实用会计英语 第二版 高职高专会计与电算化会计类 李海红Chapter 4 Accounts.pptVIP

Long-term Assets computer software patents Copyrights Trademark brand name Franchises motion picture films customer lists mortgage servicing rights Licenses import quotas customer and supplier relationships. Revenues Accounts Sales Revenue Service Revenue Photocopy Fees Earned … Expense Accounts Wages Expense Taxes Expense Interest Expense Supplies Expense … Long-term Liabilities Liabilities that will not be due during the next year or during the normal operating cycle are listed as long-term liabilities. Notes due in more than one year Long-term liabilities: Bonds Property mortgages Owner’s Equity Accounts Owner’s Equity accounts Owner’s Equity Accounts The resources invested by the owners in a business are called owner’s equity. Capital Account Withdrawals Account Revenues Accounts Expense Accounts Owner’s Equity Accounts Owner’s Equity Accounts Arises Owner’s investment and the net income Decrease Owner’s withdrawals When someone invests in his or her own company, the amount of the investment is recorded in a capital account. Capital Account For instance: when George Ross invested his personal resources in his firm, he recorded the amount in the owner’s equity account titled George Ross, Capital. Withdrawals Account For example, an account called George Ross, Withdrawals would be used to record the amount that is taken by George Ross out of his company. When the owner of a sole proprietorship use part of the assets of the business to pay personal living expenses it should be recorded in the withdrawals account. Revenues and Expense Accounts Accounts Revenues increase owner’s equity, and expenses decrease owner’s equity. The more the revenues, the more the owner’s equity is increased. The more the expenses, the more the owner’s equity is decreased. WE ARE SAILING RIGHT ALONG!! 2 2 4-* Accounts CHAPTER 4 Accounts All the business transactions should be sorted out and classified. To record the transactio