate": "2019-04-24T10:32:54-05:00", "total_pages": 1055, "producer": "Prince 11 (www.princexml.com)", "moddate": "2020-08-05T15:26:11-05:00", "uploaded_via": "batch_uploader", "file_name": "FinancialAccounting-OP.pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "batch_upload": true} |
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] | Changes to stockholder’s equity, specifically common stock, will increase stockholder’s equity on the balance
sheet.
Transaction 2: Purchases equipment on account for $3,500, payment due within the month.
Analysis: We know that the company purchased equipment, which is an asset. We also know that the
company purchased the equipment on account, meaning it did not pay for the equipment immediately and
asked for payment to be billed instead and paid later. Since the company owes money and has not yet paid,
this is a liability, specifically labeled as accounts payable. There is an increase to assets because the company
has equipment it did not have before. There is also an increase to liabilities because the company now owes
money. The more money the company owes, the more that liability will increase.
The accounting equation remains balanced because there is a $3,500 increase on the asset side, and a $3,500 | {"file_size_mb": 156.7, "moddate": "2020-08-05T15:26:11-05:00", "file_type": ".pdf", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creationdate": "2019-04-24T10:32:54-05:00", "file_name": "FinancialAccounting-OP.pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "upload_timestamp": "2026-02-07T07:23:08.167529", "producer": "Prince 11 (www.princexml.com)", "creator": "DocBook XSL Stylesheets V1.79.1", "total_pages": 1055, "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "uploaded_via": "batch_uploader", "batch_upload": true, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9"} |
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] | money. The more money the company owes, the more that liability will increase.
The accounting equation remains balanced because there is a $3,500 increase on the asset side, and a $3,500
increase on the liability and equity side. This change to assets will increase assets on the balance sheet. The
change to liabilities will increase liabilities on the balance sheet.
Transaction 3: Receives $4,000 cash in advance from a customer for services not yet rendered.
138
Chapter 3 Analyzing and Recording Transactions
Analysis: We know that the company collected cash, which is an asset. This collection of $4,000 increases
assets because money is coming into the business.
The company has yet to provide the service. According to the revenue recognition principle, the company
cannot recognize that revenue until it provides the service. Therefore, the company has a liability to the | {"batch_upload": true, "uploaded_via": "batch_uploader", "producer": "Prince 11 (www.princexml.com)", "creator": "DocBook XSL Stylesheets V1.79.1", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_size_mb": 156.7, "file_type": ".pdf", "creationdate": "2019-04-24T10:32:54-05:00", "title": "Principles of Accounting, Volume 1: Financial Accounting", "upload_timestamp": "2026-02-07T07:23:08.167529", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "moddate": "2020-08-05T15:26:11-05:00", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "total_pages": 1055, "file_name": "FinancialAccounting-OP.pdf"} |
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] | cannot recognize that revenue until it provides the service. Therefore, the company has a liability to the
customer to provide the service and must record the liability as unearned revenue. The liability of $4,000 worth
of services increases because the company has more unearned revenue than previously.
The equation remains balanced, as assets and liabilities increase. The balance sheet would experience an
increase in assets and an increase in liabilities.
Transaction 4: Provides $5,500 in services to a customer who asks to be billed for the services.
Analysis: The customer asked to be billed for the service, meaning the customer did not pay with cash
immediately. The customer owes money and has not yet paid, signaling an accounts receivable. Accounts
receivable is an asset that is increasing in this case. This customer obligation of $5,500 adds to the balance in
accounts receivable. | {"creator": "DocBook XSL Stylesheets V1.79.1", "uploaded_via": "batch_uploader", "producer": "Prince 11 (www.princexml.com)", "creationdate": "2019-04-24T10:32:54-05:00", "file_size_mb": 156.7, "total_pages": 1055, "file_name": "FinancialAccounting-OP.pdf", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "moddate": "2020-08-05T15:26:11-05:00", "batch_upload": true, "file_type": ".pdf", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting"} |
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] | receivable is an asset that is increasing in this case. This customer obligation of $5,500 adds to the balance in
accounts receivable.
The company did provide the services. As a result, the revenue recognition principle requires recognition as
revenue, which increases equity for $5,500. The increase to assets would be reflected on the balance sheet.
The increase to equity would affect three statements. The income statement would see an increase to
revenues, changing net income (loss). Net income (loss) is computed into retained earnings on the statement
of retained earnings. This change to retained earnings is shown on the balance sheet under stockholder’s
equity.
Transaction 5: Pays a $300 utility bill with cash.
Analysis: The company paid with cash, an asset. Assets are decreasing by $300 since cash was used to pay for
this utility bill. The company no longer has that money. | {"uploaded_via": "batch_uploader", "file_name": "FinancialAccounting-OP.pdf", "total_pages": 1055, "producer": "Prince 11 (www.princexml.com)", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_type": ".pdf", "file_size_mb": 156.7, "title": "Principles of Accounting, Volume 1: Financial Accounting", "creationdate": "2019-04-24T10:32:54-05:00", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "moddate": "2020-08-05T15:26:11-05:00", "creator": "DocBook XSL Stylesheets V1.79.1", "upload_timestamp": "2026-02-07T07:23:08.167529", "batch_upload": true} |
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] | Analysis: The company paid with cash, an asset. Assets are decreasing by $300 since cash was used to pay for
this utility bill. The company no longer has that money.
Utility payments are generated from bills for services that were used and paid for within the accounting
period, thus recognized as an expense. The expense decreases equity by $300. The decrease to assets,
specifically cash, affects the balance sheet and statement of cash flows. The decrease to equity as a result of
the expense affects three statements. The income statement would see a change to expenses, changing net
income (loss). Net income (loss) is computed into retained earnings on the statement of retained earnings.
This change to retained earnings is shown on the balance sheet under stockholder’s equity.
Transaction 6: Distributed $100 cash in dividends to stockholders.
Analysis: The company paid the distribution with cash, an asset. Assets decrease by $100 as a result. | {"creationdate": "2019-04-24T10:32:54-05:00", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "uploaded_via": "batch_uploader", "file_name": "FinancialAccounting-OP.pdf", "producer": "Prince 11 (www.princexml.com)", "file_type": ".pdf", "total_pages": 1055, "batch_upload": true, "creator": "DocBook XSL Stylesheets V1.79.1", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "file_size_mb": 156.7, "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "moddate": "2020-08-05T15:26:11-05:00"} |
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] | Transaction 6: Distributed $100 cash in dividends to stockholders.
Analysis: The company paid the distribution with cash, an asset. Assets decrease by $100 as a result.
Dividends affect equity and, in this case, decrease equity by $100. The decrease to assets, specifically cash,
This OpenStax book is available for free at http://cnx.org/content/col25448/1.4
Chapter 3 Analyzing and Recording Transactions
139
affects the balance sheet and statement of cash flows. The decrease to equity because of the dividend payout
affects the statement of retained earnings by reducing ending retained earnings, and the balance sheet by
reducing stockholder’s equity.
Let’s summarize the transactions and make sure the accounting equation has remained balanced. Shown are
each of the transactions.
