Chapter 2 Balance Sheet Accounts. Terminology An Account is a form where changes in transactions are recorded A T-account helps us learn accounting Left.

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Presentation transcript:

Chapter 2 Balance Sheet Accounts

Terminology An Account is a form where changes in transactions are recorded A T-account helps us learn accounting Left side is called the debit side Right side is the credit side Cash Debit Credit

T-Account DEBIT CREDIT

Double Entry Accounting At least two accounts are affected in each transaction The total value of the debits equals total value of the credits Example: Buy $100 supplies with cash on Feb. 1 Supplies Cash Feb Feb. 1

Ledger A “book” storing all accounts Total of all debit balance accounts equal total of all credit balance accounts Supplies A/R Cash Bank Loan A/P J. Yogi, Capital 900

Trial Balance Checks accuracy of the ledger Account balances may still be incorrect

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