Transcription of 2 Transaction Analysis - Pearson
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2 Transaction Analysis - Pearson
SPOTLIGHTAPPLE COMPUTER, do you manage your music library? You may use Apple Computer s iTunes , which along with thecompany s iPods generates lots of income for the does Apple determine the amount of its revenues, expenses, and net income? Like all othercompanies, Apple Computer has a comprehensive accounting system. Apple s income statement (statementof operations) is given at the start of this chapter. The income statement shows that during fiscal year 2006,Apple made over $19 billion of sales and earned net income of $2 billion. Where did those figures comefrom? In this chapter, we ll show Analysis22 Chapter 40878 Page 53 09/25/07 jhr2 Chapter 40878 9/25/07 3:18 PM Page 5354 Chapter 2 Transaction AnalysisChapter 1 introduced the financial statements. Chapter 2 will showyou how companies actually record the transactions that eventually become part ofthe financial OBJECTIVES1 Analyzetransactions2 Understandhow accounting works3 Recordtransactions in the journal4 Usea trial balance5 Analyzetransactions using only T-accountsApple Computer, of Operations (Adapted) Fiscal Year Ended September 30, 2006 Net of goods expenses: Research and development expense.
We consider 11 events and analyze each in terms of its effect on Genie Car Wash. We begin by using the accounting equation. In the second half of the chapter, we record transactions using the journal and ledger of accounting. Transaction 1.Gray and a few friends invest $50,000 to begin Genie Car Wash
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