accounting - Decrease Revenue Increase Liabilities Decrease...

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Define debits and credits and  explain how they are used to  record business transactions.
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Debits must equal credits for each  transaction  (Assets = Liabilites +  Stockholder’s Equity) Ex. Journalized transaction   Cash $5000 Service Revenue $5000 *Revenue received for services  performed 
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Debits (left) Credits (right) Assets Expenses Dividends Cash- Increasing  Liabilities Revenue Common Stock Cash-decreasing  Debits Credits Increase Assets Decrease Liabilities Decrease Common Stock Decrease Retained  Earnings Increase Expenses
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Unformatted text preview: Decrease Revenue Increase Liabilities Decrease Assets Increase Common Stock Increase Retained Earnings Decrease Expenses Increase Revenue Cash Inventor y Property, Plant, and Equip. Accounts Payable Retaine d Earning s Commo n stock-286,176 +286,176 +137,59 +137,590 +77,662 +77,662-148,586 77,662 286,176 77,662 137,590 Assets = Liability + Stockholders Equity Total Assets= $215,252 which are equal to Total Liabilities + Stockholders Equity= $215,252...
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This note was uploaded on 04/06/2011 for the course ACCT 2101 taught by Professor Bhan during the Summer '07 term at University of Georgia Athens.

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accounting - Decrease Revenue Increase Liabilities Decrease...

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