| A | B |
|---|
| T Account | An accounting device used to analyze transactions. |
| Debit | An amount recorded on the left side of a T account. |
| Credit | An amount recorded on the right side of a T account. |
| Chart of Accounts | A list of accounts used by a business. |
| Contra Account | An account that reduces a related account on a financial statement. |
| Received cash from sales | Asset - Debit/Increases, Owner's Equity - Credit/Increases |
| Paid cash for supplies | Asset - Debit/Increases, Asset - Credit/Decreases |
| Paid cash for prepaid insurance | Asset - Debit/Increases, Asset - Credit/Decreases |
| Bought supplies on account | Asset - Debit/Increases, Liability - Credit/Increases |
| Paid cash on account | Asset - Credit/Decreases, Liability - Debit/Decreases |
| Received cash from sales | Asset - Debit/Increases, Capital(Revenue) - Credit/Increases |
| Paid cash for an expense | Asset - Credit/Decreases, Capital(Expense) - Debit/Increases |
| Paid cash to owner for personal use | Asset - Credit/Decrease, Capital (Contra Account Withdrawal) Debit/Increases |
