Textbook Notes (368,330)
Canada (161,803)
Accounting (533)
ACC 414 (22)
Else Grech (19)
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Chapter 3.docx

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Department
Accounting
Course
ACC 414
Professor
Else Grech
Semester
Fall

Description
Chapter 3Debit and credits o Making an entry on the left side of the T account is called debiting o Making an entry on the right side of the T account is called crediting o If the total of the debit amount is more than credits the account will have a debit balance vice versa o Basis for the doubleentry system of recording transactionsGives a logical method for recording transactionso All assets and expense as well as dividends accounts are increased on the left side and decreased on the right side of the T accounto All liability shareholders equity besides dividends and revenue are increased on the right side and decreased on the left sideFinancial Statements and ownership structure o In a corporation the following accounts will be used in the equity sectionCommon shares contributed surplus dividends retained earnings accumulated other comprehensive income o In a proprietorship or partnershipCapital account used to indicate the investment i
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