| A | B |
|---|
| T Account | An accounting device used to analyze transactions |
| Debit | An amount recorded on the left side |
| Credit | An amount recorded on the right side |
| Normal Balance | The side of the account that is increased |
| Chart of Accounts | A list of accounts used by a business |
| What is the normal balance of an asset account? | Debit |
| What is the normal balance of a liability account? | Credit |
| What is the normal balance of an owner's equity account? | Credit |
