Chart of Accounts - Accounting 1 10/03 19 E Q Why must we have double entry accounting Asset Accounts Debit credit Assets = Liabilities Owner's Equity(1

Chart of Accounts - Accounting 1 10/03 19 E Q Why must we...

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Unformatted text preview: Accounting 1 10/03/ 19 E Q : Why must we have double - entry accounting ? Asset Accounts Debit credit Assets = Liabilities + Owner's Equity + (1) increace Rules for Asset Accounts : side 2 ) decrease (3 ) Normal Balance side 1 . An asset account is increased (+ ) on the debit side ( left side ) 2. An asset account is decreased ( - ) on the credit side ( right side ) . 3 . The normal balance side is shaded in the following Taccount . The normal balance for an asset account is the increase , or de debit side . Chart of accounts . . Asset accounts begin with 1 . . Liability accounts begin with 2. . Owner's equity accounts begin with 3 . . Revenue accounts begin with 4 . . Expense accounts begin with 5 . Chart of accounts : Is a list of all accoints used by a business . Ledger : whether a system is manual or electronic, accounts are grouped together in a ledger . Jimmary : when placing an Qs: what is an asset? Asset account in a Taccount it has both a debit and credit side . The . what is the Normal balance. debit side is on the left side and It has a normal balance of an of an Asset account ? Increace. The credit side is the what does normal balance right side and it is the decrease Side. A chart of accounts is a list mean? OF all accounts used by a business . How do you decrease an All asset accounts begin with the # 1. Liability accounts begin with asset accant? the # 2. Owners equity accounts begin with the # 3, what is a chart of accounts ?...
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