Unformatted text preview: Accounting 1
E Q : Why must we have double - entry accounting ?
Assets = Liabilities + Owner's Equity
Rules for Asset Accounts :
2 ) decrease
(3 ) Normal
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
OF all accounts used by a business
. How do you decrease an
All asset accounts begin with the
# 1. Liability accounts begin with
the # 2. Owners equity accounts
begin with the # 3,
what is a chart of accounts ?...
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- Fall '19
- Mr. McDaniel