7 terms

Using T Accounts

Chapter 2
STUDY
PLAY
debit
An amount recorded on the left side of a T account
credit
an amount recorded on the right side of a T account
T account
An accounting device used to analyze transactions
normal balance
The side of the account that is increased
chart of accounts
A list of accounts used by a business
transaction
a business activity that changes assets, libilities, or owner's quity
accounting equation
must remain balanced after each transaction