As you can see, assets total $32,600, while liabilities added to equity also equal $32,600. Our accounting | {"file_type": ".pdf", "total_pages": 1055, "creator": "DocBook XSL Stylesheets V1.79.1", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "uploaded_via": "batch_uploader", "file_size_mb": 156.7, "moddate": "2020-08-05T15:26:11-05:00", "creationdate": "2019-04-24T10:32:54-05:00", "file_name": "FinancialAccounting-OP.pdf", "producer": "Prince 11 (www.princexml.com)", "batch_upload": true, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9"} |
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] | each of the transactions.
As you can see, assets total $32,600, while liabilities added to equity also equal $32,600. Our accounting
equation remains balanced. In Use Journal Entries to Record Transactions and Post to T-Accounts, we add
other elements to the accounting equation and expand the equation to include individual revenue and
expense accounts.
Y O U R T U R N
Debbie’s Dairy Farm
Debbie’s Dairy Farm had the following transactions:
A. Debbie ordered shelving worth $750.
B. Debbie’s selling price on a gallon of milk is $3.00. She finds out that most local stores are charging
$3.50. Based on this information, she decides to increase her price to $3.25. She has an employee
put a new price sticker on each gallon.
C. A customer buys a gallon of milk paying cash.
D. The shelving is delivered with an invoice for $750.
Which events will be recorded in the accounting system?
Solution | {"file_name": "FinancialAccounting-OP.pdf", "file_type": ".pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "batch_upload": true, "uploaded_via": "batch_uploader", "creator": "DocBook XSL Stylesheets V1.79.1", "upload_timestamp": "2026-02-07T07:23:08.167529", "file_size_mb": 156.7, "moddate": "2020-08-05T15:26:11-05:00", "total_pages": 1055, "producer": "Prince 11 (www.princexml.com)", "creationdate": "2019-04-24T10:32:54-05:00", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting"} |
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] | C. A customer buys a gallon of milk paying cash.
D. The shelving is delivered with an invoice for $750.
Which events will be recorded in the accounting system?
Solution
A. Debbie did not yet receive the shelving—it has only been ordered. As of now there is no new asset
owned by the company. Since the shelving has not yet been delivered, Debbie does not owe any
money to the other company. Debbie will not record the transaction.
B. Changing prices does not have an impact on the company at the time the price is changed. All that
140
Chapter 3 Analyzing and Recording Transactions
happened was that a new price sticker was placed on the milk. Debbie still has all the milk and has
not received any money. Debbie will not record the transaction.
C. Debbie now has a transaction to record. She has received cash and the customer has taken some of
her inventory of milk. She has an increase in one asset (cash) and a decrease in another asset
(inventory.) She also has earned revenue. | {"file_name": "FinancialAccounting-OP.pdf", "file_type": ".pdf", "moddate": "2020-08-05T15:26:11-05:00", "total_pages": 1055, "uploaded_via": "batch_uploader", "creator": "DocBook XSL Stylesheets V1.79.1", "upload_timestamp": "2026-02-07T07:23:08.167529", "producer": "Prince 11 (www.princexml.com)", "file_size_mb": 156.7, "title": "Principles of Accounting, Volume 1: Financial Accounting", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "batch_upload": true, "creationdate": "2019-04-24T10:32:54-05:00"} |
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] | her inventory of milk. She has an increase in one asset (cash) and a decrease in another asset
(inventory.) She also has earned revenue.
D. Debbie has taken possession of the shelving and is the legal owner. She also has an increase in her
liabilities as she accepted delivery of the shelving but has not paid for it. Debbie will record this
transaction.
3.5 Use Journal Entries to Record Transactions and Post to T-Accounts
When we introduced debits and credits, you learned about the usefulness of T-accounts as a graphic
representation of any account in the general ledger. But before transactions are posted to the T-accounts, they
are first recorded using special forms known as journals.
Journals
Accountants use special forms called journals to keep track of their business transactions. A journal is the first
place information is entered into the accounting system. A journal is often referred to as the book of original | {"total_pages": 1055, "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_type": ".pdf", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "moddate": "2020-08-05T15:26:11-05:00", "upload_timestamp": "2026-02-07T07:23:08.167529", "creationdate": "2019-04-24T10:32:54-05:00", "file_name": "FinancialAccounting-OP.pdf", "file_size_mb": 156.7, "uploaded_via": "batch_uploader", "batch_upload": true, "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "creator": "DocBook XSL Stylesheets V1.79.1", "producer": "Prince 11 (www.princexml.com)"} |
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] | place information is entered into the accounting system. A journal is often referred to as the book of original
entry because it is the place the information originally enters into the system. A journal keeps a historical
account of all recordable transactions with which the company has engaged. In other words, a journal is
similar to a diary for a business. When you enter information into a journal, we say you are journalizing the
entry. Journaling the entry is the second step in the accounting cycle. Here is a picture of a journal.
You can see that a journal has columns labeled debit and credit. The debit is on the left side, and the credit is
on the right. Let’s look at how we use a journal.
When filling in a journal, there are some rules you need to follow to improve journal entry organization.
Formatting When Recording Journal Entries
•
Include a date of when the transaction occurred.
• The debit account title(s) always come first and on the left. | {"producer": "Prince 11 (www.princexml.com)", "file_name": "FinancialAccounting-OP.pdf", "file_size_mb": 156.7, "creationdate": "2019-04-24T10:32:54-05:00", "upload_timestamp": "2026-02-07T07:23:08.167529", "batch_upload": true, "uploaded_via": "batch_uploader", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_type": ".pdf", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "total_pages": 1055, "creator": "DocBook XSL Stylesheets V1.79.1", "moddate": "2020-08-05T15:26:11-05:00"} |
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] | Formatting When Recording Journal Entries
•
Include a date of when the transaction occurred.
• The debit account title(s) always come first and on the left.
• The credit account title(s) always come after all debit titles are entered, and on the right.
• The titles of the credit accounts will be indented below the debit accounts.
• You will have at least one debit (possibly more).
• You will always have at least one credit (possibly more).
• The dollar value of the debits must equal the dollar value of the credits or else the equation will go out of
balance.
• You will write a short description after each journal entry.
• Skip a space after the description before starting the next journal entry.
This OpenStax book is available for free at http://cnx.org/content/col25448/1.4
Chapter 3 Analyzing and Recording Transactions
141
An example journal entry format is as follows. It is not taken from previous examples but is intended to stand
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] | 141
An example journal entry format is as follows. It is not taken from previous examples but is intended to stand
alone.
Note that this example has only one debit account and one credit account, which is considered a simple entry.
A compound entry is when there is more than one account listed under the debit and/or credit column of a
journal entry (as seen in the following).
Notice that for this entry, the rules for recording journal entries have been followed. There is a date of April 1,
2018, the debit account titles are listed first with Cash and Supplies, the credit account title of Common Stock is
indented after the debit account titles, there are at least one debit and one credit, the debit amounts equal the
credit amount, and there is a short description of the transaction.
Let’s now look at a few transactions from Printing Plus and record their journal entries.
