Misty Charnesky-xacc280_appendix_b

Misty - the following matrix To do so ask yourself questions such as • What increases the Asset account a debit or a credit • What decreases

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Misty Charnesky- Axia College Material Appendix B Debits and Credits Consider the information presented in PhxKlips™ Debits and Credits. . Pay particular attention to the meaning of debits and credits and their effects on accounts. . Then follow the instructions below. 1. Write a response to the following questions: In what two ways is the word debit defined in Debits and Credits? “The left side” of the “T” account Assets In what two ways is the word credit defined in Debits and Credits? “The right side” of the “T ” account, normal balance Expense Accounts payable plus owner’s equity (liability+owner’s equity) , , retained earnings 2. Complete
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Unformatted text preview: the following matrix. . To do so, ask yourself questions, such as: • What increases the Asset account, a debit or a credit? • What decreases the Asset account, a debit or a credit? • What is the normal balance of the Asset account, a debit or a credit? Account Changes Account Categories What increases the account? What decreases the account? What is the normal balance? Assets credit debit credit Liabilities debit credit debit Equity credit debit credit Revenue debit credit debit Gains credit debit credit Expenses Credit debit credit Losses Debit credit debit XACC 280 Certificate of Originality XACC 280...
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This note was uploaded on 09/05/2011 for the course ECON 101 taught by Professor Smith during the Spring '11 term at University of Phoenix.

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Misty - the following matrix To do so ask yourself questions such as • What increases the Asset account a debit or a credit • What decreases

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