SEM 05 y 06 - Double-Entry
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Transcript of SEM 05 y 06 - Double-Entry
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Week No. 5
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DOUBLE-ENTRY
Journal is a date-wise record of all the transactions
with details of the accounts debited or credited and
the amount of each transaction.
Steps to record:
1.- Analyze the situation
2.- What accounts are being affected?
3.- Accounts balance going up or down?
4.- Journalize (Debit or credit)
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A transaction is composed of at least two entries.
Debits and credits are amounts of money.
Each entry must contain either a Debit or a Credit.
The value of all the Debit entries in a transaction
must match the value of all the Credit entries.
A transaction is only complete if the Debits equal
the Credits.
Another name for a single entry is a Journal.
DOUBLE-ENTRY
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There are a minimum of 4 pieces of data for every
entry.
1.- Date
2.- Reference (a reference to the source document)
3.- Amount (a debit or credit)
4.- Account
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Everything starts with source documents.
Without these there is no proof that anything
happened.
Invoices
Receipts
Bank statements
Legal documents
Paper or digital
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Transactions are created from Source documents.
Depending on your double-entry system, a source
document may contain more than one
transaction.
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GRAMMAR
THERE IS Hay(Singular)
THERE ARE Hay (Plural)
Examples:
There is a book
There are books
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GRAMMAR
Countable nouns HOW MANY?
Examples:
Chair(s) book(s) table(s) calculator(s)
Uncountable nouns HOW MUCH?
Examples:
Information equipment advice furniture
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GRAMMAR
COUNT BOTH NON-COUNT
A The Much
Many Some Little
Few Any A little bit of
A few No/a lot of/lost of
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LETS PRACTICE!
https://www.youtube.com/watch?v=ddCuu9LKqZo
https://www.youtube.com/watch?v=jlMlcT4bfUw