accounting 3 - Decrease Retained Earnings Increase Expenses...

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Click to edit Master subtitle style Accounting 2101 Chapter 3 Study Objective 3 Brief Exercise 3 ShaTasha Harris
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Study Objective 3 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
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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
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Unformatted text preview: Decrease Retained Earnings Increase Expenses Decrease Revenue Increase Liabilities Decrease Assets Increase Common Stock Increase Retained Earnings Decrease Expenses Increase Revenue Cash Inventory Property, Plant, and Equip. Accounts Payable Retained Earnings Common 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 3 - Decrease Retained Earnings Increase Expenses...

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