《princples of accounting》chap2.pptxVIP

Chapter 2;Learning objective;Explain what a transaction is;LO 1;LO 1;Define “account,” and list and differentiate between different types of accounts;DEFINE “ACCOUNT,” AND LIST AND DIFFERENTIATE BETWEEN DIFFERENT TYPES OF ACCOUNTS;;;;;;;Show the impact of business transactions on the accounting equation;SHOW THE IMPACT OF BUSINESS TRANSACTIONS ON THE ACCOUNTING EQUATION;Transaction 1. On April 1, Freddy Kish and a few friends invest $50,000 to open Freddy’s Auto Service, Inc., in return for common stock.;1. +50,000 +50,000;3. +3,700 +3,700;4. +7,000 +7,000;4. +7,000 +7,000;4. +7,000 +7,000;