Ch. 2.docx

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Department
Accounting
Course
ACCTG 211
Professor
Michael Ridenour
Semester
Spring

Description
ACCTG 21 1 Chapter 2   ­The T Account ­Increases left side, Decreases right side (Vice Versa) Title Debit     Credit ­Left side= assets ­Right side= liabilities and owner’s equity ­Rules for a journal entry: ­The debit is always entered first in a journal ­Indent for each account ­Capital Stock will always be credit ­Revenues will always be credit ­Expenses are always debit ­Dividends are always debit ­Assets and liabilities will almost always be debit and credit ­Fees earned= Revenues ­GAAP ­Generally Accepted Accounting Principles ­Account ­Accounting system are designed to show the increases and decreases in each financial statement item as a separate record ­Ledger ­Group of accounts for a business entity ­Chart of Accounts ­A list of accounts for a business entity ­Dividend ­Represents a distribution of earnings to stockholders ­Revenues ­Increases in stockholder’s equity as a result of selling services or products  to customers ­Fees 
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