Chapter_2

Chapter_2 - Chapter 2 The Recording Process Financial...

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The Recording Process Financial Accounting, Sixth Edition Chapter 2
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Record of increases and decreases in a specific asset, liability, equity, revenue, or expense item. Debit = Credit = An Account can be illustrated in a ________ form. The Account
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__________ accounting system Each transaction must affect two or more accounts to keep the basic accounting equation in balance. Recording done by debiting at least one account and crediting another. DEBITS _________ CREDITS . Debits and Credits
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Account Name Debit / Dr. Credit / Cr. If Debits are ___________ Credits, the account will have a debit balance. $10,000 Transaction #2 $3,000 8,000 Transaction #3 Balance Transaction #1 Debits and Credits
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Obj102 If Credits are ____________ Debits, the account will have a credit balance. $10,000 Transaction #2 $3,000 Balance Transaction #1 Debits and Credits 8,000 Transaction #3
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- Debits should exceed credits. __________ – Credits
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This note was uploaded on 07/06/2010 for the course ACCT 2001 taught by Professor Lowe during the Spring '08 term at LSU.

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Chapter_2 - Chapter 2 The Recording Process Financial...

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