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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 on theme: "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."— Presentation transcript:

1 Chapter 2 Balance Sheet Accounts

2 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

3 T-Account DEBIT CREDIT

4 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. 1 100100 Feb. 1

5 Ledger A “book” storing all accounts Total of all debit balance accounts equal total of all credit balance accounts Supplies A/R 850 750 Cash Bank Loan A/P 800 2000 1900 J. Yogi, Capital 900

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

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