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BUS 254 (44)
Lecture

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Department
Business Administration
Course
BUS 254
Professor
Masood Kamlani
Semester
Fall

Description
CHAPTER 3 PROCESSING DATA THROUGH THE ACCOUNTING SYSTEMT ACCOUNTName of AccountDebits Left side Credits Right sideDOUBLE ENTRY ACCOUNTING SYSTEMAssetsDebits increase LiabilitiesDebits decrease Shareholders EquityDebits decreaseCredits decrease Credits increase Credits increaseRetained EarningsDebits decrease Revenuescredits increase ExpensesDebits increaseCredits increaseChart of Accounts represents accounts usxed by a businessACCOUNTING CYCLE9CHART OF ACCOUNTS1Closing entriesTransactions orOPENING BALANCESjournalized and postedevents will occur82Financial
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