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LESSON 2-1

LESSON 2-1. Using T Accounts. ANALYZING THE ACCOUNTING EQUATION. page 28. ACCOUNTS. page 29. ACCOUNT BALANCES. page 29. INCREASES AND DECREASES IN ACCOUNTS. page 30. TERMS REVIEW. page 31. T account debit credit normal balance. LESSON 2-2.

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LESSON 2-1

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  1. LESSON 2-1 Using T Accounts

  2. ANALYZING THE ACCOUNTING EQUATION page 28 LESSON 2-1

  3. ACCOUNTS page 29 LESSON 2-1

  4. ACCOUNT BALANCES page 29 LESSON 2-1

  5. INCREASES AND DECREASES IN ACCOUNTS page 30 LESSON 2-1

  6. TERMS REVIEW page 31 • T account • debit • credit • normal balance LESSON 2-1

  7. LESSON 2-2 Analyzing How Transactions Affect Accounts

  8. 2 2 1 1 4 4 3 3 RECEIVED CASH FROM OWNER AS AN INVESTMENT page 32 August 1. Received cash from owner as an investment, $5,000.00. 1. Which accounts are affected? 2. How is each account classified? 3. How is each classification changed? 4. How is each amount entered in the accounts? LESSON 2-1

  9. 2 1 1 4 4 3 3 PAID CASH FOR SUPPLIES page 33 August 3. Paid cash for supplies, $275.00. 1. Which accounts are affected? 2. How is each account classified? 3. How is each classification changed? 4. How is each amount entered in the accounts? LESSON 2-1

  10. 2 1 1 4 4 3 3 PAID CASH FOR INSURANCE page 34 August 4. Paid cash for insurance, $1,200.00. 1. Which accounts are affected? 2. How is each account classified? 3. How is each classification changed? 4. How is each amount entered in the accounts? LESSON 2-1

  11. 2 2 1 1 4 4 3 3 BOUGHT SUPPLIES ON ACCOUNT page 35 August 7. Bought supplies on account from Supply Depot, $500.00. 1. Which accounts are affected? 2. How is each account classified? 3. How is each classification changed? 4. How is each amount entered in the accounts? LESSON 2-1

  12. 2 2 1 1 4 4 3 3 PAID CASH ON ACCOUNT page 36 August 11. Paid cash on account to Supply Depot, $300.00. 1. Which accounts are affected? 2. How is each account classified? 3. How is each classification changed? 4. How is each amount entered in the accounts? LESSON 2-1

  13. TERM REVIEW page 37 • chart of accounts LESSON 2-1

  14. LESSON 2-3 Analyzing How Transactions Affect Owner’s Equity Accounts

  15. 2 2 1 1 4 4 3 3 RECEIVED CASH FROM SALES page 38 August 12. Received cash from sales, $295.00. 1. Which accounts are affected? 2. How is each account classified? 3. How is each classification changed? 4. How is each amount entered in the accounts? LESSON 2-1

  16. 2 2 1 1 4 4 3 3 SOLD SERVICES ON ACCOUNT page 39 August 12. Sold services on account to Oakdale School, $350.00. 1. Which accounts are affected? 2. How is each account classified? 3. How is each classification changed? 4. How is each amount entered in the accounts? LESSON 2-1

  17. 1 2 2 4 3 3 1 4 3 PAID CASH FOR AN EXPENSE page 40 August 12. Paid cash for rent, $300.00. 1. Which accounts are affected? 2. How is each account classified? 3. How is each classification changed? 4. How is each amount entered in the accounts? LESSON 2-1

  18. 2 1 1 4 4 3 3 RECEIVED CASH ON ACCOUNT page 41 August 18. Received cash on account from Oakdale School, $200.00. 1. Which accounts are affected? 2. How is each account classified? 3. How is each classification changed? 4. How is each amount entered in the accounts? LESSON 2-1

  19. 2 1 4 3 3 1 2 4 3 PAID CASH TO OWNER FOR PERSONAL USE page 42 August 12. Paid cash to owner for personal use, $125.00. 1. Which accounts are affected? 2. How is each account classified? 3. How is each classification changed? 4. How is each amount entered in the accounts? LESSON 2-1

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