Practice: The Goods Company purchased goods from its suppliers. The goods cost $20,000. Record the transaction.
| All Chapters | ||||
|---|---|---|---|---|
| Ch. 1 - Introduction to Accounting | 1hr & 21mins | 0% complete | ||
| Ch. 2 - Transaction Analysis | 1hr & 14mins | 0% complete | ||
| Ch. 3 - Accrual Accounting Concepts | 2hrs & 38mins | 0% complete | ||
| Ch. 4 - Merchandising Operations | 2hrs & 31mins | 0% complete | ||
| Ch. 5 - Inventory | 1hr & 54mins | 0% complete | ||
| Ch. 6 - Internal Controls and Reporting Cash | 1hr & 16mins | 0% complete | ||
| Ch. 7 - Receivables and Investments | 3hrs & 17mins | 0% complete | ||
| Ch. 8 - Long Lived Assets | 5hrs & 3mins | 0% complete | ||
| Ch. 9 - Current Liabilities | 2hrs & 19mins | 0% complete | ||
| Ch. 10 - Time Value of Money | 1hr & 27mins | 0% complete | ||
| Ch. 11 - Long Term Liabilities | 2hrs & 45mins | 0% complete | ||
| Ch. 12 - Stockholders' Equity | 2hrs & 15mins | 0% complete | ||
| Ch. 13 - Statement of Cash Flows | 2hrs & 24mins | 0% complete | ||
| Ch. 14 - Financial Statement Analysis | 5hrs & 27mins | 0% complete | ||
| Ch. 15 - GAAP vs IFRS | 56mins | 0% complete | ||
| Sections | |||
|---|---|---|---|
| Journal Entries: Debits and Credits | 10 mins | 0 completed | Learn |
| Accounting Flow Intuition: BASE Formula | 14 mins | 0 completed | Learn |
| Journal Entries: Business Formation Example | 31 mins | 0 completed | Learn |
| Trial Balance | 13 mins | 0 completed | Learn |
| Classified Balance Sheet Components | 7 mins | 0 completed | Learn |
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
Example #1: Journal Entry
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Concept #1: Journal Entries: Debits and Credits
Example #1: Journal Entry
Practice #1: Journal Entry
