Debit and credits accounting
[DOC File]DEBITS & CREDITS
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Aug 30, 2009 · Entries in the left column are referred to as debits, and entries in the right column are referred to as credits. Two accounts always are affected by each transaction, and one of those entries must be a debit and the other must be a credit of equal amount.
[DOC File]Georgia Department of Education
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T Accounts, Debits, and Credits. In this chapter you will continue learning about the process of accounting. You will see how the accounting system maintains the equality of the accounting equation. The Accounting Equation. As discussed in Chapter 1, resources and where they come from are at the heart of modern financial accounting systems.
[DOC File]Chapter 3 – Debits Credits and Journals
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The primary purpose of this chapter is to explain the relationship of increases or decreases and the accounting terms "debits" and "credits." DEBITS AND CREDITS . Accounting classifies increases or decreases in an LUA's accounts as debits or credits. Sometimes, the abbreviations for these terms in the accounting records are "DR" for debit and ...
[DOC File]What are debits and credits - JustAnswer
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Debits and Credits. T-account—represents a ledger account; it is used as a tool to understand the effects of one or more transactions. t-account is in the shape of a capital T. Debit (Dr.)—is the left side of an account. Credit (Cr.)—is the right side of an account. When you enter an amount on the left side of an account, you debit the account.
[DOC File]CHAPTER 2: ACCOUNTING FOR TRANSACTIONS
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b) Credits (entry on right of “T”): indicates an increase . in all accts on the right-hand side of the acct equation. c) Two fundamental equality requirements exist: The accounting equation must balance, and. Total debits must equal total credits. 2) Terminology & Mechanics: a) General Journal: Record the transactions (pg 149).
Debits and Credits | Explanation | AccountingCoach
136. Double entry bookkeeping follows the principle according to which every debit has a corresponding credit; hence total of all debits is always equal to the total of all credits. In this system, one account is debited and at the same time another account is …
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