WRD_ch02_SV - 2 Analyzing Transactions Student Version 1 1...

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1 2 Analyzing Transactions Student Version
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2 1-2 2-2 Describe the characteristics of an account and a chart of accounts. 1 2-2
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3 1-3 2-3 The T Account Title The left side of the account is called the debit side. Debit 1 The right side of the account is called the credit side. Credit
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4 1-4 2-4 Cash (a) 25,000 (b) 20,000 (d) 7,500 (e) 3,650 (f) 950 (h) 2,000 Balance 5,900 Balance of the account 1
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5 1-5 2-5 Assets are resources owned by the business entity. 1 Liabilities are debts owed to outsiders (creditors). Owner’s equity is the owner’s right to the assets of the business. (continued) Chart of Accounts
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6 1-6 2-6 Revenues are increases in owner’s equity as a result of selling services or products to customers. 1 Chart of Accounts Expenses are the results of using up of assets or consuming services in the process of generating revenues.
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7 1-7 2-7 Describe and illustrate journalizing transactions using the double-entry accounting system. 2 2-7
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1-8 2-8 On November 1, Chris Clark opens a new business and deposits $25,000 in a bank account in the name of NetSolutions . Transaction A
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This note was uploaded on 04/13/2010 for the course ACTG 1A q taught by Professor T during the Fall '09 term at Foothill College.

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WRD_ch02_SV - 2 Analyzing Transactions Student Version 1 1...

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