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Accounting Chapter 2- Analyzing Transactions into Debit and Credit Parts

Anthony Niehay

Anthony Niehay

on 8 January 2013

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Transcript of Accounting Chapter 2- Analyzing Transactions into Debit and Credit Parts

Anthony Niehay Analyzing Transactions Into Debit and Credit Parts Does all money go in the same place/account? Overview NOPE! An accounting device used to analyze transactions is called a T-account. An amount recorded on the left side is called a debit. An amount recorded on the right side is called a credit. The words debit and credit come from the Latin and Italian words debere and credere. Common abbreviations are dr. and cr. T-Accounts The side of the account that is increased is called the normal balance. Normal Balance In conclusion money does not always go in the same account,
sometimes it may be under a different preference. It may be a
debit or a credit depending on where it goes. Never put your
money somewhere you don't know. Assets = Liabilities + Owner's Equity
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