Recording Transactions | {"file_type": ".pdf", "file_size_mb": 156.7, "upload_timestamp": "2026-02-07T07:23:08.167529", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "moddate": "2020-08-05T15:26:11-05:00", "batch_upload": true, "file_name": "FinancialAccounting-OP.pdf", "producer": "Prince 11 (www.princexml.com)", "creationdate": "2019-04-24T10:32:54-05:00", "uploaded_via": "batch_uploader", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "creator": "DocBook XSL Stylesheets V1.79.1", "total_pages": 1055} |
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] | credit amount, and there is a short description of the transaction.
Let’s now look at a few transactions from Printing Plus and record their journal entries.
Recording Transactions
We now return to our company example of Printing Plus, Lynn Sanders’ printing service company. We will
analyze and record each of the transactions for her business and discuss how this impacts the financial
statements. Some of the listed transactions have been ones we have seen throughout this chapter. More detail
for each of these transactions is provided, along with a few new transactions.
1. On January 3, 2019, issues $20,000 shares of common stock for cash.
2. On January 5, 2019, purchases equipment on account for $3,500, payment due within the month.
3. On January 9, 2019, receives $4,000 cash in advance from a customer for services not yet rendered.
4. On January 10, 2019, provides $5,500 in services to a customer who asks to be billed for the services. | {"total_pages": 1055, "upload_timestamp": "2026-02-07T07:23:08.167529", "title": "Principles of Accounting, Volume 1: Financial Accounting", "batch_upload": true, "uploaded_via": "batch_uploader", "moddate": "2020-08-05T15:26:11-05:00", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "file_type": ".pdf", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_size_mb": 156.7, "producer": "Prince 11 (www.princexml.com)", "file_name": "FinancialAccounting-OP.pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "creationdate": "2019-04-24T10:32:54-05:00", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf"} |
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] | 4. On January 10, 2019, provides $5,500 in services to a customer who asks to be billed for the services.
5. On January 12, 2019, pays a $300 utility bill with cash.
6. On January 14, 2019, distributed $100 cash in dividends to stockholders.
7. On January 17, 2019, receives $2,800 cash from a customer for services rendered.
8. On January 18, 2019, paid in full, with cash, for the equipment purchase on January 5.
9. On January 20, 2019, paid $3,600 cash in salaries expense to employees.
10. On January 23, 2019, received cash payment in full from the customer on the January 10 transaction.
11. On January 27, 2019, provides $1,200 in services to a customer who asks to be billed for the services.
12. On January 30, 2019, purchases supplies on account for $500, payment due within three months.
Transaction 1: On January 3, 2019, issues $20,000 shares of common stock for cash.
142
Analysis:
Chapter 3 Analyzing and Recording Transactions | {"file_size_mb": 156.7, "title": "Principles of Accounting, Volume 1: Financial Accounting", "total_pages": 1055, "moddate": "2020-08-05T15:26:11-05:00", "file_type": ".pdf", "file_name": "FinancialAccounting-OP.pdf", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "producer": "Prince 11 (www.princexml.com)", "creationdate": "2019-04-24T10:32:54-05:00", "upload_timestamp": "2026-02-07T07:23:08.167529", "uploaded_via": "batch_uploader", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "batch_upload": true, "creator": "DocBook XSL Stylesheets V1.79.1"} |
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] | Transaction 1: On January 3, 2019, issues $20,000 shares of common stock for cash.
142
Analysis:
Chapter 3 Analyzing and Recording Transactions
• This is a transaction that needs to be recorded, as Printing Plus has received money, and the stockholders
have invested in the firm.
• Printing Plus now has more cash. Cash is an asset, which in this case is increasing. Cash increases on the
debit side.
• When the company issues stock, stockholders purchase common stock, yielding a higher common stock
figure than before issuance. The common stock account is increasing and affects equity. Looking at the
expanded accounting equation, we see that Common Stock increases on the credit side.
Impact on the financial statements: Both of these accounts are balance sheet accounts. You will see total
assets increase and total stockholders’ equity will also increase, both by $20,000. With both totals increasing by | {"creationdate": "2019-04-24T10:32:54-05:00", "creator": "DocBook XSL Stylesheets V1.79.1", "producer": "Prince 11 (www.princexml.com)", "batch_upload": true, "title": "Principles of Accounting, Volume 1: Financial Accounting", "moddate": "2020-08-05T15:26:11-05:00", "file_type": ".pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "file_size_mb": 156.7, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "total_pages": 1055, "uploaded_via": "batch_uploader", "file_name": "FinancialAccounting-OP.pdf", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf"} |
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] | assets increase and total stockholders’ equity will also increase, both by $20,000. With both totals increasing by
$20,000, the accounting equation, and therefore our balance sheet, will be in balance. There is no effect on the
income statement from this transaction as there were no revenues or expenses recorded.
Transaction 2: On January 5, 2019, purchases equipment on account for $3,500, payment due within the
month.
Analysis:
•
In this case, equipment is an asset that is increasing. It increases because Printing Plus now has more
equipment than it did before. Assets increase on the debit side; therefore, the Equipment account would
show a $3,500 debit.
• The company did not pay for the equipment immediately. Lynn asked to be sent a bill for payment at a
future date. This creates a liability for Printing Plus, who owes the supplier money for the equipment.
Accounts Payable is used to recognize this liability. This liability is increasing, as the company now owes | {"file_size_mb": 156.7, "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "producer": "Prince 11 (www.princexml.com)", "total_pages": 1055, "file_type": ".pdf", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_name": "FinancialAccounting-OP.pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "creator": "DocBook XSL Stylesheets V1.79.1", "upload_timestamp": "2026-02-07T07:23:08.167529", "moddate": "2020-08-05T15:26:11-05:00", "uploaded_via": "batch_uploader", "batch_upload": true, "creationdate": "2019-04-24T10:32:54-05:00"} |
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] | Accounts Payable is used to recognize this liability. This liability is increasing, as the company now owes
money to the supplier. A liability account increases on the credit side; therefore, Accounts Payable will
increase on the credit side in the amount of $3,500.
Impact on the financial statements: Since both accounts in the entry are balance sheet accounts, you will
see no effect on the income statement.
This OpenStax book is available for free at http://cnx.org/content/col25448/1.4
Chapter 3 Analyzing and Recording Transactions
143
Transaction 3: On January 9, 2019, receives $4,000 cash in advance from a customer for services not yet
rendered.
Analysis:
• Cash was received, thus increasing the Cash account. Cash is an asset that increases on the debit side.
• Printing Plus has not yet provided the service, meaning it cannot recognize the revenue as earned. The
company has a liability to the customer until it provides the service. The Unearned Revenue account | {"file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "batch_upload": true, "total_pages": 1055, "creator": "DocBook XSL Stylesheets V1.79.1", "moddate": "2020-08-05T15:26:11-05:00", "upload_timestamp": "2026-02-07T07:23:08.167529", "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_type": ".pdf", "file_name": "FinancialAccounting-OP.pdf", "uploaded_via": "batch_uploader", "creationdate": "2019-04-24T10:32:54-05:00", "file_size_mb": 156.7, "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "producer": "Prince 11 (www.princexml.com)", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf"} |
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] | company has a liability to the customer until it provides the service. The Unearned Revenue account
would be used to recognize this liability. This is a liability the company did not have before, thus
increasing this account. Liabilities increase on the credit side; thus, Unearned Revenue will recognize the
$4,000 on the credit side.
