Terra Ballenger
XACC 280: Financial nibing Concepts and Principles
August 16, 2012
Paul Gomez
Associate take aim Material
Appendix B
Debits and Credits
Con brassr the information presented in PhxKlipsâ„¢ Debits and Credits. Pay occurrence attention to the meaning of accounts and credits and their effects on accounts. indeed follow the instructions below.
1. Write a response to the pursuit questions:
In what two ways is the word debit specify in Debits and Credits?
Debit is always on the left-hand(a) side of the T-account. For the costs of goods exchange account, an increase is recorded on the debit side. The normal balance for cost of good sold will be recorded on the left side. some(prenominal) expense accounts would be listed on the debit side. A debit increases the balance of the asset and expense accounts. Decreases the balance of liability, revenue, and owner equity.
Expenses
In what two ways is the word credit defined in Debits and Credits?
A credit is on the right side of the T-account. A credit would be like any profit, or net income, coming into the business. Revenues.
2. Complete the following matrix. To do so, intercommunicate 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 |Debit |Credit |debit |
|Liabilities |Credit |Debit |credit |
|Equity |Debit...If you demand to get a full essay, order it on our website: Ordercustompaper.com
If you want to get a full essay, wisit our page: write my paper
No comments:
Post a Comment