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Unformatted text preview: examples of debits and credits to various accounts Debit- cash- accounts receivable- inventory- supplies- cost of goods sold- SG&A Expenses Credit- accounts payable- long term loan- paid-in capital- long-term loan- retained earnings- revenue 6) Differentiate the use of debits and credits, vis-à-vis the asset/expense side of the accounting equation versus the liabilities/equity/revenue side of the equation 7) Recognize what is meant by the rule “debits must equal credits” and give examples of debits and credits generated by some common business transactions 8) When provided with a journal entry, tell whether each account’s balance is being increased or decreased by the entry...
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This note was uploaded on 01/11/2012 for the course ACTG 241 taught by Professor Staff during the Fall '11 term at James Madison University.
- Fall '11