Impact on the financial statements: Since both accounts in the entry are balance sheet accounts, you will
see no effect on the income statement.
Transaction 4: On January 10, 2019, provides $5,500 in services to a customer who asks to be billed for the
services.
Analysis:
• The company provided service to the client; therefore, the company may recognize the revenue as earned
(revenue recognition principle), which increases revenue. Service Revenue is a revenue account affecting
equity. Revenue accounts increase on the credit side; thus, Service Revenue will show an increase of
$5,500 on the credit side. | {"moddate": "2020-08-05T15:26:11-05:00", "file_name": "FinancialAccounting-OP.pdf", "creationdate": "2019-04-24T10:32:54-05:00", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "uploaded_via": "batch_uploader", "batch_upload": true, "upload_timestamp": "2026-02-07T07:23:08.167529", "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_size_mb": 156.7, "file_type": ".pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "creator": "DocBook XSL Stylesheets V1.79.1", "total_pages": 1055, "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "producer": "Prince 11 (www.princexml.com)"} |
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] | equity. Revenue accounts increase on the credit side; thus, Service Revenue will show an increase of
$5,500 on the credit side.
• The customer did not immediately pay for the services and owes Printing Plus payment. This money will
be received in the future, increasing Accounts Receivable. Accounts Receivable is an asset account. Asset
accounts increase on the debit side. Therefore, Accounts Receivable will increase for $5,500 on the debit
side.
144
Chapter 3 Analyzing and Recording Transactions
Impact on the financial statements: You have revenue of $5,500. Revenue is reported on your income
statement. The more revenue you have, the more net income (earnings) you will have. The more earnings you
have, the more retained earnings you will keep. Retained earnings is a stockholders’ equity account, so total
equity will increase $5,500. Accounts receivable is going up so total assets will increase by $5,500. The | {"creator": "DocBook XSL Stylesheets V1.79.1", "producer": "Prince 11 (www.princexml.com)", "creationdate": "2019-04-24T10:32:54-05:00", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "uploaded_via": "batch_uploader", "moddate": "2020-08-05T15:26:11-05:00", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_name": "FinancialAccounting-OP.pdf", "total_pages": 1055, "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "batch_upload": true, "upload_timestamp": "2026-02-07T07:23:08.167529", "file_size_mb": 156.7, "file_type": ".pdf"} |
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] | equity will increase $5,500. Accounts receivable is going up so total assets will increase by $5,500. The
accounting equation, and therefore the balance sheet, remain in balance.
Transaction 5: On January 12, 2019, pays a $300 utility bill with cash.
Analysis:
• Cash was used to pay the utility bill, which means cash is decreasing. Cash is an asset that decreases on
the credit side.
• Paying a utility bill creates an expense for the company. Utility Expense increases, and does so on the
debit side of the accounting equation.
Impact on the financial statements: You have an expense of $300. Expenses are reported on your income
statement. More expenses lead to a decrease in net income (earnings). The fewer earnings you have, the
fewer retained earnings you will end up with. Retained earnings is a stockholders’ equity account, so total
equity will decrease by $300. Cash is decreasing, so total assets will decrease by $300, impacting the balance
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] | equity will decrease by $300. Cash is decreasing, so total assets will decrease by $300, impacting the balance
sheet.
Transaction 6: On January 14, 2019, distributed $100 cash in dividends to stockholders.
Analysis:
• Cash was used to pay the dividends, which means cash is decreasing. Cash is an asset that decreases on
the credit side.
• Dividends distribution occurred, which increases the Dividends account. Dividends is a part of
stockholder’s equity and is recorded on the debit side. This debit entry has the effect of reducing
stockholder’s equity.
This OpenStax book is available for free at http://cnx.org/content/col25448/1.4
Chapter 3 Analyzing and Recording Transactions
145
Impact on the financial statements: You have dividends of $100. An increase in dividends leads to a
decrease in stockholders’ equity (retained earnings). Cash is decreasing, so total assets will decrease by $100,
impacting the balance sheet. | {"uploaded_via": "batch_uploader", "creationdate": "2019-04-24T10:32:54-05:00", "file_name": "FinancialAccounting-OP.pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "title": "Principles of Accounting, Volume 1: Financial Accounting", "creator": "DocBook XSL Stylesheets V1.79.1", "file_size_mb": 156.7, "producer": "Prince 11 (www.princexml.com)", "moddate": "2020-08-05T15:26:11-05:00", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "batch_upload": true, "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_type": ".pdf", "total_pages": 1055} |
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] | decrease in stockholders’ equity (retained earnings). Cash is decreasing, so total assets will decrease by $100,
impacting the balance sheet.
Transaction 7: On January 17, 2019, receives $2,800 cash from a customer for services rendered.
Analysis:
• The customer used cash as the payment method, thus increasing the amount in the Cash account. Cash is
an asset that is increasing, and it does so on the debit side.
• Printing Plus provided the services, which means the company can recognize revenue as earned in the
Service Revenue account. Service Revenue increases equity; therefore, Service Revenue increases on the
credit side.
Impact on the financial statements: Revenue is reported on the income statement. More revenue will
increase net income (earnings), thus increasing retained earnings. Retained earnings is a stockholders’ equity
account, so total equity will increase $2,800. Cash is increasing, which increases total assets on the balance
sheet. | {"creationdate": "2019-04-24T10:32:54-05:00", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "batch_upload": true, "producer": "Prince 11 (www.princexml.com)", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "uploaded_via": "batch_uploader", "file_name": "FinancialAccounting-OP.pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "total_pages": 1055, "moddate": "2020-08-05T15:26:11-05:00", "file_type": ".pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "file_size_mb": 156.7} |
9142f2d9-73c2-4791-bff9-e48e8c8b107d | [
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] | account, so total equity will increase $2,800. Cash is increasing, which increases total assets on the balance
sheet.
Transaction 8: On January 18, 2019, paid in full, with cash, for the equipment purchase on January 5.
Analysis:
• Cash is decreasing because it was used to pay for the outstanding liability created on January 5. Cash is an
asset and will decrease on the credit side.
• Accounts Payable recognized the liability the company had to the supplier to pay for the equipment. Since
the company is now paying off the debt it owes, this will decrease Accounts Payable. Liabilities decrease
on the debit side; therefore, Accounts Payable will decrease on the debit side by $3,500.
146
Chapter 3 Analyzing and Recording Transactions
Impact on the financial statements: Since both accounts in the entry are balance sheet accounts, you will
see no effect on the income statement.
Transaction 9: On January 20, 2019, paid $3,600 cash in salaries expense to employees.
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] | see no effect on the income statement.
