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3.docx - Chapter 2 The recording Process The...

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1/24/18 & 1/26/18 Chapter 2 The recording Process The account (T-account form): o Increase or decrease in a specific asset o Debit & credit Debits = credits (double-entry system) Debits > credits: debit balance (assets) Debits < credits: credit balance (liabilities) Investments & revenues increase stockholders’ equity (credit) Dividends & expenses decrease stockholders’ equity (debit) Assets, dividends, expenses normally have debit balance There must be a debit for every credit Steps in the recording process o The journal: Journalizing: Complete effects of a transaction Chronological record Prevent or locate errors
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