Question
What is a debit? What is a credit? 2.What is the textbook definition for debits and credits? 3.Describe the left (debit) and right (credit) side
- What is a debit? What is a credit?
2.What is the textbook definition for debits and credits?
3.Describe the left (debit) and right (credit) side of each of the four basic account types: Asset, Liability, Equity, Revenue and Expense? Can you share an example of each type?
4.Which account types are presented on the Balance Sheet? What about the Income Statement?
5. Describe how to calculate the Cash account? How is this process different for a Liability or Owner's Equity Account?
6.What does the term 'normal balance' mean?
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College Accounting Chapters 1-27
Authors: James A. Heintz, Robert W. Parry
23rd edition
1337794759, 978-1337794756
