Class Notes (838,449)
Canada (510,888)
Rotman Commerce (1,103)
RSM225H1 (70)
Dan Shear (32)

chapter 2

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Rotman Commerce
Dan Shear

CHAPTER 2The Recording ProcessLECTURE OUTLINE1The AccountAn account is an individual accounting record of increases and decreases in a specific asset liability or owners equity item12An account consists of three parts121The title of the account122A left or debit side123A right or credit side13The positioning of these parts resembles the letter T and therefore the account form iscalled a T account2Debits and Credits21The term debit refers to the left side of an account and credit refers to the right side of an accountWhen the debit amounts exceed the credits an account has a debit balance when the reverse is true the account has a credit balance22In a doubleentry system equal debit and credit amounts are entered in the accounts for each transaction Thus the total debits will always equal the total credits23Assets drawings and expenses are increased by debits and decreased by credits
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