Chapter_1_continued - Chapter 1 (continued) LO 5...

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Chapter 1 (continued) LO 5 (continued) – pp. 16-19 with T-account illustration format
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Shannon Realty, pp. 16-19 John starts his business on December 1 st of the current year. We’ll use pp. 16-19 and the T-accounts’ concept from Chapter 2 (p. 53) to illustrate the transactions John enters into.
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Shannon Realty, pp. 16-19 What is a T-account? “The simplest form of an account, used to analyze transactions.” (p. 68) It basically looks like:
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Shannon Realty, pp. 16-19 What is a T-account? “The simplest form of an account, used to analyze transactions.” (p. 68) It basically looks like:
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Shannon Realty, pp. 16-19 OK… a T-account looks like the letter “T”: Always : Account Name Debits are the left (sleeve ). ___ DR _____ CR ____ Credits are the right sleeve.
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A = L + OE + Assets -- = -- Liabilities + + -- Owners' Equity + b.b. b.b. b.b. DR
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This note was uploaded on 12/14/2009 for the course BUSINESS bus 203c taught by Professor Milankas. during the Spring '09 term at American University in Bulgaria.

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Chapter_1_continued - Chapter 1 (continued) LO 5...

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