TA Notes 2.1.2011

TA Notes 2.1.2011 - TANotes2/1/2011...

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TA Notes 2/1/2011 Debit means left nothing else Credit means right *If a company has one accounting book it’s a ledger* General ledger: book of final entry (organized by account) General journal: book of original entry (organized by days) Chart of accounts: list of accounts in your ledger T account: tool to help you know account balances Revenues cause increases in retained earnings Expenses cause decreases in retained earnings DEAD D ebit (is the normal account balance for) A ssets, E xpenses, and D ividends (This means  these accounts increase with a debit and decrease with a credit) Liabilities, equity, and revenue accounts increase with credits and decrease with debits Issue 100,000 worth of stock for cash Dr. Cash 100,000 Cr. Common Stock 100,000             Cash Capital Stock 100,000                                                                        100,000
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This note was uploaded on 04/14/2011 for the course ACCT 2101 taught by Professor Christianwurst during the Spring '08 term at Temple.

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TA Notes 2.1.2011 - TANotes2/1/2011...

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