Test bank and solution of accounting principles 12e john (2)
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Test bank and solution of accounting principles 12e john (2)
CHAPTER 2LEARNING OBJECTIVES1DESCRIBE HOW ACCOUNTS, DEBITS, AND CREDITS ARE USED TO RECORD BUSINESS TRANSACTIONS.2INDICATE HOW A JOURNAL IS USED IN TH Test bank and solution of accounting principles 12e john (2)HE RECORDING PROCESS.3EXPLAIN HOW A LEDGER AND POSTING HELP IN THE RECORDING PROCESS.4PREPARE A TRIAL BALANCE.Copyright £'2015 John Wileys Sons, Inc Weygandt, Accounting Principtos, !2<‘e instructor's Manual (For Instructor Use Only) 2-1CHAPTER REVIEWThe Account1(L.o. 1) An account is an individual Test bank and solution of accounting principles 12e john (2)accounting record of increases and decreases in a specific asset, liability, or owner's equity item2In its simplest form, an account consists of (a) tTest bank and solution of accounting principles 12e john (2)
he title of the account, (b) a left or debit side, and (c) a right or credit side. The alignment of these parts resembles the letter T. and therefore CHAPTER 2LEARNING OBJECTIVES1DESCRIBE HOW ACCOUNTS, DEBITS, AND CREDITS ARE USED TO RECORD BUSINESS TRANSACTIONS.2INDICATE HOW A JOURNAL IS USED IN TH Test bank and solution of accounting principles 12e john (2) on the left side of an account is called debiting the account and making an entry on the right side IS crediting the account.b.When the debit amounts exceed the credits, an account has a debit balance; when the reverse IS true, the account has a credit balance.4In a double-entry system, equal debit Test bank and solution of accounting principles 12e john (2)s and credits are made in the accounts for each transaction. Thus, the total debits will always equal the total credits.5The effects of debits and creTest bank and solution of accounting principles 12e john (2)
dits on assets and liabilities and the normal balances are:Accounts Assets LiabilitiesDebits Increase DecreaseCredits Decrease IncreaseNormal Balance CHAPTER 2LEARNING OBJECTIVES1DESCRIBE HOW ACCOUNTS, DEBITS, AND CREDITS ARE USED TO RECORD BUSINESS TRANSACTIONS.2INDICATE HOW A JOURNAL IS USED IN TH Test bank and solution of accounting principles 12e john (2)credits on the owner's equity accounts and the normal balances are:AccountsDebitsCreditsNormal BalanceOwner s CapitalDecreaseIncreaseCreditOwner's DrawingsIncreaseDecreaseDebitRevenuesDecreaseIncreaseCreditExpensesIncreaseDecreaseDebit8. The expanded accounting equation is:Assets = Liabilities + Own Test bank and solution of accounting principles 12e john (2)er's Capital - Owner's Drawings + Revenues - ExpensesThe Journal9(L.o. 2) The basic steps in the recording process are:a.Analyze each transaction forTest bank and solution of accounting principles 12e john (2)
Its effect on the accounts.b.Enter the transaction information in a journal.c.Transfer the journal information to the appropriate accounts in the ledgCHAPTER 2LEARNING OBJECTIVES1DESCRIBE HOW ACCOUNTS, DEBITS, AND CREDITS ARE USED TO RECORD BUSINESS TRANSACTIONS.2INDICATE HOW A JOURNAL IS USED IN TH Test bank and solution of accounting principles 12e john (2)tially recorded in a journal.a.A journal is referred to as a book of original entry.CHAPTER 2LEARNING OBJECTIVES1DESCRIBE HOW ACCOUNTS, DEBITS, AND CREDITS ARE USED TO RECORD BUSINESS TRANSACTIONS.2INDICATE HOW A JOURNAL IS USED IN THGọi ngay
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