KT Session Recap

On the top

On the right side

On the left side

In the middle

On the top

On the right side

In the middle

On the left side

Liabilities

Revenue

Assets

Equity

Notes Payable

Cash

Accounts Payable

Common Stock

Machine

Cash

Expense

Loan

Bank Loan

Rent

Furniture

Revenue

Assets = Expenses – Liabilities

Assets = Liabilities + Equit

Income = Cash + Assets

Equity = Revenue – Liabilities

Recording a supplier invoice

Adjusting prepaid rent at month-end

Processing a sales order

Issuing a payment to vendor

Dr Equipment 500,000; Cr Cash 500,000

Dr Cash 500,000; Cr Equipment 200,000, Cr Loan 300,000

Dr Equipment 500,000; Cr Cash 200,000; Cr Loan Payable 300,000

Dr Equipment 200,000; Cr Loan 500,000

To show that salary was paid in cash

To fix a mistake from last month

To show that salary is due but not yet paid

To record salary for next month