| A | B |
|---|
| Mike bought equipment for use in the business with cash, $1,850. | Increases an asset and decreases an asset |
| Received cash for a delivery. | Increases an asset and increases owner’s equity |
| Mr. Smith withdrew money for personal use | Decreases an asset and decreases owner’s equity |
| Made a part payment on account for office furniture purchased earlier. | Decreases an asset and decreases a liability |
| Made a part payment on account for office furniture purchased earlier. | Decreases an asset and decreases a liability |
| Purchased computer equipment on account | increase and asset and increase a liability |
| a tool used to analyze a business transaction's effect on an account. | T account |
| The amount entered on the left side of an account | debit |
| requires a debit and a credit for each transaction. | double-entry accounting |
| An account's ____ is always on the increase side of an account. | normal balance |
| amount entered on the right side of an account | credit |
| an "official" list of all the accounts used by a business to record its transactions | chart of accounts |
