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Accounting chapter 3

Accounting 203 GMU - chapter 3

QuestionAnswer
describe the accounting cycle 1. Analyze business transactions 2. journalize 3. post 4. trial balance 5. adjusting entries 6. adjusted trial balance 7. financial statements 8. closing entries 9. post - closing trial balance
what side is debit recorded on? left side
what side is credit recorded on? right side
Assets dr on increase cr on decrease
liabilities cr on increase dr on decrease
common stock cr on increase dr on decrease
retained earnings cr on increase dr on decrease
revenue cr on increase dr on decrease
expenses dr on increase cr on decrease
dividends dr on increase cr on decrease
expanded basic equation assets - liabilities + common stock + retained earnings + revenue - expenses - dividends
Created by: goudakid78
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