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Accounting is the language of business
Transcript of Accounting is the language of business
Assets = Liabilites + Owners Equity Debits ThEORY INTO PRACTICE is here is important is important too is important LEFT SIDE JOURNAL ENTRY RIGHT SIDE JOURNAL ENTRY Debits increase the following accounts
Expenses Debits decrease the following accounts
Revenue Credits increase the following accounts
Revenue Credits decrease the following accounts
Expenses LEFT HAND
DEBIT RIGHT HAND
CREDIT Test Your Knowledge Students will understand the rules of debits and credits
Students will be able to journalize debits and credits in a transaction LEARNING OBJECTIVES Scott purchases $500 of
Icewine inventory paying with credit General Journal Debit Credit Account Icewine Inventory (Asset) Accounts Payable (Liabilitiy) $500 $500 1 1 Giving you a hand to understand Knowing the rules of debits and credits will make it possible to
understand transactions rather than simply guess
allowing you to prepare accurate financial statements Pre Evaluation Review on the balance sheet
equation from last class Will the inventory (asset) be
debited or credited? Will accounts payable (liability) be debited or credited)