ACCT 201 1st Edition Lecture 8 Outline of Last Lecture I Securities and Exchange Commission SEC II Financial Accounting Standards Board FASB III Generally Accepted Accounting Principles GAAP IV Assumptions in Financial Reporting V Principles of Financial Reporting Outline of Current Lecture VI Examples for Completing a Balance Sheet Current Lecture A L SE 1 Bought a machine for 10 000 Giving up cash asset Get machine asset 10 000 machine 10 000 cash 2 Take 5 000 loan Getting cash asset Give promise to pay account payable 5 000 cash 5 000 acct payable 3 Company issued 25 000 of common stock ownership Adding to your ownership Get cash asset Give up stock SE 25 000 cash 25 000 common stock 4 Pay 2 500 of previous loan Give up cash Getting back some of acct payable Liability 2 500 cash 2 500 acct payable These notes represent a detailed interpretation of the professor s lecture GradeBuddy is best used as a supplement to your own notes not as a substitute A L 5 Bought building on account 50 000 Acct payable liab Get building P P E asset 50 000 building 50 000 acct payable SE
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