Ch. 2 - Transaction AnalysisWorksheetSee all chapters
All Chapters
Ch. 1 - Introduction to Accounting
Ch. 2 - Transaction Analysis
Ch. 3 - Accrual Accounting Concepts
Ch. 4 - Merchandising Operations
Ch. 5 - Inventory
Ch. 6 - Internal Controls and Reporting Cash
Ch. 7 - Receivables and Investments
Ch. 8 - Long Lived Assets
Ch. 9 - Current Liabilities
Ch. 10 - Time Value of Money
Ch. 11 - Long Term Liabilities
Ch. 12 - Stockholders' Equity
Ch. 13 - Statement of Cash Flows
Ch. 14 - Financial Statement Analysis
Ch. 15 - GAAP vs IFRS
Now we can learn how to record the effects of events in the accounting system. Debits and Credits, Debits and Credits, Debits and Credits... you're going to be hearing it a lot!

Concept #1: Journal Entries: Debits and Credits

Practice: The Goods Company purchased goods from its suppliers. The goods cost $20,000. Record the transaction.