Ch02_Wey_Fin_6e

Ch02_Wey_Fin_6e - Chapter 2-1 The Recording Process...

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Unformatted text preview: Chapter 2-1 The Recording Process Financial Accounting, Sixth Edition Chapter Chapter 2 2 Chapter Chapter 2 2 Chapter 2-2 Account Name Debit / Dr. Credit / Cr. Record of increases and decreases in a specific asset, liability, equity, revenue, or expense item. Debit = Left Credit = Right Account Account An Account can An Account can be illustrated in a be illustrated in a T-Account form. T-Account form. SO 1 Explain what an account is and how it helps in the recording process. SO 1 Explain what an account is and how it helps in the recording process. The Account The Account The Account The Account Chapter 2-3 Double-entry Double-entry accounting system Each transaction must affect two or more accounts to keep the basic accounting equation in balance. Recording done by debiting at least one account and crediting another. DEBITS must equal must equal CREDITS . SO 2 Define debits and credits and explain their use SO 2 Define debits and credits and explain their use in recording business transactions. in recording business transactions. Debits and Credits Debits and Credits Debits and Credits Debits and Credits Chapter 2-4 Account Name Debit / Dr. Credit / Cr. If Debits are greater than greater than Credits, the account will have a debit balance. $10,000 Transaction #2 $3,000 $15,000 $15,000 8,000 Transaction #3 Balance Transaction #1 Debits and Credits Debits and Credits Debits and Credits Debits and Credits SO 2 Define debits and credits and explain their use SO 2 Define debits and credits and explain their use in recording business transactions. in recording business transactions. Chapter 2-5 Account Name Debit / Dr. Credit / Cr. If Credits are greater than greater than Debits, the account will have a credit balance....
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Ch02_Wey_Fin_6e - Chapter 2-1 The Recording Process...

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