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Chapter_2_Review

QuestionAnswer
T Account an accounting device used to analyze transations
Debit an amount recorded on the lest side of the T account
Credit an amount recorded on the right side of the T account
Normal Balance the side of the account that increased
Chart of Accounts a list of accounts used by a business
What two accounts are affected when a business receives cash from sales? Cash and Capital
What two accounts are affected when services are sold on account? Accounts Receivable and Sales
What two accounts are affected when a business pays cash to the owner for personal use? Accounts Payable and Cash
What are the two accounting rules that regulate increases and decreases of account balances? 1) Account balances increase on the normal balance side of an account. 2) Account balances decrease on the side opposite the normal calamce side of an account
What two accounts are affected when a business pays for cash for supplies? Cash and Accounts Payable
What is on the left side of the accounting equation? Debit
What is on the right side of the accounting equation? Credit
On the assets side of the accounting equation, which side is the normal balance on? Debit Side
On the Liabilities and Owner's Equity of any Liability and Owner's Capital Account, which side is the normal balance on? Credit Side
A record sumarizing all the information pertaining to a single item in the accounting equations is known as a what. Account
If Debit increases on the Assets side what does the Debit do on the Owner's Capital Account? Decrease
Created by: kfoster14
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