By Carol Costa

Be a professional very quickly …

perfect for bookkeepers, accounting clerks, and small enterprise proprietors, this functional advisor is going past common accounting ideas to coach readers easy methods to organize and deal with their businesses’ books. during this new version, readers will locate thoroughly revised and up-to-date info on dealing with revenues and providers, and up to date tax details reflecting adjustments within the tax code.

• ideal for the numerous training accountants who're unlicensed bookkeepers, accounting clerks, and small enterprise owners
• There are 3.1 million accountants, bookkeepers, and accounting clerks within the U.S.
• There are an expected 23 million small company proprietors within the united states, lots of whom deal with their very own books

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Extra resources for Alpha Teach Yourself Accounting in 24 Hours

Sample text

Posting debits and credits 26 Hour 3 GO TO . Refer to Hour 6, “Daily Sales Transactions,” to learn how to post these transactions to the General Ledger. • Debit or Credit. The amount of the transaction will be recorded in either the Debit or the Credit column. The ending balance of the account will also appear in either the Debit or the Credit column, depending on the balance of the account when it is being reviewed. Pads of columned ledger paper can be purchased at any office supply store to help you set up your General Ledger pages.

Take note of the following items in the previous entry: • Debits equal credits. • A reference number was assigned. • At the end of the entry, a brief explanation of the entry is written. Depreciable Assets, Prepaid Expenses, and Other Accounts 43 The reference number is usually the month that the entry is being recorded, with the number of the entry being made for that month. In the previous sample, the reference number 3-1 means that this is the first entry recorded in the month of March. General Journal Entries should be written out as in the sample for the law firm and should be kept in a file folder.

Income b. Cost of Sales c. Expenses HOUR 3 Chart of Accounts Becomes the General Ledger CHAPTER SUMMARY LESSON PLAN: In this hour you will learn about … • How the Chart of Accounts becomes the General Ledger • Setting up the accounting periods • Preparing opening entries You have already been given some information about the General Ledger: It is the basic structure of the accounting system. It is the place where accounts can be examined and adjusted. At the end of each month, the balances in the General Ledger accounts are transferred to the Balance Sheet and the Profit and Loss Statement.

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