Chapter 2: Analyzing Transactions Into Debits and Credits

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12 Terms

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T Accounts

Accounting device used to analyze transactions

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Debit

An amount recorded on the left side of the account

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Credit

An amount recorded on the right side of the account

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What are T accounts used to show?

Increases or decreases to an account

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Normal Balance

Increase side of the account

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Assets increase on the…

debit side

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Liabilities increase on the…

credit side

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Capital increases on the…

credit side

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Drawing increases on the…

debit side

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Expenses increase on the…

debit side

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Sales (Revenue) increases on the…

credit side

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Chart of Accounts

List of accounts used by a business