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T Account Form Debit Credit Footing Normal Balance Rent Expense Debit Credit Accounts Payable Debit Credit Revenue Debit Credit For each account classification, identify Equipment Debit Credit the INCREASE side for the T account. Accounts Receivable Debit Credit Prepaid Insurance Debit Credit G. Washington, Capital Debit Credit

T Account Form Debit Credit Footing Normal Balance Rent Expense Debit Credit Accounts Payable Debit Credit Revenue Debit Credit For each account classification, identify Equipment Debit Credit the INCREASE side for the T account. Accounts Receivable Debit Credit Prepaid Insurance Debit Credit G. Washington, Capital Debit Credit

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Notes - Chapter 2 T Account Form Debit Credit Footing Normal Balance Rent Expense Debit Credit Accounts Payable Debit Credit Revenue Debit Credit For each account classification, identify the INCREASE side for the T account. Equipment Debit Credit Accounts Receivable Debit Credit Prepaid Insurance Debit Credit G. Washington, Capital Debit Credit Compound Entry 1|Page Name: Date: A • D+ E = L +C +R (All Drippy Eels Love Curly Radishes) How does this memory tool help you remember which accounts have normal debit balances vs those that have normal credit balances? 1. 2. What are the 5 steps for analyzing a 3. business transaction? 4. 5. Trial Balance In what order are accounts listed on the trial balance? What is the purpose of a financial statement? What are the 3 primary financial 2. statements? 3. 2| Page
Transcribed Image Text:Notes - Chapter 2 T Account Form Debit Credit Footing Normal Balance Rent Expense Debit Credit Accounts Payable Debit Credit Revenue Debit Credit For each account classification, identify the INCREASE side for the T account. Equipment Debit Credit Accounts Receivable Debit Credit Prepaid Insurance Debit Credit G. Washington, Capital Debit Credit Compound Entry 1|Page Name: Date: A • D+ E = L +C +R (All Drippy Eels Love Curly Radishes) How does this memory tool help you remember which accounts have normal debit balances vs those that have normal credit balances? 1. 2. What are the 5 steps for analyzing a 3. business transaction? 4. 5. Trial Balance In what order are accounts listed on the trial balance? What is the purpose of a financial statement? What are the 3 primary financial 2. statements? 3. 2| Page
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