Chapter 2 notes - student version - Chapter 2 The T Account Ledger Chart of Accounts Assets resources owned by the business Examples of Assets

Chapter 2 notes - student version - Chapter 2 The T Account...

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Chapter 2 – The T- Account Ledger Chart of Accounts Assets: resources owned by the business Examples of Assets ______________________ ______________________ ______________________ ______________________ ______________________ _______________________
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Liabilities: debts owed to outside creditors Examples of Liabilities _________________ __________________ __________________ __________________ ___________________ Stockholders equity: Dividends: Revenues: increases to stockholders equity as a result of services or goods to customers. Examples of Revenues: ____________________ ____________________ ____________________ Expenses: Using up of assets or consuming services in the process of generating revenues Examples of Expenses: __________________ __________________ __________________ Double-entry accounting system Normal Balance of an Account
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Rules of debits and credits and normal balances: Journalizing: recording transactions in a journal. To record a transaction you prepare a Journal entry.
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