【文章內(nèi)容簡介】 51,800 ?11. John withdraws $600 in cash from Shannon Realty and deposits it in his personal account. ? Assets = Liabilities + Owner’s Equity ? $52,400 $600 $51,800 $600(cash) $600(capital) Ba.$51,800 $600 $51,200 Classroom exercises ? Charlene Rudek finished law school in June and immediately set up her own law practice. During the first month of operation she pleted the following transactions: ? the law practice by placing $2,000 in a bank account established for the business. ? a law library for $900 cash. ? office supplies for $400 on credit. ? ? $500 in cash for pleting a contract. ? clients $1,950 for services rendered during the month. ? $200 of the amount owed for office supplies. ? $1,250 in cash from one client who had been previously billed for services rendered. ? rent expense for the month in the amount of $1,200. ? $400 from the practice for personal use. ?On a sheet of paper, list the numbers 1 through 10, with columns for Assets, Liabilities, and Owner’s Equity. In the columns, indicate whether each transaction caused an increase (+), a decrease (), or no change (NC) in assets, liabilities, and owner’s equity. ? During the month of April, Grissom Co. had the following transactions: ? salaries for April, $1,800. ? equipment on credit, $3000. ? supplies with cash, $100. ? investment by owner, $4,000. ? for part of equipment previously purchased on credit, $1,000. ? payment for services performed, $600. ? customers for services performed, $1,600. ? cash, $1,500. ? payment from customers billed previously, $300. ? utility bill, $70. ? . Part 3 Professional Ethics and Accounting Profession Professional Ethics and the Accounting Profession ?Revisions: 1. Accounting equation 2. Use accounting equation to analyze the transactions. Accounting Profession ?Ethics ?Management Accounting ?Public Accounting ?Government and other NotforProfit Accounting ?Accounting Education ?Ethics Ethics is the application of a code of conduct to everyday life. It addresses the question of whether actions are good or bad, right or wrong. Ethics actions are the results of individual decisions and you are faced with many ethical situations every day. ?Management Accounting an accountant who is employed by a business is said to be in management accounting. A small business may have only one person doing this work, though a mediumsize or large pany may have hundreds of accountants working under a chief accounting officer called a controller, treasurer, or financial vice president. ?Public Accounting the field of public accounting offers services in auditing, taxes, and management consulting to the public for a fee. ?Government and Other NotforProfit Accounting Agencies and departments at all levels of government hire accountants to prepare reports that officials can responsibly carry out their duties. NotforProfit anizations are hospitals, colleges, universities, and foundations. ?Accounting Education Training new accountants is a challenging and rewarding career, and today instructors of accounting are in great many schools holding the CPA, CMA, or CIA certificate will help and instructor to advance professionally. Part 4 Accounts Revisions ?1. Professional ethics ?2. The classification of the accounting profession Accounts ?Assets: Cash Notes Receivable Accounts Receivable Prepaid Expenses Land Buildings Equipment Cash ?Cash is the title of the account used to record increases and decreases in cash. Cash consists of money or any medium of exchange that a bank will accept at face value for deposit. ?Cash: coins, currency, checks, postal and express money orders, money deposited in a bank or banks, cash on hand. Notes Receivable ?A promissory note is a written promise to pay a definite sum of money at a fixed future date. Accounts due from others in the form of promissory notes are recorded in an account called Notes Receivable. Accounts Receivable ?Accounts Receivable is incurred by Credit Sales, or Sales on Account. Credit sales increase Accounts Receivable. Prepaid Expenses ?Prepaid Insurance ?Office Supplies ?Prepaid Rent ?Store Supplies ?Prepaid Taxes Land ?Land account is used to record purchases of property to be used in the ordinary operations of the business. Buildings ?Purchase of structures to be used in the business are recorded in an account called Buildings. ?Although a building cannot be separated from the land it occupies, it is important to maintain separate accounts for the land and the buildings. Equipment ?Office Equipment: desks, chairs, office machines, filing cabis, and typewriters. ?Store Equipment:cash registers counters, showcases, shelves, and similar items. ?Machinery and Equipment: lathes, drill presses and other equipment.