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1、BarCharts,Inc.®WORLD’S#1QUICKREFERENCEGUIDEACCOUNTINGBASICSJOURNALENTRYINCOMESTATEMENTDateDescriptionRef.DebitCreditA.Summaryofrevenuesandexpensesofanentity2003B.ForaperiodintimeCONCEPTS,PRINCIPLES&BASISMay1Supplies(assetincrease)1500.65C.AlsocalledStatementofEarningsorStatementofA
2、.EntityConceptAccountsPayable1500.65Operations•Anorganizationstandsapartfromotherorganizationsas(liabilityincrease)D.ReportsnetincomeornetlossoftheperiodaseparateeconomicunitSuppliespurchasedCOMPANYINCOMESTATEMENTonaccountB.GoingConcernConceptForYearEndedDecember31,20xxSupplies=Ass
3、etAccountsPayable=Liability•EntitywillcontinuetooperatelongenoughtorecoverSales................................................$600,000DEBITCREDITDEBITCREDITcostofitsassets1500.651500.65Less:C.TimePeriodConceptSalesreturnsandallowances9,500•ReportinformationatregularintervalsSalesd
4、iscounts......................4,50014,000D.ReliabilityPrinciple•AccountingrecordsmustbebasedonthemostreliableFINANCIALSTATEMENTS-Netsales........................................................$586,000(verifiablebyanindependentobserver)dataavailableFORMALREPORTSOFANENTITYCostofgood
5、ssold:E.CostPrincipleBeginningInventory,•Assets/servicesacquiredarerecordedatactual,historicalcostJan.1,20xx......................................$55,000F.RevenuePrincipleBALANCESHEETPurchases..............................490,0001.Establisheswhentorecordrevenue,usuallywhenearnedLes
6、s:A.Assetsbalancedwiththesumofliabilitiesandowner’s2.RevenueisearnedwhenthebusinesshascompletedPurchasereturnsequityrenderingservicestothecustomerB.Asofaspecificdateandallowances....8,8003.AmounttorecordisequaltocashvalueofservicesorgoodsC.AlsocalledStatementofFinancialPositionPurc
7、hasediscounts..4,90013,700G.MatchingPrincipleCOMPANYBALANCESHEETNetPurchases..........................$476,300•ExpensesmatchedagainstrevenuesinsameaccountingperiodDecember31,20xxAdd:Transportationin........8,300H.TheAccountingPeriodASSETS1.UsuallyoneyearendingDecember31CurrentAsset
8、s:Costofmerchandisepurchas
