Flashcards in Unit 3 Deck (10)
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1
what is the left side of a t-account called?
debit
2
what is the right side of a t-account called?
credit
3
ledger
a group of t-accounts
4
trial balance
a proof that total debits equal total credits in a ledger
5
an asset decreases on...
increases on...
increases on the debit
decreases on the credit
6
a liability increases on the....
decreases on the....
increases on the credit
decreases on the debit
7
owner's equity increases on the
credit side
8
accounts increase on the side on which they appear on the balance sheet
👍🏼
9
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
10