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

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1 2 Analyzing Transactions Student Version
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1-2 2-2 2 Describe the characteristics of an account and a chart of accounts. 1
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1-3 2-3 3 The left side of the account is called the debit side. Title Debit 1 The T Account The right side of the account is called the credit side.
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1-4 2-4 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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1-5 2-5 5 1 Chart of Accounts Assets are resources owned by the business entity. Liabilities are debts owed to outsiders (creditors). Stockholders’ equity is the stockholders’ rights to the assets of the business. (continued)
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1-6 2-6 6 Revenues are increases in owner’s equity as a result of selling services or products to customers. Fees earned Commission revenue Rent revenue 1 Chart of Accounts
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1-7 2-7 7 Describe and illustrate journalizing transactions using the double-entry accounting system. 2 2-7
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2-8 8 On November 1, Chris Clark deposited $25,000 in a bank account in the name of NetSolutions in exchange for capital stock. Transaction A
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Chapter 2 - 2 Analyzing Transactions Student Version 1 1...

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