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Accounting Processes IS 484
Concepts Assets = Liabilities + EquityAssets: Cash, Inventory, Acct Receivable, Bldg… Debit Increase (+), Credit (-) Liabilities: Account Payable, Debt. Debit (-), Credit (+) Equity: Stocks, Revenues, Expenses. Debit (-) Credit (+)
Examples of Accounting Entries Debit (left) Credit (right)1. Purchase a truck using cash for $5,000: Truck $5,000 Cash $5, Pay monthly rent $1,000 in cash Rental Expenses $1,000 Cash $1, Sold inventory for $400 invoice later Account Receivable $400 Inventory $ Customer paid the $400 invoice Cash $400 Account Receivable $400 Exercise:
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