Transaction 9: On January 20, 2019, paid $3,600 cash in salaries expense to employees.
Analysis:
• Cash was used to pay for salaries, which decreases the Cash account. Cash is an asset that decreases on
the credit side.
• Salaries are an expense to the business for employee work. This will increase Salaries Expense, affecting
equity. Expenses increase on the debit side; thus, Salaries Expense will increase on the debit side.
Impact on the financial statements: You have an expense of $3,600. Expenses are reported on the income
statement. More expenses lead to a decrease in net income (earnings). The fewer earnings you have, the
fewer retained earnings you will end up with. Retained earnings is a stockholders’ equity account, so total
equity will decrease by $3,600. Cash is decreasing, so total assets will decrease by $3,600, impacting the
balance sheet. | {"uploaded_via": "batch_uploader", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creationdate": "2019-04-24T10:32:54-05:00", "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_type": ".pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "total_pages": 1055, "batch_upload": true, "moddate": "2020-08-05T15:26:11-05:00", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "producer": "Prince 11 (www.princexml.com)", "creator": "DocBook XSL Stylesheets V1.79.1", "file_size_mb": 156.7, "file_name": "FinancialAccounting-OP.pdf"} |
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] | equity will decrease by $3,600. Cash is decreasing, so total assets will decrease by $3,600, impacting the
balance sheet.
Transaction 10: On January 23, 2019, received cash payment in full from the customer on the January 10
transaction.
Analysis:
• Cash was received, thus increasing the Cash account. Cash is an asset, and assets increase on the debit
side.
• Accounts Receivable was originally used to recognize the future customer payment; now that the
customer has paid in full, Accounts Receivable will decrease. Accounts Receivable is an asset, and assets
decrease on the credit side.
This OpenStax book is available for free at http://cnx.org/content/col25448/1.4
Chapter 3 Analyzing and Recording Transactions
147
Impact on the financial statements: In this transaction, there was an increase to one asset (Cash) and a
decrease to another asset (Accounts Receivable). This means total assets change by $0, because the increase | {"creationdate": "2019-04-24T10:32:54-05:00", "file_name": "FinancialAccounting-OP.pdf", "moddate": "2020-08-05T15:26:11-05:00", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "uploaded_via": "batch_uploader", "file_size_mb": 156.7, "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "batch_upload": true, "file_type": ".pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "title": "Principles of Accounting, Volume 1: Financial Accounting", "total_pages": 1055, "upload_timestamp": "2026-02-07T07:23:08.167529", "producer": "Prince 11 (www.princexml.com)", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9"} |
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and decrease to assets in the same amount cancel each other out. There are no changes to liabilities or
stockholders’ equity, so the equation is still in balance. Since there are no revenues or expenses affected, there
is no effect on the income statement.
Transaction 11: On January 27, 2019, provides $1,200 in services to a customer who asks to be billed for the
services.
Analysis:
• The customer does not pay immediately for the services but is expected to pay at a future date. This
creates an Accounts Receivable for Printing Plus. The customer owes the money, which increases
Accounts Receivable. Accounts Receivable is an asset, and assets increase on the debit side.
• Printing Plus provided the service, thus earning revenue. Service Revenue would increase on the credit
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] | • Printing Plus provided the service, thus earning revenue. Service Revenue would increase on the credit
side.
Impact on the financial statements: Revenue is reported on the income statement. More revenue will
increase net income (earnings), thus increasing retained earnings. Retained earnings is a stockholders’ equity
account, so total equity will increase $1,200. Cash is increasing, which increases total assets on the balance
sheet.
Transaction 12: On January 30, 2019, purchases supplies on account for $500, payment due within three
months.
Analysis:
• The company purchased supplies, which are assets to the business until used. Supplies is increasing,
because the company has more supplies than it did before. Supplies is an asset that is increasing on the
148
Chapter 3 Analyzing and Recording Transactions
debit side.
• Printing Plus did not pay immediately for the supplies and asked to be billed for the supplies, payable at a | {"source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_name": "FinancialAccounting-OP.pdf", "creationdate": "2019-04-24T10:32:54-05:00", "creator": "DocBook XSL Stylesheets V1.79.1", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_size_mb": 156.7, "file_type": ".pdf", "batch_upload": true, "uploaded_via": "batch_uploader", "upload_timestamp": "2026-02-07T07:23:08.167529", "title": "Principles of Accounting, Volume 1: Financial Accounting", "moddate": "2020-08-05T15:26:11-05:00", "total_pages": 1055, "producer": "Prince 11 (www.princexml.com)", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9"} |
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] | Chapter 3 Analyzing and Recording Transactions
debit side.
• Printing Plus did not pay immediately for the supplies and asked to be billed for the supplies, payable at a
later date. This creates a liability for the company, Accounts Payable. This liability increases Accounts
Payable; thus, Accounts Payable increases on the credit side.
Impact on the financial statements: There is an increase to a liability and an increase to assets. These
accounts both impact the balance sheet but not the income statement.
The complete journal for these transactions is as follows:
This OpenStax book is available for free at http://cnx.org/content/col25448/1.4
Chapter 3 Analyzing and Recording Transactions
149
We now look at the next step in the accounting cycle, step 3: post journal information to the ledger.
150
Chapter 3 Analyzing and Recording Transactions
C O N T I N U I N G A P P L I C A T I O N A T W O R K
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] | Chapter 3 Analyzing and Recording Transactions
C O N T I N U I N G A P P L I C A T I O N A T W O R K
Colfax Market
Colfax Market is a small corner grocery store that carries a variety of staple items such as meat, milk,
eggs, bread, and so on. As a smaller grocery store, Colfax does not offer the variety of products found in
a larger supermarket or chain. However, it records journal entries in a similar way.
Grocery stores of all sizes must purchase product and track inventory. While the number of entries might
differ, the recording process does not. For example, Colfax might purchase food items in one large
quantity at the beginning of each month, payable by the end of the month. Therefore, it might only have
a few accounts payable and inventory journal entries each month. Larger grocery chains might have
multiple deliveries a week, and multiple entries for purchases from a variety of vendors on their accounts
payable weekly. | {"title": "Principles of Accounting, Volume 1: Financial Accounting", "batch_upload": true, "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_type": ".pdf", "moddate": "2020-08-05T15:26:11-05:00", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "total_pages": 1055, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "producer": "Prince 11 (www.princexml.com)", "file_size_mb": 156.7, "creationdate": "2019-04-24T10:32:54-05:00", "creator": "DocBook XSL Stylesheets V1.79.1", "upload_timestamp": "2026-02-07T07:23:08.167529", "file_name": "FinancialAccounting-OP.pdf", "uploaded_via": "batch_uploader"} |
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] | multiple deliveries a week, and multiple entries for purchases from a variety of vendors on their accounts
payable weekly.
This similarity extends to other retailers, from clothing stores to sporting goods to hardware. No matter
the size of a company and no matter the product a company sells, the fundamental accounting entries
remain the same.
Posting to the General Ledger
Recall that the general ledger is a record of each account and its balance. Reviewing journal entries individually
can be tedious and time consuming. The general ledger is helpful in that a company can easily extract account
and balance information. Here is a small section of a general ledger.
