Sorting Accounts into Accounting Equation and Financial Statements T/TR by Catherina Wong https://padlet.com/wongcatherina/aluho9uh27fky0py en-us 2023-04-18 17:41:59 UTC 2023-04-19 18:23:49 UTC hello@padlet.com Cash wongcatherina https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980435 2023-04-18 17:41:59 UTC https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980435 wongcatherina https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980437 2023-04-18 17:41:59 UTC https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980437 Accounts Receivable wongcatherina https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980439 Receivables mean claims to customers' assets or to another party's asset]]> 2023-04-18 17:41:59 UTC https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980439 Assets wongcatherina https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980440 2023-04-18 17:41:59 UTC https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980440 Liabilities wongcatherina https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980442 2023-04-18 17:41:59 UTC https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980442 Capital wongcatherina https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980443 2023-04-18 17:41:59 UTC https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980443 Drawings wongcatherina https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980445 2023-04-18 17:41:59 UTC https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980445 Revenues wongcatherina https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980446 2023-04-18 17:41:59 UTC https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980446 Expenses wongcatherina https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980447 2023-04-18 17:41:59 UTC https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980447 Owner's Equity/Stockholder's Equity wongcatherina https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980454 Business owned by one person uses owner's equity.
Business owned by many people in form of stock uses stockholder's equity.]]> 2023-04-18 17:41:59 UTC https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980454 Merchandise inventory wongcatherina https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980455 2023-04-18 17:41:59 UTC https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980455 Estimated returns inventory wongcatherina https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980456 2023-04-18 17:41:59 UTC https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980456 Supplies wongcatherina https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980459 2023-04-18 17:41:59 UTC https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980459 Prepaid rent wongcatherina https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980463 2023-04-18 17:41:59 UTC https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980463 Prepaid insurance wongcatherina https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980466 you are paying the insurance premium for a longer period. ]]> 2023-04-18 17:41:59 UTC https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980466 Land wongcatherina https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980467 2023-04-18 17:41:59 UTC https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980467 Buildings wongcatherina https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980469 2023-04-18 17:41:59 UTC https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980469 Accumulated depreciation - building wongcatherina https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980473 2023-04-18 17:41:59 UTC https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980473 Equipment wongcatherina https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980480 at cost - whatever shown on receipt on contracted price]]> 2023-04-18 17:41:59 UTC https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980480 Accumulated depreciation - Equipment wongcatherina https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980486 contra-asset account - decreases an asset's value on the balance sheet
contra - opposite or counter]]> 2023-04-18 17:41:59 UTC https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980486 Accounts payable wongcatherina https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980489 payables = when another party has a claim over your asset]]> 2023-04-18 17:41:59 UTC https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980489 Notes payable wongcatherina https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980492 2023-04-18 17:41:59 UTC https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980492 Wages payable wongcatherina https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980496 2023-04-18 17:41:59 UTC https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980496 Interest payable wongcatherina https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980499 2023-04-18 17:41:59 UTC https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980499 Interest receivable wongcatherina https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980502 2023-04-18 17:41:59 UTC https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980502 Unearned revenues wongcatherina https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980504 obligations to customers:
gift cards
mileage points]]> 2023-04-18 17:41:59 UTC https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980504 Customer refunds payable wongcatherina https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980508 2023-04-18 17:41:59 UTC https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980508 Owner's name, capital wongcatherina https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980509 2023-04-18 17:41:59 UTC https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980509 Owner's name, drawings wongcatherina https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980510 2023-04-18 17:41:59 UTC https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980510 What is an Asset? wongcatherina https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980512 An asset is a resource owned or a claim available to a business.]]> 2023-04-18 17:41:59 UTC https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980512 What is a liability? wongcatherina https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980514 A liability is a right or claim to a business' assets.]]> 2023-04-18 17:41:59 UTC https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980514 What is owner's equity? wongcatherina https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980516 Owner's equity is the rights of owners.
Increased by capital, revenues
Decreased by drawings, expenses]]> 2023-04-18 17:41:59 UTC https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980516 Fees earned wongcatherina https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980518 2023-04-18 17:41:59 UTC https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980518 Sales wongcatherina https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980520 2023-04-18 17:41:59 UTC https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980520 Interest revenue wongcatherina https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980521 2023-04-18 17:41:59 UTC https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980521 Cost of merchandise sold wongcatherina https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980522 cost of goods sold = the cost of procuring goods to sell for retailers or merchandising business.]]> 2023-04-18 17:41:59 UTC https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980522 Wages expense wongcatherina https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980523 2023-04-18 17:41:59 UTC https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980523 Salaries expense wongcatherina https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980524 2023-04-18 17:41:59 UTC https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980524 Insurance expense wongcatherina https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980526 2023-04-18 17:41:59 UTC https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980526 supplies expense wongcatherina https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980527 2023-04-18 17:41:59 UTC https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980527 Miscellaneous expense wongcatherina https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980529 2023-04-18 17:41:59 UTC https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980529 Interest expense wongcatherina https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980531 2023-04-18 17:41:59 UTC https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980531 Advertising expense wongcatherina https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980533 2023-04-18 17:41:59 UTC https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980533 1) Income Statement wongcatherina https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980535 Income statement reports a listing of revenues and expenses. Expenses are subtracted from revenues. 
Revenues>Expenses --> Net income
Revenues<Expenses --> Net loss]]> 2023-04-18 17:41:59 UTC https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980535 2) Statement of Owner's Equity wongcatherina https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980536 Statement of Owner's Equity reports changes in equity for an accounting period.
Beginning balance of owner's equity + Capital contributed + Net income or - Net Loss - Withdrawals]]> 2023-04-18 17:41:59 UTC https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980536 3) Balance Sheet wongcatherina https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980537 Balance sheet reports a listing of assets, liabilities and the owner's equity amount.
Balance sheet reports the financial position of a business, in other words, the accounting equation of a business. ]]> 2023-04-18 17:41:59 UTC https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980537 What are revenues? wongcatherina https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980538 Business earnings by providing services or selling goods.]]> 2023-04-18 17:41:59 UTC https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980538 What are expenses? wongcatherina https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980539 Business uses of resources to generate earnings/revenues.]]> 2023-04-18 17:41:59 UTC https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980539 What is Capital? wongcatherina https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980541 Investments contributed by owners.]]> 2023-04-18 17:41:59 UTC https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980541 What are drawings? wongcatherina https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980543 Drawings are cash withdrawals from the business by owners. Dividends are cash withdrawals for stockholders.]]> 2023-04-18 17:41:59 UTC https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980543 Vehicles wongcatherina https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980545 2023-04-18 17:41:59 UTC https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558980545 Depreciation expense wongcatherina https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558985631 2023-04-18 17:45:40 UTC https://padlet.com/wongcatherina/aluho9uh27fky0py/wish/2558985631