Accounting Notes- Day 7

Accounting Notes- Day 7 - • Recording done by debiting at...

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ACCOUNTING 2000 9/9 The Account Record of increase and decrease in a specific asset, liability, equity, revenue, or expense item Debit is the “left side” Credit is the “right side” An account can be illustrated in a T-account form Debit and credit procedures Double entry system Each transaction must affect 2 or more accounts to keep the basic accounting equation in balance Debits=credits for each transaction
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Unformatted text preview: • Recording done by debiting at least one account and crediting another For ex) If debits are greater than credits, the account will have a debit balance Debit credit 10,000 3,000 8,000 *balance is 15,000 on the debit side, the “increased” side Assets=liabilities + common stock + retained earnings + revenue – expense- dividend LOOK AT THE POWERPOINT SLIDES ON MOODLE!...
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