You can see at the top is the name of the account “Cash,” as well as the assigned account number “101.”
Remember, all asset accounts will start with the number 1. The date of each transaction related to this account | {"upload_timestamp": "2026-02-07T07:23:08.167529", "title": "Principles of Accounting, Volume 1: Financial Accounting", "creator": "DocBook XSL Stylesheets V1.79.1", "uploaded_via": "batch_uploader", "file_size_mb": 156.7, "producer": "Prince 11 (www.princexml.com)", "total_pages": 1055, "creationdate": "2019-04-24T10:32:54-05:00", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "batch_upload": true, "file_name": "FinancialAccounting-OP.pdf", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "file_type": ".pdf", "moddate": "2020-08-05T15:26:11-05:00"} |
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] | Remember, all asset accounts will start with the number 1. The date of each transaction related to this account
is included, a possible description of the transaction, and a reference number if available. There are debit and
credit columns, storing the financial figures for each transaction, and a balance column that keeps a running
total of the balance in the account after every transaction.
Let’s look at one of the journal entries from Printing Plus and fill in the corresponding ledgers.
This OpenStax book is available for free at http://cnx.org/content/col25448/1.4
Chapter 3 Analyzing and Recording Transactions
151
As you can see, there is one ledger account for Cash and another for Common Stock. Cash is labeled account
number 101 because it is an asset account type. The date of January 3, 2019, is in the far left column, and a
description of the transaction follows in the next column. Cash had a debit of $20,000 in the journal entry, so | {"source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_name": "FinancialAccounting-OP.pdf", "file_size_mb": 156.7, "creator": "DocBook XSL Stylesheets V1.79.1", "producer": "Prince 11 (www.princexml.com)", "batch_upload": true, "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "total_pages": 1055, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_type": ".pdf", "creationdate": "2019-04-24T10:32:54-05:00", "uploaded_via": "batch_uploader", "moddate": "2020-08-05T15:26:11-05:00", "upload_timestamp": "2026-02-07T07:23:08.167529"} |
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] | description of the transaction follows in the next column. Cash had a debit of $20,000 in the journal entry, so
$20,000 is transferred to the general ledger in the debit column. The balance in this account is currently
$20,000, because no other transactions have affected this account yet.
Common Stock has the same date and description. Common Stock had a credit of $20,000 in the journal entry,
and that information is transferred to the general ledger account in the credit column. The balance at that
time in the Common Stock ledger account is $20,000.
Another key element to understanding the general ledger, and the third step in the accounting cycle, is how to
calculate balances in ledger accounts.
L I N K T O L E A R N I N G
It is a good idea to familiarize yourself with the type of information companies report each year. Peruse
Best Buy’s 2017 annual report (https://openstax.org/l/50BestBuy2017) to learn more about Best Buy. | {"creationdate": "2019-04-24T10:32:54-05:00", "batch_upload": true, "creator": "DocBook XSL Stylesheets V1.79.1", "producer": "Prince 11 (www.princexml.com)", "file_size_mb": 156.7, "total_pages": 1055, "upload_timestamp": "2026-02-07T07:23:08.167529", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "file_type": ".pdf", "uploaded_via": "batch_uploader", "moddate": "2020-08-05T15:26:11-05:00", "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_name": "FinancialAccounting-OP.pdf", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf"} |
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] | Best Buy’s 2017 annual report (https://openstax.org/l/50BestBuy2017) to learn more about Best Buy.
Take note of the company’s balance sheet on page 53 of the report and the income statement on page
54. These reports have much more information than the financial statements we have shown you;
however, if you read through them you may notice some familiar items.
Calculating Account Balances
When calculating balances in ledger accounts, one must take into consideration which side of the account
increases and which side decreases. To find the account balance, you must find the difference between the
152
Chapter 3 Analyzing and Recording Transactions
sum of all figures on the side that increases and the sum of all figures on the side that decreases.
For example, the Cash account is an asset. We know from the accounting equation that assets increase on the
debit side and decrease on the credit side. If there was a debit of $5,000 and a credit of $3,000 in the Cash | {"batch_upload": true, "file_name": "FinancialAccounting-OP.pdf", "moddate": "2020-08-05T15:26:11-05:00", "upload_timestamp": "2026-02-07T07:23:08.167529", "producer": "Prince 11 (www.princexml.com)", "creationdate": "2019-04-24T10:32:54-05:00", "title": "Principles of Accounting, Volume 1: Financial Accounting", "creator": "DocBook XSL Stylesheets V1.79.1", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "total_pages": 1055, "file_size_mb": 156.7, "file_type": ".pdf", "uploaded_via": "batch_uploader", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf"} |
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] | debit side and decrease on the credit side. If there was a debit of $5,000 and a credit of $3,000 in the Cash
account, we would find the difference between the two, which is $2,000 (5,000 – 3,000). The debit is the larger
of the two sides ($5,000 on the debit side as opposed to $3,000 on the credit side), so the Cash account has a
debit balance of $2,000.
Another example is a liability account, such as Accounts Payable, which increases on the credit side and
decreases on the debit side. If there were a $4,000 credit and a $2,500 debit, the difference between the two is
$1,500. The credit is the larger of the two sides ($4,000 on the credit side as opposed to $2,500 on the debit
side), so the Accounts Payable account has a credit balance of $1,500.
The following are selected journal entries from Printing Plus that affect the Cash account. We will use the Cash
ledger account to calculate account balances.
The general ledger account for Cash would look like the following: | {"upload_timestamp": "2026-02-07T07:23:08.167529", "file_size_mb": 156.7, "creator": "DocBook XSL Stylesheets V1.79.1", "file_name": "FinancialAccounting-OP.pdf", "uploaded_via": "batch_uploader", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creationdate": "2019-04-24T10:32:54-05:00", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "producer": "Prince 11 (www.princexml.com)", "moddate": "2020-08-05T15:26:11-05:00", "total_pages": 1055, "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_type": ".pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "batch_upload": true} |
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] | ledger account to calculate account balances.
The general ledger account for Cash would look like the following:
This OpenStax book is available for free at http://cnx.org/content/col25448/1.4
Chapter 3 Analyzing and Recording Transactions
153
In the last column of the Cash ledger account is the running balance. This shows where the account stands
after each transaction, as well as the final balance in the account. How do we know on which side, debit or
credit, to input each of these balances? Let’s consider the general ledger for Cash.
On January 3, there was a debit balance of $20,000 in the Cash account. On January 9, a debit of $4,000 was
included. Since both are on the debit side, they will be added together to get a balance on $24,000 (as is seen
in the balance column on the January 9 row). On January 12, there was a credit of $300 included in the Cash
ledger account. Since this figure is on the credit side, this $300 is subtracted from the previous balance of | {"file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "moddate": "2020-08-05T15:26:11-05:00", "file_size_mb": 156.7, "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "batch_upload": true, "file_type": ".pdf", "producer": "Prince 11 (www.princexml.com)", "creator": "DocBook XSL Stylesheets V1.79.1", "creationdate": "2019-04-24T10:32:54-05:00", "total_pages": 1055, "uploaded_via": "batch_uploader", "file_name": "FinancialAccounting-OP.pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting"} |
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] | ledger account. Since this figure is on the credit side, this $300 is subtracted from the previous balance of
$24,000 to get a new balance of $23,700. The same process occurs for the rest of the entries in the ledger and
their balances. The final balance in the account is $24,800.
