T account intro

T account intro - INTRODUCTION TO THE T-ACCOUNT...

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1 INTRODUCTION TO THE T-ACCOUNT 2009-09-09 2 Introduction to the T-account lecture Introduction to the T-Account T-accounts have three basic elements. A title, a left side (debit side) and a right side (credit side).
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2 2009-09-09 3 Introduction to the T-account lecture Making an Entry To make an entry in a T-account, put the dollar amount on the appropriate side (debit or credit). There is no need to use the dollar sign. It is very important that you use trail numbers to keep track of the entry. 2009-09-09 4 Introduction to the T-account lecture A Credit Entry Here is a sample of a credit entry to the Cash account.
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3 2009-09-09 5 Introduction to the T-account lecture Types of Accounts There are five basic types of accounts: Assets Liabilities Equity Revenue Expenses Assets, liabilities and equity are the balance sheet accounts. 2009-09-09 6 Introduction to the T-account lecture Types of Accounts Assets: Economic resources (i.e., things of value) owned by a business that are expected to benefit future operations. Examples include Car, Computer, and Building.
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This note was uploaded on 11/09/2010 for the course BUSINESS 2257 taught by Professor Iandunn during the Fall '10 term at UWO.

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T account intro - INTRODUCTION TO THE T-ACCOUNT...

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