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 OBJECTIVES1.DESCRIBE HOW ACCOUNTS, DEBITS, AND CREDITS ARE USED TO RECORD BUSINESS TRANSACTIONS.2.INDICATE HOW A JOURNAL IS USED IN Test bank and solution of accounting principles 12e john (2) THE RECORDING PROCESS.3.EXPLAIN HOW A LEDGER AND POSTING HELP IN THE RECORDING PROCESS.4.PREPARE 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 indivi Test bank and solution of accounting principles 12e john (2)dual accounting record of increases and decreases in a specific asset, liability, or owner's equity item2.In its simplest form, an account consists ofTest bank and solution of accounting principles 12e john (2)
(a) the 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 therCHAPTER 2LEARNING OBJECTIVES1.DESCRIBE HOW ACCOUNTS, DEBITS, AND CREDITS ARE USED TO RECORD BUSINESS TRANSACTIONS.2.INDICATE HOW A JOURNAL IS USED IN Test bank and solution of accounting principles 12e john (2) amount 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.4.In a double-entry system, equ Test bank and solution of accounting principles 12e john (2)al debits and credits are made in the accounts for each transaction. Thus, the total debits will always equal the total credits.5.The effects of debitTest bank and solution of accounting principles 12e john (2)
s and credits on assets and liabilities and the normal balances are:Accounts Assets LiabilitiesDebits Increase DecreaseCredits Decrease IncreaseNormalCHAPTER 2LEARNING OBJECTIVES1.DESCRIBE HOW ACCOUNTS, DEBITS, AND CREDITS ARE USED TO RECORD BUSINESS TRANSACTIONS.2.INDICATE HOW A JOURNAL IS USED IN Test bank and solution of accounting principles 12e john (2)bits and credits on the owner's equity accounts and the normal balances are:AccountsDebitsCreditsNormal BalanceOwner s CapitalDecreaseIncreaseCreditOwner's DrawingsIncreaseDecreaseDebitRevenuesDecreaseIncreaseCreditExpensesIncreaseDecreaseDebit8. The expanded accounting equation is:Assets = Liabilit Test bank and solution of accounting principles 12e john (2)ies + Owner's Capital - Owner's Drawings + Revenues - ExpensesThe Journal9.(L.o. 2) The basic steps in the recording process are:a.Analyze each transaTest bank and solution of accounting principles 12e john (2)
ction for Its effect on the accounts.b.Enter the transaction information in a journal.c.Transfer the journal information to the appropriate accounts iCHAPTER 2LEARNING OBJECTIVES1.DESCRIBE HOW ACCOUNTS, DEBITS, AND CREDITS ARE USED TO RECORD BUSINESS TRANSACTIONS.2.INDICATE HOW A JOURNAL IS USED IN Test bank and solution of accounting principles 12e john (2)ons are initially recorded in a journal.a.A journal is referred to as a book of original entry.CHAPTER 2LEARNING OBJECTIVES1.DESCRIBE HOW ACCOUNTS, DEBITS, AND CREDITS ARE USED TO RECORD BUSINESS TRANSACTIONS.2.INDICATE HOW A JOURNAL IS USED INGọi ngay
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