Checking to make sure the final balance figure is correct; one can review the figures in the debit and credit
columns. In the debit column for this cash account, we see that the total is $32,300 (20,000 + 4,000 + 2,800 +
5,500). The credit column totals $7,500 (300 + 100 + 3,500 + 3,600). The difference between the debit and credit
totals is $24,800 (32,300 – 7,500). The balance in this Cash account is a debit of $24,800. Having a debit balance
in the Cash account is the normal balance for that account.
Posting to the T-Accounts
The third step in the accounting cycle is to post journal information to the ledger. To do this we can use a T- | {"upload_timestamp": "2026-02-07T07:23:08.167529", "title": "Principles of Accounting, Volume 1: Financial Accounting", "uploaded_via": "batch_uploader", "producer": "Prince 11 (www.princexml.com)", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "creationdate": "2019-04-24T10:32:54-05:00", "creator": "DocBook XSL Stylesheets V1.79.1", "moddate": "2020-08-05T15:26:11-05:00", "file_name": "FinancialAccounting-OP.pdf", "total_pages": 1055, "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_size_mb": 156.7, "file_type": ".pdf", "batch_upload": true, "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf"} |
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] | Posting to the T-Accounts
The third step in the accounting cycle is to post journal information to the ledger. To do this we can use a T-
account format. A company will take information from its journal and post to this general ledger. Posting
refers to the process of transferring data from the journal to the general ledger. It is important to understand
that T-accounts are only used for illustrative purposes in a textbook, classroom, or business discussion. They
are not official accounting forms. Companies will use ledgers for their official books, not T-accounts.
Let’s look at the journal entries for Printing Plus and post each of those entries to their respective T-accounts.
The following are the journal entries recorded earlier for Printing Plus.
Transaction 1: On January 3, 2019, issues $20,000 shares of common stock for cash.
154
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] | Transaction 1: On January 3, 2019, issues $20,000 shares of common stock for cash.
154
Chapter 3 Analyzing and Recording Transactions
In the journal entry, Cash has a debit of $20,000. This is posted to the Cash T-account on the debit side (left
side). Common Stock has a credit balance of $20,000. This is posted to the Common Stock T-account on the
credit side (right side).
Transaction 2: On January 5, 2019, purchases equipment on account for $3,500, payment due within the
month.
In the journal entry, Equipment has a debit of $3,500. This is posted to the Equipment T-account on the debit
side. Accounts Payable has a credit balance of $3,500. This is posted to the Accounts Payable T-account on the
credit side.
Transaction 3: On January 9, 2019, receives $4,000 cash in advance from a customer for services not yet
rendered.
This OpenStax book is available for free at http://cnx.org/content/col25448/1.4
Chapter 3 Analyzing and Recording Transactions
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This OpenStax book is available for free at http://cnx.org/content/col25448/1.4
Chapter 3 Analyzing and Recording Transactions
155
In the journal entry, Cash has a debit of $4,000. This is posted to the Cash T-account on the debit side. You will
notice that the transaction from January 3 is listed already in this T-account. The next transaction figure of
$4,000 is added directly below the $20,000 on the debit side. Unearned Revenue has a credit balance of $4,000.
This is posted to the Unearned Revenue T-account on the credit side.
Transaction 4: On January 10, 2019, provides $5,500 in services to a customer who asks to be billed for the
services.
In the journal entry, Accounts Receivable has a debit of $5,500. This is posted to the Accounts Receivable T-
account on the debit side. Service Revenue has a credit balance of $5,500. This is posted to the Service Revenue
T-account on the credit side. | {"file_size_mb": 156.7, "moddate": "2020-08-05T15:26:11-05:00", "batch_upload": true, "file_type": ".pdf", "creationdate": "2019-04-24T10:32:54-05:00", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "producer": "Prince 11 (www.princexml.com)", "total_pages": 1055, "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "file_name": "FinancialAccounting-OP.pdf", "uploaded_via": "batch_uploader", "upload_timestamp": "2026-02-07T07:23:08.167529", "creator": "DocBook XSL Stylesheets V1.79.1"} |
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] | account on the debit side. Service Revenue has a credit balance of $5,500. This is posted to the Service Revenue
T-account on the credit side.
Transaction 5: On January 12, 2019, pays a $300 utility bill with cash.
156
Chapter 3 Analyzing and Recording Transactions
In the journal entry, Utility Expense has a debit balance of $300. This is posted to the Utility Expense T-account
on the debit side. Cash has a credit of $300. This is posted to the Cash T-account on the credit side. You will
notice that the transactions from January 3 and January 9 are listed already in this T-account. The next
transaction figure of $300 is added on the credit side.
Transaction 6: On January 14, 2019, distributed $100 cash in dividends to stockholders.
In the journal entry, Dividends has a debit balance of $100. This is posted to the Dividends T-account on the
debit side. Cash has a credit of $100. This is posted to the Cash T-account on the credit side. You will notice that | {"creator": "DocBook XSL Stylesheets V1.79.1", "upload_timestamp": "2026-02-07T07:23:08.167529", "file_size_mb": 156.7, "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "total_pages": 1055, "creationdate": "2019-04-24T10:32:54-05:00", "moddate": "2020-08-05T15:26:11-05:00", "file_type": ".pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "file_name": "FinancialAccounting-OP.pdf", "batch_upload": true, "producer": "Prince 11 (www.princexml.com)", "uploaded_via": "batch_uploader", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf"} |
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] | debit side. Cash has a credit of $100. This is posted to the Cash T-account on the credit side. You will notice that
the transactions from January 3, January 9, and January 12 are listed already in this T-account. The next
transaction figure of $100 is added directly below the January 12 record on the credit side.
Transaction 7: On January 17, 2019, receives $2,800 cash from a customer for services rendered.
This OpenStax book is available for free at http://cnx.org/content/col25448/1.4
Chapter 3 Analyzing and Recording Transactions
157
In the journal entry, Cash has a debit of $2,800. This is posted to the Cash T-account on the debit side. You will
notice that the transactions from January 3, January 9, January 12, and January 14 are listed already in this T-
account. The next transaction figure of $2,800 is added directly below the January 9 record on the debit side. | {"title": "Principles of Accounting, Volume 1: Financial Accounting", "uploaded_via": "batch_uploader", "batch_upload": true, "file_type": ".pdf", "file_name": "FinancialAccounting-OP.pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "moddate": "2020-08-05T15:26:11-05:00", "upload_timestamp": "2026-02-07T07:23:08.167529", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_size_mb": 156.7, "total_pages": 1055, "creationdate": "2019-04-24T10:32:54-05:00", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "producer": "Prince 11 (www.princexml.com)"} |
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] | account. The next transaction figure of $2,800 is added directly below the January 9 record on the debit side.
