Ch2_Tut_Solutions

Ch2_Tut_Solutions - 1101AFE Accounting Principles -...

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1101AFE Accounting Principles - Tutorial Exercises Chapter 2 (10 min.) S 2-3 E 1. Posting A. Record of transactions D 2. Normal balance B. Always an asset G 3. Payable C. Left side of an account A 4. Journal D Side of an account where increases are recorded B 5. Receivable E. Copying data from the journal to the ledger J 6. Capital F. Using up assets in the course of operating a business C 7. Debit G. Always a liability F 8. Expense H. Revenues - Expenses H 9. Net profit I. Grouping of accounts I 10. Ledger J. Owners’ equity in the business (5-10 min.) S 2-4 Credits are increases in these types of accounts: Liabilities Capital Revenues Credits are decreases in these types of accounts: Assets Drawings Expenses Debits are increases in the following types of accounts: Assets Drawings Expenses Debits are decreases in these types of accounts: Liabilities Capital Revenues 1
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1101AFE Accounting Principles - Tutorial Exercises Chapter 2 (10-20 min.) E 2-5
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Ch2_Tut_Solutions - 1101AFE Accounting Principles -...

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