ch02 WebCT 1 - Chapter 2-1 The Recording Process Chapter...

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Unformatted text preview: Chapter 2-1 The Recording Process Chapter Chapter 2 2 ACCT 2111– Introductory Financial Accounting Chapter 2-2 Account Account An Account can An Account can be illustrated in a be illustrated in a T-Account form. T-Account form. The Account The Account Account Name Debit / Dr. Credit / Cr. Record of increases and decreases in a specific asset, liability, equity, revenue, or expense item. Debit = “Left” Credit = “Right” Chapter 2-3 Account Name Debit / Dr. Credit / Cr. If Debits are greater than greater than Credits, the account will have a debit balance. $10,000 Transaction #2 $3,000 $15,000 $15,000 8,000 Transaction #3 Balance Transaction #1 Debits and Credits Debits and Credits Chapter 2-4 Account Name Debit / Dr. Credit / Cr. If Credits are greater than greater than Debits, the account will have a credit balance. $10,000 Transaction #2 $3,000 Balance Transaction #1 Debits and Credits Debits and Credits $1,000 $1,000 8,000 Transaction #3 Chapter 2-5 Assets- Debits should exceed credits. Liabilities – Credits should exceed debits. The normal balance of an account is on the side where an increase in the account is recorded Assets and Liabilities Assets and Liabilities Chapter 3-24 Liabilities Liabilities Debit / Dr. Credit / Cr. Normal Balance Normal Balance Chapter 3-23 Assets Assets Debit / Dr. Credit / Cr. Normal Balance Normal Balance Chapter 2-6 C hapter 3-25 Debit / Dr. Credit / Cr. Normal Balance Normal Balance St ockholders St ockholders ’ Equit y Equit y Normal Balance Credit Normal Balance Debit Chapter 3-23 Asset s Asset s Debit / Dr. Credit / Cr. Normal Balance Normal Balance Chapter 3-27 Debit / Dr. Credit / Cr. Normal Balance Normal Balance Expense Expense Chapter 3-24 Liabilities Liabilities Debit / Dr. Credit / Cr. Normal Balance Normal Balance Chapter 3-26 Debit / Dr. Credit / Cr. Normal Balance Normal Balance Revenue Revenue Chapter 3-25 Debit / Dr. Credit / Cr....
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ch02 WebCT 1 - Chapter 2-1 The Recording Process Chapter...

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