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The Accounts of the General Ledger BALANCE SHEET SECTION DEBIT (DR) CREDIT (CR) CAPITAL DRAWINGS ASSETS INCOME EXPENSES NOMINAL SECTION LIABILITIES + - Wamark Publishers © - -
Transaction: The Debtor settles his account R 500 Assets Income Expense DR Bank (A) CR DR Debtors Control (A) CR Current Income 500 Debtors Control 500 Effect on Accounting Equation Bank is an Asset which increases when a payment is received from a Debtor. Debtors Control is also an Asset which decreases when a payment is received from a Debtor. A = O/E + L = Wamark Publishers © Bank 500 How much does the Debtor owe after this transaction?
Transaction: Pay a Creditor R 500 Assets Income Expense Liabilities DR Bank (A) CR DR Creditors Control (L)CR Effect on Accounting Equation Bank is an Asset which decreases when making a payment to a Creditor. Creditors Control is a Liability which also decreases when a payment is made to a Creditor. A = O/E + L = Wamark Publishers © Creditors Control 500 Bank 500 How much is owed to the Creditor after this transaction? Trading Inventory 700 Creditors Control 700
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Revenues & Expenses Other Terms Review Potpourri $100100$100100$ $200200$200200$ $300300$300300$ $400400$400400$ $ Dr/Cr.
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4-1 PowerPoint Authors: Susan Coomer Galbreath, Ph.D., CPA Charles W. Caldwell, D.B.A., CMA Jon A. Booker, Ph.D., CPA, CIA Cynthia J. Rooney, Ph.D., CPA.
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