ACCT 1201 Chapter Notes - Chapter 2: Current Liability, Walmart, Promissory Note

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Keeping track of account balances: journal entries general journal, t-accounts general ledger. Dr. debit (dr) is on the left side of an account. Credit (cr) is on the right side of an account: acronym to help you remember how to account for increases and decreases in the different accounts. Dead debits increase expenses, assets, and dividends. Credits increase liabilities, contributed capital, retained earnings, and. Debits decrease liabilities, contributed capital, retained earnings, and. Revenues: journal entry an accounting method for expressing the effects of a transaction on accounts in a debits-equal-credits format i. ii. iii. It is useful to include a date or some form of reference for each transaction. The debited accounts are written first (on top) with the amounts recorded in the left column and the credited accounts are written below the debits and are usually indented with the credited amounts written in the right column. Compound entry a journal entry that affects more than two accounts.

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