Accounting I/II Chapter 2, Section 1.  T- accounts  An accounting device used to analyze transactions  Debit  An amount recorded on the left side.

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Presentation transcript:

Accounting I/II Chapter 2, Section 1

 T- accounts  An accounting device used to analyze transactions  Debit  An amount recorded on the left side  Credit  An amount recorded on the right side  Normal balance  The side of an account that is increased  Chart of accounts  A list of accounts used by a business

 Account balances increase on the normal balance side of an account  Account balances decrease on the side opposite the normal balance side of an account

Take out accounting equation paper

Debits must always equal credits Debits are always recorded first

2-1 Work Together and On Your Own Use handout 2-1 Application Problem Complete on

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