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The Chart of Accounts

The Chart of Accounts. Accounts and the Double-Entry Accounting System. Section 4.1. chart of accounts A list of all accounts used by a business. Home. The Chart of Accounts. Accounts and the Double-Entry Accounting System. Section 4.1.

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The Chart of Accounts

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  1. The Chart of Accounts Accounts and the Double-Entry Accounting System Section 4.1 chart of accounts A list of all accounts used by a business. Home Glencoe Accounting

  2. The Chart of Accounts Accounts and the Double-Entry Accounting System Section 4.1 A system for numbering accounts makes it easy to locate individual accounts in the ledger. ledger A group of accounts; also referred to as a general ledger. Home Glencoe Accounting

  3. Asset accounts begin with 1. Liability accounts begin with 2. Owner’s equity accounts begin with 3. Revenue accounts begin with 4. Expense accounts begin with 5. The Chart of Accounts Accounts and the Double-Entry Accounting System Section 4.1 A typical numbering system See page 82 Home Glencoe Accounting

  4. Double-Entry Accounting Accounts and the Double-Entry Accounting System Section 4.1 The double-entry accounting system recognizes both the debit and credit side of a business transaction. double-entry accounting A system used to analyze and record a transaction. debit An entry on the left side of an account. credit An entry on the right side of an account. Home Glencoe Accounting

  5. Double-Entry Accounting Accounts and the Double-Entry Accounting System Section 4.1 The T account gets its name from being shaped like a T. T-account A visual representation of a ledger account. The T account is a tool used to analyze transactions. Home Glencoe Accounting

  6. Left Side/Debit (DR) Assets = Right Side/Credit (CR) Liabilities + O. Equity Assets Liab. & O. Equity Debit + Normal Balance Credit - Debit - Credit + Normal Balance Glencoe Accounting

  7. Double-Entry Accounting Accounts and the Double-Entry Accounting System Section 4.1 normal balance The increase side of an account. The word normal here means usual. Home Glencoe Accounting

  8. Business Transaction Analysis Applying the Rules of Debit and Credit Section 4.2 Apply the rules of debit and credit. When analyzing business transactions, you should Complete the entry in T-account form. Home Glencoe Accounting

  9. Practice Discuss Problem 4-1 page 85 & Board Review Glencoe Accounting

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