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Basic Assignments
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Options & Settings
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Main Time Information
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Notes:
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Accounting: - Assets (own) - Liabilities (owe) - Equity (net worth) - Accumulated revenue ($ in) + expenses ($ out) - Goal is to sum to 0 Cash Accounting: (Please see sketches in photo gallery) - Assets o Cash - Liabilities - Equity o Paid in capital o Earnings - Revenue o Invoice - Expenses o Receipt - Net Earnings 1.1 Cash went up 1.2 Cash went up 1.3 Cash went down 1.4 Added net into earnings 1. Money started here – paid in 2. We sold something 3. We bought something 4. Net of revenue – expenses Accrual Accounting: - Assets o Cash o A/R - Liabilities o A/P - Equity o Paid in capital o Earnings - Revenue o Invoices - Expenses o Receipts - Net earnings 1. Paid in starting money 1.1. Cash went up 2. Invoiced for $200 2.1. A/R went up by $200 3. Invoice gets paid. A/R goes down by $200 3.1. Cash goes up by $200 4. Bought something for $100 – receipts went up by $100 4.1. Payables went up by $100 5. We paid invoice & A/P went down by $100 5.1. Cash went down by $100 6. Net earnings is revenue minus expenses 6.1. Net earnings is added to equity |