Debits and credits 101
[DOC File]Knowledge Base | Abila
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The debits and credits must balance or equal for every fund code-All Balancing (BAL) segment codes must balance. The debits and credits must balance or equal for every balancing type segment code-Transactions must balance by effective date. The debits and credits must balance for every effective date used in the system.
[DOC File]CHAPTER 2
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Supplies Date Explanation Ref. Debits Credits Balance Nov. 13 J1 125 125. Prepaid Insurance Date Explanation Ref. Debits Credits Balance Nov. 30 J1 1,320 1,320. Equipment Date Explanation Ref. Debits Credits Balance Nov. 14 J1 300 300. 17 J1 900 1,200. Unearned Service Revenue Date Explanation Ref. Debits Credits Balance Nov. 25 J1 30 30
[DOC File]DEBITS & CREDITS
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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 …
[DOCX File]Intermediate Accounting II, ACCT-2154
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InCOME STATEMENT Accounts. Sales revenue. Cost of goods sold. 01/1 Bal.1/1 Bal.0. 12,0001/101/107,000. 10,0001/221/226,000. 22,000. 1/31 Bal. 1/31 Bal. 13,000
[DOC File]Accounting 101 – Bank Reconciliation
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How to Remember Debits & Credits. Instructions. Step 1 Listen to the sound of the word. Debit sounds like debt, something you have to pay. Step 2 Associate the word debit with a debit card. Debit cards always take money out of your account. Step 3 Think about how the word makes you feel. Credit is a good thing.
[DOC File]CHAPTER 2: ACCOUNTING FOR TRANSACTIONS
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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 ...
[DOC File]BASICS OF FARM & SMALL BUSINESS ACCOUNTING
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c) debits & credits d) time & money. What is the method of accounting that is a combination of the Cash & Accrual Methods called? a) Adjusted Cash b) Modified Cash. c) Adjusted Accrual d) Modified Accrual. What “Record Keeping Phase” do most people start with? a) keeping & using inventories b) recording livestock records
[DOC File]Dr. M.Shanikat Website
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Account No Account Debits Credits 101 Cash 1,040 112 Accounts Receivable 2,010 126 Supplies 1,600 153 Store equipment 13,000 154 Accumulated Depreciation 620 201 Accounts payable 4,100 209 Unearned service revenue 650 212 Salaries payable 500 301 R. Alou, Capital 12,800 407 Service Revenue 2,400 615 Depreciation expense 120 631 Supplies expense ...
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