Service Revenue has a credit balance of $2,800. This too has a balance already from January 10. The new entry
is recorded under the Jan 10 record, posted to the Service Revenue T-account on the credit side.
Transaction 8: On January 18, 2019, paid in full, with cash, for the equipment purchase on January 5.
On this transaction, Cash has a credit of $3,500. This is posted to the Cash T-account on the credit side beneath
the January 14 transaction. Accounts Payable has a debit of $3,500 (payment in full for the Jan. 5 purchase).
You notice there is already a credit in Accounts Payable, and the new record is placed directly across from the
January 5 record.
Transaction 9: On January 20, 2019, paid $3,600 cash in salaries expense to employees.
158
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] | January 5 record.
Transaction 9: On January 20, 2019, paid $3,600 cash in salaries expense to employees.
158
Chapter 3 Analyzing and Recording Transactions
On this transaction, Cash has a credit of $3,600. This is posted to the Cash T-account on the credit side beneath
the January 18 transaction. Salaries Expense has a debit of $3,600. This is placed on the debit side of the
Salaries Expense T-account.
Transaction 10: On January 23, 2019, received cash payment in full from the customer on the January 10
transaction.
On this transaction, Cash has a debit of $5,500. This is posted to the Cash T-account on the debit side beneath
the January 17 transaction. Accounts Receivable has a credit of $5,500 (from the Jan. 10 transaction). The
record is placed on the credit side of the Accounts Receivable T-account across from the January 10 record.
Transaction 11: On January 27, 2019, provides $1,200 in services to a customer who asks to be billed for the
services. | {"source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "batch_upload": true, "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "uploaded_via": "batch_uploader", "moddate": "2020-08-05T15:26:11-05:00", "file_type": ".pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "file_name": "FinancialAccounting-OP.pdf", "total_pages": 1055, "creator": "DocBook XSL Stylesheets V1.79.1", "title": "Principles of Accounting, Volume 1: Financial Accounting", "producer": "Prince 11 (www.princexml.com)", "file_size_mb": 156.7, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "creationdate": "2019-04-24T10:32:54-05:00"} |
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] | Transaction 11: On January 27, 2019, provides $1,200 in services to a customer who asks to be billed for the
services.
This OpenStax book is available for free at http://cnx.org/content/col25448/1.4
Chapter 3 Analyzing and Recording Transactions
159
On this transaction, Accounts Receivable has a debit of $1,200. The record is placed on the debit side of the
Accounts Receivable T-account underneath the January 10 record. Service Revenue has a credit of $1,200. The
record is placed on the credit side of the Service Revenue T-account underneath the January 17 record.
Transaction 12: On January 30, 2019, purchases supplies on account for $500, payment due within three
months.
On this transaction, Supplies has a debit of $500. This will go on the debit side of the Supplies T-account.
Accounts Payable has a credit of $500. You notice there are already figures in Accounts Payable, and the new
record is placed directly underneath the January 5 record.
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] | Accounts Payable has a credit of $500. You notice there are already figures in Accounts Payable, and the new
record is placed directly underneath the January 5 record.
T-Accounts Summary
Once all journal entries have been posted to T-accounts, we can check to make sure the accounting equation
remains balanced. A summary showing the T-accounts for Printing Plus is presented in Figure 3.10.
160
Chapter 3 Analyzing and Recording Transactions
Figure 3.10
Summary of T-Accounts for Printing Plus. (attribution: Copyright Rice University, OpenStax,
under CC BY-NC-SA 4.0 license)
The sum on the assets side of the accounting equation equals $30,000, found by adding together the final
balances in each asset account (24,800 + 1,200 + 500 + 3,500). To find the total on the liabilities and equity side
of the equation, we need to find the difference between debits and credits. Credits on the liabilities and equity | {"creator": "DocBook XSL Stylesheets V1.79.1", "creationdate": "2019-04-24T10:32:54-05:00", "producer": "Prince 11 (www.princexml.com)", "moddate": "2020-08-05T15:26:11-05:00", "batch_upload": true, "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "total_pages": 1055, "upload_timestamp": "2026-02-07T07:23:08.167529", "uploaded_via": "batch_uploader", "file_name": "FinancialAccounting-OP.pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "file_type": ".pdf", "file_size_mb": 156.7, "title": "Principles of Accounting, Volume 1: Financial Accounting", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf"} |
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] | of the equation, we need to find the difference between debits and credits. Credits on the liabilities and equity
side of the equation total $34,000 (500 + 4,000 + 20,000 + 9,500). Debits on the liabilities and equity side of the
equation total $4,000 (100 + 3,600 + 300). The difference $34,000 – $4,000 = $30,000. Thus, the equation remains
balanced with $30,000 on the asset side and $30,000 on the liabilities and equity side. Now that we have the T-
account information, and have confirmed the accounting equation remains balanced, we can create the
unadjusted trial balance.
This OpenStax book is available for free at http://cnx.org/content/col25448/1.4
Chapter 3 Analyzing and Recording Transactions
161
Y O U R T U R N
Journalizing Transactions
You have the following transactions the last few days of April.
Apr. 25
You stop by your uncle’s gas station to refill both gas cans for your company, Watson’s
Landscaping. Your uncle adds the total of $28 to your account. | {"producer": "Prince 11 (www.princexml.com)", "file_size_mb": 156.7, "uploaded_via": "batch_uploader", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "total_pages": 1055, "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creationdate": "2019-04-24T10:32:54-05:00", "file_type": ".pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "moddate": "2020-08-05T15:26:11-05:00", "file_name": "FinancialAccounting-OP.pdf", "batch_upload": true, "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "upload_timestamp": "2026-02-07T07:23:08.167529"} |
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] | Apr. 25
You stop by your uncle’s gas station to refill both gas cans for your company, Watson’s
Landscaping. Your uncle adds the total of $28 to your account.
Apr. 26
You record another week’s revenue for the lawns mowed over the past week. You earned
$1,200. You received cash equal to 75% of your revenue.
Apr. 27
You pay your local newspaper $35 to run an advertisement in this week’s paper.
Apr. 29
You make a $25 payment on account.
Table 3.3
A. Prepare the necessary journal entries for these four transactions.
B. Explain why you debited and credited the accounts you did.
C. What will be the new balance in each account used in these entries?
Solution
April 25
• You have incurred more gas expense. This means you have an increase in the total amount of gas
expense for April. Expenses go up with debit entries. Therefore, you will debit gas expense.
162
Chapter 3 Analyzing and Recording Transactions | {"uploaded_via": "batch_uploader", "creator": "DocBook XSL Stylesheets V1.79.1", "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_size_mb": 156.7, "total_pages": 1055, "moddate": "2020-08-05T15:26:11-05:00", "file_type": ".pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "producer": "Prince 11 (www.princexml.com)", "batch_upload": true, "file_name": "FinancialAccounting-OP.pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "creationdate": "2019-04-24T10:32:54-05:00", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf"} |
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