learning objective 2 2 1 debit refers to the right side of the t account and credit 4306791

learning objective 2 2 1 debit refers to the right side of the t account and credit 4306791

Learning Objective 2-2

1) Debit refers to the right side of the T-account and credit refers to the left side.

2) The system of accounting in which every transaction affects at least two accounts is called the double-entry system.

3) An asset account is increased by a debit.

4) The Common Stock account is increased by a debit.

5) The Dividends account is increased by a debit.

6) A liability account is increased by a debit.

7) An account that normally has a debit balance may occasionally have a credit balance.

8) All asset accounts and equity accounts increase with a debit.

9) The balances in the accounts of liabilities and revenues are increased with a credit.

10) The normal balance of an account is the increase side of the account.

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