Source Documents

  • Examine each source document in your readings (pages 184-192) and copy the journal entries associated with it
  • Record new GAAP – the cost principle-what is the corresponding IFRS rule?

Additional Class Work:

  • Read 184-192
  • Review Questions 1-21
  •  Exercises 1-5 (pages 192-196)

Equity Transactions and Accounting Principles

Comprehensive Exercise 7 page 167 – Due Monday

Key Questions to Focus on:

How do Revenue, Expenses and Drawing effect the Owner’s Equity?

Which Accounting Principles are critical to these new accounts?

Additional Practice and Review:

Review Questions 1-9 Page 149

Exercises 1-3 Page 150-152