Flashcards in Unit 3 Deck (10)
what is the left side of a t-account called?
what is the right side of a t-account called?
a group of t-accounts
a proof that total debits equal total credits in a ledger
an asset decreases on...
increases on the debit
decreases on the credit
a liability increases on the....
decreases on the....
increases on the credit
decreases on the debit
owner's equity increases on the
accounts increase on the side on which they appear on the balance sheet
what is double entry accounting?
two or more accounts are effected in a transaction
a debit amount recorded is equals to a credit amount recorded