So on the journal entry, we have inventory on the left side. It's increasing and so it is a left side entry or a debit. So here, we have inventory, increasing, inventories and asset. Assets, liabilities or owners equity or do they increase or decrease and the dollar amount. What accounts were affected, what type of accounts they are. So, let's record the journal entry, remember the four things that we've got to know to be able to record the journal entry. So, how did you do? Let's take a look and see. In the meantime, I'll eat one of these just so you don't feel like you're by yourself. Take a few minutes, give it a try, then come on back and we'll see how you did. And then you need to post the journal entry to the appropriate T-accounts. Now remember, you need to do a couple of things. ABC Company buys $15,000 of inventory on account. Now this is going to be kind of like eating vegetables. After each transaction, take a few minutes and give it a try, and then come back and we'll see how you did. I'm going to present you with several transactions so you can practice. Draw basic conclusions about a company's financial health View Syllabus Prepare these financial statements based on transactions recorded during an accounting period Describe the three most commonly used financial statements and how they fit together Prepare and use t-accounts to summarize transactions recorded during an accounting period Use journal entries to record transactions
#Lecture recording how to
Beyond recording transactions, you'll learn how to prepare these financial statements, and read and analyze them to draw basic conclusions about a company's financial health.īy the end of this course, you will be able to: Concise videos, the financial records of a small business, and "your turn" activities guide you through the three most commonly used financial statements: the Balance Sheet, the Income Statement, and the Statement of Cash Flows. This course, developed at the Darden School of Business at the University of Virginia and taught by top-ranked faculty, will teach you the tools you'll need to understand the fundamentals of financial accounting.
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