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2.
Study Objectives 3.
Special meaning of sales and purchases 4. Stock Movement
Profit LO 1Explain what an account is and how it helps in the recording process. Loss 5. Stock Movement
Increase in stock LO 1Explain what an account is and how it helps in the recording process. 6. Stock Movement
Decrease in stock LO 1Explain what an account is and how it helps in the recording process. 7. Purchase of stock on credit
LO 2Define debits and credits and explain their use in recording business transactions. 8. Purchases of stock on credit $10,000 Aug 1 Purchases 165 Balance Transaction #1 LO 2Define debits and credits and explain their use in recording business transactions. Aug 1 Henry165 9. Purchases of stock for cash
LO 2Define debits and credits and explain their use in recording business transactions. 10. Purchases of stock for cash $10,000 Aug 2 Purchases 310 Balance Transaction #1 LO 2Define debits and credits and explain their use in recording business transactions. Aug 1 Cash310 11. Sales of stock on credit
LO 2Define debits and credits and explain their use in recording business transactions. 12. Sales of stock on credit $10,000 Aug 3 J Lee375 Balance Transaction #1 LO 2Define debits and credits and explain their use in recording business transactions. Aug 3 Sales375 13. Sales of stock for cash
LO 2Define debits and credits and explain their use in recording business transactions. 14. Sales of stock for cash $10,000 Aug 4 Cash55 Balance Transaction #1 LO 2Define debits and credits and explain their use in recording business transactions. Aug 4 Sales55 15. Return Inwards (Sales Return)
LO 2Define debits and credits and explain their use in recording business transactions. 16. Return Inwards (Sales Return)
LO 2Define debits and credits and explain their use in recording business transactions. 17. Return Inwards (Sales Return) $10,000 Aug 5R Inward29 Balance Transaction #1 LO 2Define debits and credits and explain their use in recording business transactions. Aug 5 F Lowe29 18. Returns Outwards (Purchase Return)
LO 2Define debits and credits and explain their use in recording business transactions. 19. Return Outwards (Purchase Return) $10,000 Aug 6K Howe96 Balance Transaction #1 LO 2Define debits and credits and explain their use in recording business transactions. Aug 6 R Outwards96 20. End Chapter 3